High competitiveness in this area has been supported by the entrance of BigTech companies. Payments providers from all around the world are under pressure to create better and more convenient payment value chain.

Governments are supporting the adoption of cashless payments and merchants want to offer alternative payment methods because they are becoming very popular amongst customers. Alternative payment methods also often allow instant international payments.

FinTech Roadmap

For every area of FinTech, we create a strategic table in which we identify incoming trends, key factors, challenges, and comparison of the state in the Czech Republic to other countries to provide companies an overview on how to implement the newest technologies.

Incoming trends Key factors Challenges Comparison to other countries
Alternative payment method New customer needs, faster checkout process, accepting payments without additional hardware Wider adoption among customers and merchants Their market share is relatively low in CR
Buy now pay later payments More expensive goods are more available, client acquisition and subsequent upselling Excellent marketing is needed, new microfinancing products There are some providers in CR such as Twisto
Instant payments Customers demand, it’s one of the pillars of open banking, central banks plans Using blockchain for this use-case, customers often don’t know which payment methods are actually realtime They have been voluntarily adopted by several banks. The market share is 15% in CR.
European payments initiative Fragmented European payments market, new technologies are often in the hands of private companies Instant payments in EUR We are lagging behind eg. in comparison to Hungary where they are supporting request-to-pay functionalities and others
Facebooks digital currency Libra (Diem) Provide a global digital currency for 1,7 billion people who are not clients of any bank Regulations, criticism from crypto community This product is not yet available in CR.