{"id":761723,"date":"2023-06-06T01:05:03","date_gmt":"2023-06-06T05:05:03","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\/"},"modified":"2023-06-06T01:05:03","modified_gmt":"2023-06-06T05:05:03","slug":"discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\/","title":{"rendered":"Discover\u00ae Global Network Study Finds 93% of Global Fintechs Increased Reliance on Payment Networks Given the Current Economic Environment"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Discover<\/b><strong>\u00ae<\/strong><b> Global Network Study Finds 93% of Global Fintechs Increased Reliance on Payment Networks Given the Current Economic Environment<\/b><\/p>\n<p class=\"bwalignc\"><i>Survey revealed 77% of fintechs expect to grow their business in 2023<\/i><\/p>\n<p>AMSTERDAM &amp; RIVERWOODS, Ill.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nToday, Discover shared a portion of the third annual <i><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Finsights.discoverglobalnetwork.com%2Finsights%2Ffintech-global-landscape&amp;esheet=53414161&amp;newsitemid=20230605005779&amp;lan=en-US&amp;anchor=Fintech+State+of+the+Union&amp;index=1&amp;md5=afdb2bd11bce6e1f41d90697a877f399\">Fintech State of the Union<\/a><\/i>, the most comprehensive study of its kind in the industry, providing global perspectives from consumers, fintech vendors, and venture capitalists. The research study commissioned by <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.discoverglobalnetwork.com%2F&amp;esheet=53414161&amp;newsitemid=20230605005779&amp;lan=en-US&amp;anchor=Discover+Global+Network&amp;index=2&amp;md5=d9bf449a2e56cf86170cc7d8b5da6566\">Discover Global Network<\/a> with 451 Research of S&amp;P Global Market Intelligence surveyed global fintechs to identify emerging digital payments trends shaping the fintech ecosystem.<\/p>\n<p><b>Reliance on Payments Networks is Strong for Fintechs<\/b><\/p>\n<p>\nPer the study, fintechs are dependent on payments networks, with 93% saying the current economic environment has increased their business\u2019s reliance on payments networks. Fintechs are looking for payments partners who are flexible (44%) and innovative (44%). Fintechs also say they benefit from payment networks the most through financial investment (42%), access to customers (38%), and technology enablement (38%).<\/p>\n<p>\n\u201cAs a payments network, it\u2019s exciting to see both fintechs and venture capitalists lean into partnerships with networks as a way to provide new and seamless payments experiences for their audiences,\u201d said Matt Sloan, Head of Business Development at Discover. \u201cBy partnering together, we can work to find solutions and enhance the payments ecosystem.\u201d<\/p>\n<p><b>Fintechs and Venture Capitalists are Poised for Growth<\/b><\/p>\n<p>\nAccording to key findings from the study, fintechs are preparing for growth compared to previous years, with 34% of respondents anticipating \u201csignificant growth\u201d and an additional 43% anticipating \u201cmoderate growth\u201d in 2023. Further, 55% of venture capitalists say the growth outlook for the technology sector over the next five years is very strong and 47% say the same for fintech.<\/p>\n<p>\nAs the industry continues to innovate, fintechs are considering the impact of emerging technologies on their business &#8211; 91% of respondents believe real-time payments are relevant and 85% believe open banking is relevant.<\/p>\n<p><b>Fintechs Are Focused on a Number of Different Payment Technologies<\/b><\/p>\n<p>\nWhen it comes to payment use cases, the study revealed that fintechs are continuing to find relevance in different technologies that extend to both consumer and B2B audiences. Payment data security (90%), payment acceptance (89%) and contactless payments (85%) are incredibly important, with a majority of respondents seeing these payment use cases as relevant to their business. Additionally, fintechs find B2B use cases for automation (87%), digital or virtual cards (86%) and payroll (84%) relevant to their business.<\/p>\n<p>\n\u201cThis is an interesting moment in time for fintechs and this year\u2019s study<sup>1<\/sup> revealed they\u2019re more confident than ever in their growth potential,\u201d said Jordan McKee, director of payments research &amp; advisory at 451 Research. \u201cAs fintechs embrace emerging technologies and strategically partner with payments networks, the industry will become stronger and create a better, more seamless experience for customers worldwide.\u201d<\/p>\n<p>\n\u201cThe global fintech ecosystem continues to expand and diversify in the face of macroeconomic challenges,\u201d said Sloan. \u201cIn order to help organizations reach their true potential, Discover Global Network is committed to being a trusted partner for fintechs, helping to expand their global reach through our unique set of payment capabilities and solutions.\u201d<\/p>\n<p>\nDiscover Global Network\u2019s Matt Sloan and 451\u2019s Jordan Mckee will be at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Feurope.money2020.com%2F&amp;esheet=53414161&amp;newsitemid=20230605005779&amp;lan=en-US&amp;anchor=Money+20%2F20+Europe&amp;index=3&amp;md5=d2826af9ea5944226db0484dd89ba052\">Money 20\/20 Europe<\/a> in Amsterdam to share more details from the <i>Fintech State of the Union <\/i>in greater detail. Both will be speaking at the conference on Tuesday, 6 June at 12:50 on the Horizon Stage. Make sure to visit booth at #A105 in Hall 1 to network and learn more about the work being done at Discover Global Network.<\/p>\n<p>\nFor a deeper dive into these findings, join Discover and 451 Research for an upcoming webinar where Jordan McKee from 451 Research along with representatives from Discover will discuss the evolving fintech ecosystem in EMEA and provide perspective on the emerging payments space. For more information and to register, visit the <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fevent.on24.com%2Fwcc%2Fr%2F4234240%2FF0E17B7E1F4394ACE61B791DFB0764A2%3Fpartnerref%3DDiscoverM2020EU&amp;esheet=53414161&amp;newsitemid=20230605005779&amp;lan=en-US&amp;anchor=event+site&amp;index=4&amp;md5=7e71d036eb38bac2773ef50ee71ba48e\">event site<\/a>.<\/p>\n<p><strong>About the Survey<\/strong><\/p>\n<p>\nA global survey of 5,004 consumers, 852 fintech vendors in VP, C-suite and founder roles, and 83 Venture Capitalist respondents in Director and Partner roles was commissioned by Discover Global Network and conducted by 451 Research, part of S&amp;P Global Market Intelligence, an independent research firm, in Q1-Q2 2023. Markets surveyed include Brazil, Canada, China\/Hong Kong, Germany, India, Mexico, Singapore, the U.K. and the U.S.<\/p>\n<p><strong>About Discover<\/strong><\/p>\n<p>\nDiscover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover\u00ae Card, America&#8217;s cash rewards pioneer, and offers private student loans, personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover\u00ae Global Network comprised of Discover Network, with millions of merchants and cash access locations; PULSE\u00ae, one of the nation&#8217;s leading ATM\/debit networks; and Diners Club International\u00ae, a global payments network with acceptance around the world. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.discover.com%2Fcompany&amp;esheet=53414161&amp;newsitemid=20230605005779&amp;lan=en-US&amp;anchor=www.discover.com%2Fcompany&amp;index=5&amp;md5=9e949a3d39f0b513c7a3ea22d449bdc6\">www.discover.com\/company<\/a>.<\/p>\n<p><sup>______________________________<br \/>\n<br \/>1<\/sup> 451 Research, part of S&amp;P Global Market Intelligence, custom Fintech survey commissioned by Discover Global Network, 2023.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230605005779r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230605005779\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230605005779\/en\/<\/a><\/span><\/p>\n<p>\nRob Weiss<br \/>\n<br \/>+1-224-405-6304<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:robertweiss@discover.com\">robertweiss@discover.com<br \/>\n<\/a><br \/>@Discover_News<\/p>\n<p><b>KEYWORDS:<\/b> Europe United States Netherlands North America Illinois<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Payments Technology Finance Fintech Banking<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230605005779\/en\/309572\/3\/2012_PressReleaseLogo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Discover\u00ae Global Network Study Finds 93% of Global Fintechs Increased Reliance on Payment Networks Given the Current Economic Environment Survey revealed 77% of fintechs expect to grow their business in 2023 AMSTERDAM &amp; RIVERWOODS, Ill.&#8211;(BUSINESS WIRE)&#8211; Today, Discover shared a portion of the third annual Fintech State of the Union, the most comprehensive study of its kind in the industry, providing global perspectives from consumers, fintech vendors, and venture capitalists. The research study commissioned by Discover Global Network with 451 Research of S&amp;P Global Market Intelligence surveyed global fintechs to identify emerging digital payments trends shaping the fintech ecosystem. Reliance on Payments Networks is Strong for Fintechs Per the study, fintechs are dependent on payments networks, with 93% saying the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Discover\u00ae Global Network Study Finds 93% of Global Fintechs Increased Reliance on Payment Networks Given the Current Economic Environment&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-761723","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Discover\u00ae Global Network Study Finds 93% of Global Fintechs Increased Reliance on Payment Networks Given the Current Economic Environment - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Discover\u00ae Global Network Study Finds 93% of Global Fintechs Increased Reliance on Payment Networks Given the Current Economic Environment - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Discover\u00ae Global Network Study Finds 93% of Global Fintechs Increased Reliance on Payment Networks Given the Current Economic Environment Survey revealed 77% of fintechs expect to grow their business in 2023 AMSTERDAM &amp; RIVERWOODS, Ill.&#8211;(BUSINESS WIRE)&#8211; Today, Discover shared a portion of the third annual Fintech State of the Union, the most comprehensive study of its kind in the industry, providing global perspectives from consumers, fintech vendors, and venture capitalists. The research study commissioned by Discover Global Network with 451 Research of S&amp;P Global Market Intelligence surveyed global fintechs to identify emerging digital payments trends shaping the fintech ecosystem. Reliance on Payments Networks is Strong for Fintechs Per the study, fintechs are dependent on payments networks, with 93% saying the &hellip; Continue reading &quot;Discover\u00ae Global Network Study Finds 93% of Global Fintechs Increased Reliance on Payment Networks Given the Current Economic Environment&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-06T05:05:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230605005779r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Discover\u00ae Global Network Study Finds 93% of Global Fintechs Increased Reliance on Payment Networks Given the Current Economic Environment\",\"datePublished\":\"2023-06-06T05:05:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\\\/\"},\"wordCount\":900,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230605005779r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\\\/\",\"name\":\"Discover\u00ae Global Network Study Finds 93% of Global Fintechs Increased Reliance on Payment Networks Given the Current Economic Environment - 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The research study commissioned by Discover Global Network with 451 Research of S&amp;P Global Market Intelligence surveyed global fintechs to identify emerging digital payments trends shaping the fintech ecosystem. Reliance on Payments Networks is Strong for Fintechs Per the study, fintechs are dependent on payments networks, with 93% saying the &hellip; Continue reading \"Discover\u00ae Global Network Study Finds 93% of Global Fintechs Increased Reliance on Payment Networks Given the Current Economic Environment\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\/","og_site_name":"Market Newsdesk","article_published_time":"2023-06-06T05:05:03+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230605005779r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Discover\u00ae Global Network Study Finds 93% of Global Fintechs Increased Reliance on Payment Networks Given the Current Economic Environment","datePublished":"2023-06-06T05:05:03+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\/"},"wordCount":900,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230605005779r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/discover-global-network-study-finds-93-of-global-fintechs-increased-reliance-on-payment-networks-given-the-current-economic-environment\/","name":"Discover\u00ae Global Network Study Finds 93% of Global Fintechs Increased Reliance on Payment Networks Given the Current Economic Environment - 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