Sampath Sharma Nariyanuri, CFA, is a financial technology senior research analyst supporting 451 Research, a technology research group within S&P Global Market Intelligence. He is responsible for producing proprietary analyses of digital payments and digital banking sectors in Asia-Pacific. Additionally, he tracks global real-time payments and fintech funding trends. Sampath publishes in-depth market reports and articles, which estimate the market opportunities, evaluate the emerging business models and assess the implications of the digital transformation of financial services for industry stakeholders. Prior to the fintech analyst role, Sampath worked as a news editor at SNL Financial/S&P Global Market Intelligence for more than seven years, covering banks, fintechs, insurance companies and asset managers. His previous experience includes working as a senior reporter at Outlook Profit and as a market data specialist at Reuters. Sampath has been quoted in The Wall Street Journal, the Financial Times of London and The Times of India, among other media publications. He is a CFA® charterholder and holds a post-graduation diploma in online media from the Asian College of Journalism in Chennai, India.
Three years after the onset of the pandemic, cashless payments continue to rise in Malaysia. Our estimates indicate that cards and digital wallets will reach $100 billion in transaction value in 2023, growing at a compound annual growth rate of 18% from 2019 to 2023.
The capital infusion comes at an opportune time as mid-tier banks are increasingly turning to cloud-native providers to enable instant payments. Among other catalysts, FedNow is steadily expanding in the US, the UK is upgrading its instant payments system, and European regulators are working to spread the availability of real-time bank transfers.
In many ways, we envision 2024 as a “getting back to business” year for fintech. We believe this will be the case especially for B2B fintechs targeting the various financial services modernization initiatives occurring widely throughout banks and enterprises.
Aging core banking systems may remain reliable in the US, but they are not built for open architecture and are hard to integrate with newer technologies. Brazil-based Matera is hoping to break into the much larger but highly competitive US banking technology market. It has seen rapid growth with the rise of the country's central bank-sponsored Pix instant payments.
The payment processing market is sprawling, nuanced and multifaceted, with hundreds of market participants providing a mixture of payment methods for consumer and B2B transactions. The analysis presented in this data file reflects the consumer payments market with (primarily) stand-alone vendors that possess the full processing technology stack included. Vendors, including large banking institutions, will continue to be added to our analysis once they are identified and vetted for inclusion. Therefore, this data set will be continually evolving.
The payment processing market is sprawling, nuanced and multifaceted, with hundreds of market participants providing a mixture of payment methods for consumer and B2B transactions. The analysis presented in this data file reflects the consumer payments market with (primarily) stand-alone vendors that possess the full processing technology stack included. Vendors, including large banking institutions, will continue to be added to our analysis once they are identified and vetted for inclusion. Therefore, this data set will be continually evolving.
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