What is impacting the B2B payments market mostly 2019?
We’ll see more “consumerization” of B2B purchasing in the next 6-18 months. Recurrer has specifically adressed this – with the upcoming generation boarding companies, the processes that they expect need to be inliine with consumer expectations and be as frictionless as in the B2C space.. In 2018, many payment and fintech companies were working hard to meet this challenge, though only recurrer global have been able to produce a true consumer-like experience for business customers.
What about partnerships, whats recurrers’ take?
75 % fintech executives said their goal was to partner with established players rather than challenge them. Every major company now has an innovation lab, or similar structure, that allows for partnerships with tech firms. This seems to be a mutually beneficial arrangement with startups gaining access to capital, customers and potentially new markets and the incumbents gaining experience in the new fintech world. recurrer is also working on both ends we set up new partnerships with new start-ps as well as cooperate with established players.
Will the move to a cashless society continue to affect the market?
Users are continuing to move ever-closer to going totally cashless. It would seem we are headed in the same direction. Some 80 percent of B2B transactions in SaaS last year were via credit cards. Among younger consumers, mobile payments are gaining traction, although smartphone-based purchases still only account for around 1 percent of the volume. We expect that momentum for a cashless society to build further as we move into 2019.
Is there a technology that you feel threatens or holds promise for the industry?
Blockchain is a consequential technology that will benefit our industry. As a distributed ledger that is tamper-proof, Blockchain is best known as the technology underpinning this. Currently, Blockchain is a promising technology but its actual use cases in smart contracting for services are still evolving and it requires adoption to become transformative. However, we do see it’s use growing in financial services and payments in the coming years.
Overall, where do you see for the future of the fintech services and payments market headed?
The overarching trend for these industries is related to user experience, choice and convenience. Financial services and payments is a means to an end. If we as an industry can find a way to remove the barriers, bring the consumer experience to the business world and use technology wisely to earn the trust and meet or exceed customer expectations – then I see a bright future ahead for the industry.
Short Interview with recurrer global CEO Gertjan Rooijakkers