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  • Writer's pictureJaime González Gasque

Digital Payments: a glimpse into the future

In a constantly changing world, the Fintech industry continues to be a driving force

of innovation and disruption. As we head into 2024, we can anticipate some trends that will shape the way we interact with money and financial services:



1. Digital payment methods in constant evolution


The digital transformation of payment methods shows no signs of slowing down. We will see continued advances in the way we pay for goods and services. Stablecoins backed by real assets will become a reliable option for those seeking stability amid the volatility of traditional cryptocurrencies, providing consumers with flexible and secure options for transacting. The adoption of CBDCs (Central Bank Digital Currencies) will accelerate in several countries, allowing faster and more efficient payments supported by central banks.


2. Digital payments in Smart Cities


Smart city projects are increasingly adopting better payment technologies to simplify the lives of their residents, such as the expansion of electronic toll systems and the integration of digital payments in public transportation and other municipal services. This will allow citizens to pay tolls, parking, transportation tickets and other services with ease through mobile applications and digital cards, reducing traffic congestion and improving urban efficiency. Exemplifying this, Singapore has successfully implemented a highly efficient digital tolling system that uses license plate recognition and electronic payments. In cities like London and Rio de Janeiro, digital payments for public transport are the norm, which has led to a significant reduction in congestion and carbon emissions.


3. Artificial intelligence for a personalized and secure user experience


Artificial intelligence will continue to be a key pillar in the Fintech industry in 2024. Companies will use AI to further personalize the user experience, offering accurate and personalized financial recommendations based on individual behavior and needs. According to a Salesforce report, 57% of consumers are willing to share personal data with companies that use their data to personalize their experience.


Additionally, it is important that payment technology is equipped with advanced security measures, such as two-factor authentication and data encryption. This increases customer confidence in the information provided in a purchasing process, which can lead to an increase in online sales. We work with the highest level of security, we are a PCI-DSS certified company in the highest category since 2009 and 3DS EMVCo Provider to offer 3D secure and network tokenization in our products.


4. Contactless payments: biometrics on the rise


Contactless payment methods will be consolidated. Biometric authentication, such as the use of fingerprint and facial recognition, will become more widespread in everyday transactions. This will not only increase convenience for consumers, but also improve security by eliminating the need for passwords and PINs. Mobile devices and payment cards compatible with these technologies will be widely adopted, and biometric authentication will be used for everything from online purchases to ATM withdrawals.

In summary, 2024 will be an exciting year for the Fintech industry. These trends are set to change the way we interact with money and financial services, bringing greater convenience and security to consumers around the world.


The digital payments landscape is constantly changing and by 2024, this trend is expected to lead to safer and better payment environments. A PwC report, Payments 2025 & Beyond, predicts that digital payments will triple globally by 2030, reaching more than three billion transactions, with an interim milestone in 2025 of 1.8 million transactions and growth of 82%. % compared to previous years. This positions 2024 as a crucial transition year in which an increase in operations is expected and the need to focus on cybersecurity, minimize friction in transactions and strengthen payment applications is paramount.


Companies from various sectors are entering the digital financial ecosystem, although they still need to better understand the processes and adapt them to their business models. In Latin America, cash usage patterns vary, with some countries like Argentina favoring digital transactions and others, like Mexico, where cash remains predominant. In 2023, cybersecurity has become a priority for companies, with the challenge of developing secure platforms and preventing attacks, including those that use social engineering, while seeking to improve the user experience by reducing complexity and time of digital transactions.


Evolution of digital payments: a global view


In today's digital era, payment methods are evolving rapidly and businesses are actively entering the world of digital payments. The payments landscape in Latin America shows interesting diversity, with unique challenges and opportunities. Cybersecurity, user experience, payment platform consolidation and cross-border payments are key themes that will shape the future of digital payments towards 2024 and beyond. Payment methods and features are undergoing a visible transformation in Colombia and internationally. Digital payments are expected to triple globally by 2030, and electronic transactions are expected to grow by 82% between 2020 and 2025. Businesses are adopting digital payment solutions, with payment security and regulatory developments as key drivers. main concerns.


The road to 2024: a year of transition


According to PwC's report, Payments 2025 & Beyond, digital payments are expected to triple worldwide by 2030, exceeding three billion transactions, with growth of 82% in 2025. 2024 is considered a transition year in which the numbers will continue to increase, requiring a focus on cybersecurity, minimizing friction and strengthening payment applications. Companies from various sectors are entering the digital financial payments ecosystem, facing challenges in terms of adaptation and cybersecurity. A decline in the number of digital wallets installed on users' devices is expected, highlighting the need to accelerate cross-border payments.


A look at Latin America: varied payment patterns


Latin America has different payment landscapes: Argentina prefers digital transactions and Mexico prefers physical money. Executives from fintech companies and payment methods revealed that 2023 was a year of strong progress in the digitalization of payments in Argentina, with exponential growth in the use of QR at points of sale and in payment transfers. This growth did not affect traditional payment methods. The growth of digital payments and wallets was highlighted, with a 200% increase in the last three years. Concepts such as interoperability, open banking and interoperable QR were mentioned, highlighting the Argentine public's predilection for adopting new technologies that generate benefits in reduced time, better experiences or greater security.

By Valeria Rodriguez, Director of Lyra Argentina


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