FOND DU LAC, Wis.–Forty percent of consumers are now making payments through branded “pay” apps, according to a new report.
The report, Morning Consult’s “The State of Consumer Banking – Q1 2022," also found nearly a quarter are sending payments directly through a social media app or using a buy now, pay later (BNPL) service.
The report added that many consumers are using embedded finance payments daily without even realizing it or how the solutions work.
“While fintech companies are getting all the buzz regarding embedded finance, there is a role for traditional banks and credit unions—at least those that will be successful,” Info-Pro Lender Services said.
Webinar Scheduled
As a part of Info-Pro Lender Services’ ongoing Educational Webinar Series, the company said its next webinar—Embedded Finance & Banking as a Service: Threat or Opportunity—will focus on the key factors to consider in deciding whether to join this new payments space.
The event will be led by Cara Hayward, director of partnerships, North America, Currencycloud.
“A unique combination of expertise and industry-leading technology has allowed Currencycloud to help clients to innovate faster, to go further, to go first,” Info-Pro Lender Services said.
The free webinar takes place May 5 from 2:00 – 3:00 p.m. ET. To register, click here.