Evolutions in 5G technology are coalescing with FinTechs’ aims to evolve the online payments ecosystem, according to Veronique Steiner, executive director, head EMEA high growth tech and head EMEA technology, media and telecom at JPMorgan Payments.

As one of the partners of the GSM Association (GSMA), and speaking at a preview event ahead of MWC23, Steiner highlighted some of the trends and evolutions she views as being made possible by innovations in 5G technology.

“Fast and flexible roaming internet has connected everybody around the world, and made communication simple, secure, scalable and affordable,” she said. “This has been fundamental in helping us to level out the playing field for consumers.”

Steiner said that e-commerce marketplaces, which are commonly becoming known as ‘super apps’, are continuing to expand. She noted that they are increasingly offering a wider range of products alternate financial solutions, like the ability to pay for products using cryptocurrencies held in digital wallets.

“Embedded payments are the central component of these super apps as they enable customers to transact without needing the platform,” she said.

Steiner concluded that Banking as a Service (BaaS) is playing an ever-evolving role in e-commerce marketplaces.

“BaaS is already playing out and being added under companies’ own brands,” she said. “As a whole ecosystem, embedded finance is becoming an essential part of e-commerce, and will continue to be more deeply embedded into customer journeys at the point of need.”

MWC Barcelona 2023 takes place from 27 February – 2 March in Barcelona, Spain.

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