Tech firms from Stripe to our own portfolio companies Extend and Flutterwave are trying to grab a slice of the $1.9 trillion payments industry. CNBC dig in a little to a massive market.
Payments, a sector long dominated by cash, has gone digital as a number of start-ups enter the fray looking to make it easier to pay for things online as well as in stores. Upstart payment firms have attracted big corporate clients and billions of dollars in venture capital money. According to Pitchbook, investors pumped $18.5 billion into the sector in 2018 — a near-fivefold increase from the previous year.