The payments landscape is getting a major makeover thanks to the rise of FinTech and PayTech companies. PayTechs, a subset of FinTechs, make up 25% of the industry and are focused on providing innovative payment solutions for consumers and merchants.

Payments play a vital role in customers' purchasing experiences and contribute significantly to financial institutions' bottom line. The global real-time payments market processed over 70 billion transactions in 2020, and this number is rapidly increasing. Banks, particularly, can enjoy a return on assets (ROA) of 5.2% through payments and treasury services, compared to a mere...