LONDON — Consumers continue to utilize embedded payment options regularly— from Amazon purchases to digital wallets and even the Starbucks app.

“It’s predicted that 74% of digital consumer payments globally will be conducted by platforms (from) nonfinancial institutions by 2030,” Martin Hyde, EMEA partnerships lead at JPMorgan Chase payments, said Wednesday at the FinovateEurope event in London.

As consumers use these channels for day-to-day purchases, businesses, too, can use embedded integrations for payment and lending opportunities, Hyde said. For example, suppliers now can access merchant cash advance platforms where they can be approved instantly to invest in businesses, he said.

Every company becomes a fintech

“What this means, essentially, is every company can now become a fintech,” he said. Embedded payments allow companies to improve customer engagement and present new revenue opportunities. For businesses, these integrations can automate backend processes for treasury teams.

Although embedded payments reduce the visibility of bank involvement, this is not bad for banks, Hyde said. In fact, if banks become less visible, “that’s actually a really good thing and something that banks, fintechs and payments companies should be really pleased about. Because in that, what we’re doing is helping our customers to build better journeys.”

At JPMorgan, “We’re constantly looking at ways to provide these new embedded finance products for our customer, either by building it ourselves or through partnering with fintech,” Hyde said.