The payments industry is rapidly evolving, with new players pushing innovation faster than ever, delivering better experiences, smarter technology, and faster go-to-market strategies. Traditional banks have historically tied payments and point of sale (POS) together, building strong relationships between banks and early giants like WorldPay, Verifone, and First Data. However, the legacy lock persists, as incumbents still bundle payments with business-critical services, making it difficult for new entrants to compete. The rise of disruptive providers has broken this model, decoupling payments from banks and focusing on speed, simplicity, and APIs. This model gained traction in the U.K. and Europe, then rippled into the U.S., where agility, innovation, and customer experience began to matter more than legacy ties. New payment methods like open banking have struggled to break through in markets like the U.K. or U.S. due to entrenched networks, superior user experiences, and the lack of a true “sign-up moment.” Strong companies like Visa and MasterCard want to keep their structures firmly in place, while open banking services like WeChat Pay, PayTM, and UPI emerged because services like Apple Pay or Google Pay weren’t established. The critical role of POS evolution is crucial for the future of payments, as controlling both sides lowers costs and deepens merchant relationships. Scaling from small businesses to enterprises is tough, as large retailers can’t afford one minute of POS downtime, which would mean a massive loss of revenue. Customer expectations are driving change in the payments industry, with buy now, pay later (BNPL) models like Klarna taking off. The next wave of disruption will come from smarter credit products, digital wallets, and embedded financial services. Companies like Adyen and Stripe already offer microloans based on real transaction histories, allowing retailers to access capital instantly based on their business performance. Wallets will also continue to expand, integrating payment, financing, loyalty, and identity into one seamless platform.