Close up hands holding credit card and using mobile smart phone with icon Online shopping, E-Commerce.

E-commerce is growing rapidly, with worldwide sales anticipated to be $4 trillion in 2020. The evolution in e-commerce can be partially credited to the developments within financial technology (fintech), such as e-wallets, new payment options, in-app purchasing, and peer-to-peer lending and payments (like Venmo and even Facebook cash).

As consumers have grown increasingly comfortable with online methods of shopping and online payment systems, fintech and payment innovations are making these online transactions much easier and frictionless. Payment systems are growing increasingly secure and efficient, making them attractive for consumers and businesses alike. And, as fintech and other payment innovations evolve, the e-commerce market will continue to evolve with it.


Let’s look at three Fintech trends that will continue to evolve the e-commerce industry.

  1. Increasing Global Possibilities

One of the primary benefits of new payment innovations is that payments can be seamlessly made across borders. PayPal was the first big company that made it possible for the e-commerce to cater to new customer bases by providing the possibilities for global transactions, ushering in all sorts of other payment providers like Transferwise, Transfergo and even Western Union getting into the digital money-transfer game. Thanks to these advancements in payment systems and globalization as a whole, e-commerce companies no longer need to rely solely on their local market to increase sales.

And there’s another benefit to the global trend in payment innovations. Fintech benefits emerging markets by offering a secure space to store money for populations who cannot easily access banks. M-Pesa, a company based in Kenya, has a large and expanding user base. It allows individuals to deposit money and to make everyday purchases easily. People who were previously excluded by the formal financial system have found access through the app.

  1. Growth Of M-Commerce

While payments via mobile apps are nothing new, widespread acceptance of it is. Visa sales through mobile devices have grown 53% faster than sales made on a desktop computer.

This opens up the possibility for e-commerce businesses to go mobile. With innovations such as Apple Pay and Samsung Pay, users can make a purchase easily, safely, and efficiently. As mobile payments get easier, the likelihood of customer “cart abandonment” decreases and e-commerce shops can make more sales.

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The way payment is made is an important component to customer experience, and fintech has paved the way for an experience rooted in confidence and convenience.

  1. Frictionless Experience Through Increased Cost Saving, Efficiency And Accessibility

Moore’s Law, the principle that the speed and capability of computers can be expected to double every two years, is not dead. And fintech is a direct example. Thanks to the continued advances in software and chip technology (getting more efficient, smaller, and cost effective), paired with the spike in competition, emerging businesses can now buy financial software packages containing services that otherwise could have cost far more.

If payments are easier to make, consumers are more likely to make them. “Frictionless payments and banking mean faster growth for businesses and better experiences for consumers,” says Kalle Radage, Chief Product Officer at Payfirma, a company that provides all the hardware and software needed to accept payments online and in store.

Additionally, fintech is helping e-commerce companies to evolve by increased efficiency and accessibility.

“Clients prefer to get everything from one source,” adds Kostas Noreika, Founder of Paysera, a mobile wallet system providing payment services for businesses and individual consumers. Paysera offers its users payment services, affordable currency conversion, and streamlined checkout services for e-commerce companies. This removes many of the barriers towards success for e-commerce businesses.


Fintech is changing the way consumers store and spend their money, shaping the future of e-commerce and online financial transactions. Payment innovations make it effortless for consumers to increase spending while also allowing for security, accessibility, convenience, and efficiency.

Consumers initially may have been uncomfortable with the prospect of digitally forfeiting their financial information, making e-commerce a less attractive prospect; however, advanced and increasingly secure payment systems have allowed e-commerce businesses to thrive like never before. As fintech innovates further, e-commerce will continue to evolve as well.


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