Omniwire’s Year of Breakthroughs and Partnerships

These days, 53% of people choose digital wallets over traditional payment methods like cash or a debit card, according to a 2023 survey from Forbes Advisor. By using digital wallets, 67% of Americans reported sometimes or always losing track of how much they spend with this payment type. Almost half of consumers, 47%, admitted to spending more money employing digital wallets than a traditional payment method.

Neobanks as a concept, even if they weren’t known by that name at the time, first arose in the early 2010s, following the global financial crisis of 2008, when consumers’ faith in traditional financial institutions dwindled. Neobanks have grown significantly over the past 10 years, and now there are roughly 400 operating worldwide.

Traditional passwords have proven to be an increasingly problematic authentication strategy in the evolving face of cybersecurity. Biometrics, such as fingerprint recognition, facial recognition and iris scanning, are ushering in a new era of safe authentication.

By 2028 the global cost of cybercrimes is estimated to increase by 69% to a whopping US $13.82 trillion. According to IBM’s 2023 report, the average cost of a corporate data breach is $4.45 million.

Embedded bankingrefers to integrating traditional banking services into non-financial platformsand applications.

We studied the most common use cases of embedded finance from emerging and established players in the market.