What's next for marketplaces and platforms in 2025 | Exclusive insights from industry experts

Digitalisaton has completely transformed modern life in general – and shopping in particular. As of 2024, marketplaces account for the largest share of online purchases. This shift is not difficult to understand. Following the impact of the COVID-19 pandemic on customer behaviour, and with the global rise of Internet penetration and growing digitalisation efforts, it becomes obvious that this new era of marketplace domination is here to stay. According to Statista, in 2025, global retail ecommerce sales are anticipated to exceed USD 4.3 trillion,  with further growth in the cards.

Despite their great position in the ecommerce ecosystem, marketplaces and online platforms face a complex set of payment challenges. In response to this, in May 2024, The Paypers launched a free-to-download industry guide: the Fintech for Marketplaces and Platforms Report 2024 – Leveraging the Latest Paytech, Regtech, and Embedded Finance Innovations.

The report tackles key payment pain points and covers a wide range of topics, including the evolving marketplace landscape, the need for tailored payment strategies, and the complexities of FX management. It also focuses on digital wallets and examines how Embedded Finance is generating new revenue streams and enhancing customer loyalty. Additionally, the report presents solutions to combat fraud, along with insights from marketplace representatives on value-added services, purchase protection, adaptive loyalty programmes, and customer behaviour.

Alongside insights from top experts, the report also includes in-house, original research: a series of infographics on marketplaces and online platforms, mapping selected players by geographical presence (Europe, Asia-Pacific, Middle East and Africa, North America, Latin America, and global), target groups (B2C, B2B, and C2C), and key verticals (consumer goods and services, gig market and recruiting, and travel and hospitality).

One year after the report’s release, this is the perfect moment to take stock and see what the future has in store for marketplaces and online platforms in 2025.

What’s changed in the marketplace landscape?

The global marketplace landscape is constantly shifting, with many players in the field making efforts to provide seamless payments and hyper-personalised shopping experiences. From a regulatory perspective, new mandates are emerging to deter fraud and increase consumer protection. Moreover, the space is also impacted by geopolitical changes.

In Europe, in response to the growing popularity of retailers such as Temu or Shein, the European Commission has urged lawmakers to phase out exceptions on customs duties for parcels under EUR 150. This move aims to limit the influx of products deemed unsafe, counterfeited, or even dangerous – and encourage fair competition, as European companies that abide by compliance rules are currently losing market share to products sold by non-EU traders.

In the UK, the Digital Markets, Competition and Consumers Act (DMCCA),  which extends to online platforms and marketplaces, is also anticipated to reshape the consumer protection landscape by preventing businesses from using unfair commercial practices. 

Moreover, the Digital Services Act (DSA) and Digital Markets Act (DMA) are also poised to reshape the European marketplace ecosystem. 

Apart from consumer protection regulatory measures, several payments-related regulations are also expected to have an impact on ecommerce in general – and marketplaces and online platforms in particular: from the long-awaited PSD3 to the newly announced Visa Acquirer Monitoring Programme (VAMP).

What’s next for marketplaces?

To understand what lies ahead for marketplaces and online platforms in 2025, The Paypers consulted the industry experts who contributed to the Fintech for Marketplaces and Platforms Report 2024, asking them three key questions:

• What major trend will shape the marketplace economy in 2025? 

• What challenges will marketplaces and online platforms face in 2025?

• Which regulatory changes are likely to have a big impact on online shopping/ecommerce?

Here’s what they had to say.

What major trend will shape the marketplace economy in 2025?

Mark Beresford and Volker Schloenvoigt, Directors at Edgar, Dunn & Company: Previously, the expectation was that European marketplaces would largely follow the US trend of becoming payment facilitators. This has not happened mainly due to a more challenging regulatory regime in Europe. At the same time, the opportunity to provide payment and other embedded financial services continues to exist, which will most likely lead to a closer cooperation between marketplace operators and payment providers. Most merchant acquirers have or are in the process of developing a strategy for how to better serve ISVs, marketplaces, and platforms; therefore, we expect a high degree of competition in this space.

David Maret, Senior Partnership & Customer Success Manager, Nuvei for Platforms: Marketplaces will continue evolving beyond traditional ecommerce, increasingly integrating services, subscriptions, and B2B commerce. A key trend will be the rise of artificial intelligence (AI)-driven personalisation and automation, enhancing everything from seller onboarding, checkout experience, and payment method optimisation to fraud detection. Additionally, Embedded Finance will play a larger role, with more platforms offering in-platform lending, insurance, and investment options for sellers. The demand for seamless, instant payouts will also grow, fuelled by the adoption of real-time payment infrastructures across multiple regions.

Marius Galdikas, CEO at ConnectPay: In 2025, marketplaces will be reshaped by the rapid evolution of Embedded Finance and seamless account-to-account (A2A) payments. As platforms compete for user trust and engagement, integrating instant, frictionless transactions will become a critical differentiator. The lack of common global payment rails makes closed-loop systems – where payments occur within a single ecosystem – more attractive, enabling faster, more reliable transfers between buyers and sellers. Regulatory changes, such as the EU Digital Wallet (EUDI), could further streamline user verification, reducing friction in onboarding and minimising fraud risks. This could accelerate know your customer (KYC) processes, allowing marketplaces to onboard users faster and more securely. Regarding AI, I’m cautious about its immediate impact on the marketplace economy. There’s still a considerable distance to cover before machine learning becomes truly transformative. The energy required to train these models is enormous, and AI often operates as a black box, which isn’t something regulators are at ease with. 

Abdesselam Benzitouni, Group Head of Communication and Public Affairs at Jumia: In 2025, the marketplace economy will be increasingly shaped by hyper-local commerce and AI-driven personalisation. Consumers expect more personalised shopping experiences, and marketplaces that leverage AI to enhance product recommendations, customer service, and logistics will gain a competitive edge. Additionally, the rise of social commerce will continue to redefine how consumers interact with brands and make buying decisions, with platforms integrating more seamless in-app shopping experiences. Lastly, digital payments and financial inclusion will play a key role, particularly in smaller towns and rural areas across Africa, where mobile wallets, Buy Now, Pay Later (BNPL) solutions, and alternative payment methods are driving more online transactions.

Irene Skrynova, Chief Customer Officer at Unlimit: Hyper-personalisation and AI-driven finance will redefine marketplace payments in 2025, marking the end of one-size-fits-all transactions. Consumers now expect AI-curated payment experiences that align with their behaviours, including real-time credit scoring and predictive payments. Marketplaces will need to embed these capabilities, ensuring frictionless payments through subscription models, BNPL, and pay-by-link solutions. Fintechs and innovators will be key in building seamless, secure payment products, incorporating biometrics for verification, and leveraging PSD2 and PSD3 to enhance security.

Mantas Eitutis, Head of Payments & Risk at Eneba: Marketplaces will leverage AI to deliver hyper-personalised experiences. By deploying AI algorithms, marketplaces can refine product recommendations, optimise precision-targeted advertising, and launch adaptive loyalty programmes that predict consumer preferences. This will ensure promotions align with individual needs, driving engagement, conversion rates, and user retention. 

Francesc Altisent, VP of Product, Payments & Banking at Mangopay: Embedded fintech will be a defining trend. More marketplaces will integrate financial services, such as BNPL, cash advance, rewards, FX, and local accounts, to create unified experiences that keep users engaged. I believe these experiences should be wallet-driven, and here’s why. Every company has the potential to offer fintech services, and wallet ecosystems can lead this shift and enable marketplaces to offer these services directly in their interface. And as these services become more integrated, seamless onboarding and KYC flows will become a clear differentiator. Marketplaces that streamline identity verification within the wallets will see higher adoption and be better positioned to capture the full potential of embedded fintech. What’s more, marketplaces operate on high-volume transactions and low-margin models. Payment providers, meanwhile, earn on every transaction. Now, marketplaces want a piece of that. By embedding wallet-based financial services, they reduce dependence on third-party providers, gain control over payment flows, and unlock new revenue streams.

Emre Talay, COO and Co-Founder at Payrails: Marketplaces are shifting from scale-at-any-cost to infrastructure-first. As they expand across regions (over half of online shoppers buy cross-border) and become more verticalized, flexibility is the priority. Multi-acquirer setups, local payment methods, and dynamic payouts are now the baseline. At the same time, consumer behaviour is evolving. Social commerce, live shopping, and Embedded Finance are reshaping how people discover and transact. Marketplaces are adapting, and payments need to do the same. Meanwhile, payment service providers (PSPs) are increasingly commoditised. Marketplaces want control: to route smarter, reduce costs, and move fast. AI is accelerating that shift, powering real-time decisions across fraud prevention, retries, and checkout flows.

Dorota Wróbel, General Manager at G2A.COM: Increased competition among digital content marketplaces will make user acquisition more costly, potentially thinning operating margins. However, revenue from past years may allow marketplaces to acquire other players in both vertical and horizontal sectors. On the offer side, marketplaces may seek new revenue streams by exploring new categories. There also exist external impactful factors such as increasing AML requirements and financial scrutiny, which could pose challenges. Finally, I believe that value-added services for both sellers on the marketplace and buyers might differentiate the offer of a particular marketplace among others, which will strongly impact competition and define success on the market.

Maria Parpou, Executive Vice President, Mastercard Gateway: We are continuing to see seismic cross-border growth revolutionising the marketplace economy. A staggering 75% of cross-border transactions occur through marketplaces, and their percentage is expected to rise. Because of their importance in cross-border commerce, marketplaces must expand their payment methods to include local wallets, domestic schemes, and other localised payment methods to meet the growing consumer demand. To stay competitive in this evolving marketplace economy, regional and global PSPs need to engage directly with these platforms. This involves offering tailored payment processing and services for their merchants – and focusing on integrating or partnering to offer local payment methods to meet regional consumer needs. By doing so, PSPs can remain competitive and provide value-added services that appeal to both merchants and consumers.

Cas Paton, Founder and CEO of OnBuy: AI will remain pivotal in 2025, enhancing personalisation, optimising operations, and improving supply chain efficiency to offer customers greater value and an even better experience. At OnBuy, we've witnessed firsthand how AI can transform a business. Over the past year, our investment in AI has driven record growth and profitability while enhancing both customer and retailer experiences.

Max Lehmann, SVP at Nium: The rise of digital ecommerce on a global scale means business sellers, regardless of location, will expect instant, frictionless cross-border payments for their goods and services.

What challenges will marketplaces and online platforms face in 2025?

Abdesselam Benzitouni, Group Head of Communication and Public Affairs at Jumia: In 2025, marketplaces will navigate challenges such as logistics and supply chain disruptions, driven by global economic shifts and evolving consumer demands. Ensuring efficient last-mile delivery, especially in emerging markets, will remain a priority. Platforms that can offer alternative last-mile delivery solutions like pick-up stations (PUS) will have an edge. Regulatory compliance and data privacy will also pose challenges, as governments introduce stricter policies on data security, taxation, and digital trade. Additionally, consumer trust and fraud prevention will be critical, requiring stronger measures to combat counterfeit products and payment fraud in ecommerce. Rising operational costs, influenced by inflation and foreign exchange challenges, will also test the adaptability of marketplaces. 

Emre Talay, COO and Co-Founder at Payrails: Marketplaces chasing global growth are navigating a maze of local regulations, fraud risks, and cross-border payment complexity. But an even bigger challenge lies in meeting fragmented user expectations. Buyers want local payment methods, personalised experiences, and seamless checkouts. Sellers expect fast, reliable payouts. Managing payments across diverse methods, multiple acquirers, currencies, and regulatory frameworks adds significant operational strain. It’s no longer a question of scale, but of flexibility. Winning marketplaces invest in infrastructure that scales globally and adapts to local needs. 

Mark Beresford and Volker Schloenvoigt, Directors at Edgar, Dunn & Company: Admittedly, this will not apply to all types of marketplaces, but APP fraud is a huge challenge. There is plenty of evidence that a very large chunk of APP fraud – EDC has estimated the size of APP fraud losses in Europe to be approximately EUR 2.4 billion – originates on marketplaces operated by some of the big tech or social media firms. Consequently, payment providers are expected to increasingly pressure tech platforms to assume greater responsibility in combating such fraud. Visa's acquisition of Featurespace is a notable example of how the payment security landscape is set to evolve.

Irene Skrynova, Chief Customer Officer at Unlimit: Key challenges include creating payment journeys across complex omnichannel shopping experiences, where payments can be completed easily on any channel, from social media to marketplace applications. This will also require navigating cross-border payments, which will remain a major challenge due to regulatory fragmentation and varying local compliance requirements. Additionally, balancing security and frictionless payments will be crucial, as marketplaces must prevent fraud while maintaining a seamless user experience to focus on retention. It will be a delicate balance to implement advanced security measures without disrupting user experience, which would potentially impact transaction completion. 

Marius Galdikas, CEO at ConnectPay: In 2025, marketplaces and online platforms will face the challenge of strengthening their entire ICT infrastructure to comply with the Digital Operational Resilience Act (DORA). While the platforms themselves will continue operating, businesses will have to invest in risk management, secure third-party integrations, conduct Threat-Led Penetration Testing (TLPT), and ensure comprehensive business continuity management readiness and cyber incident reporting. Ensuring resilience across all ICT assets and supply chain will require significant effort.

Dorota Wróbel, General Manager at G2A.COM: Personalising experiences at scale and ensuring data-driven maintenance is a complex task, requiring detailed attention. Cart abandonment remains a significant issue, demanding innovative solutions to convert browsing into purchasing. Promoting less-performing sellers is crucial for maintaining offer variety. Balancing abundant solutions with high conversion rates is a strategic challenge for most marketplaces. Additionally, growing fraud risks – including the increasing use of AI by fraudsters – and rising payment provider requirements demand strong fraud prevention, chargeback recovery, and solid KYC policies. This combination of challenges makes optimisation difficult, and only the best can manage it.

Francesc Altisent, VP of Product, Payments & Banking at Mangopay: It’s not that 2025 will introduce a new breed of challenges. Most will be extensions of what marketplaces already face today. As marketplaces scale, managing money flow across a growing network of users, vendors, and service providers becomes increasingly complex, forcing marketplaces to rely on fragmented, legacy systems if a modern infrastructure is not employed. Second, platforms often depend on multiple providers to support different regions, currencies, and payment methods. But this leads to fragmented funds across acquirers, inconsistent settlement times, high fees, and constant friction from adapting to each provider’s systems and rules. 

Mantas Eitutis, Head of Payments & Risk at Eneba: Advancements in AI represent significant security challenges. In 2025, AI-powered fraud will emerge as a growing threat to marketplaces and online platforms. Cybercriminals leverage AI to launch increasingly sophisticated attacks, including large-scale identity theft, deepfake scams, and targeted infrastructure attacks. Such threats could disrupt logistics, compromise sensitive consumer data, and weaken supply chains, forcing platforms to invest in stronger security measures.

David Maret, Senior Partnership & Customer Success Manager, Nuvei for Platforms: Regulatory complexity remains a top challenge, particularly around KYC/KYB compliance, seller verification, and cross-border payments. Marketplaces will need to navigate stricter rules on platform liability, consumer protection, and data security, especially in the EU and North America. Another challenge is balancing global expansion with local payment preferences – ensuring platforms support multiple payment methods while maintaining a frictionless user experience. Lastly, AI governance will emerge as a key concern, with new regulations defining how platforms can use AI for decision-making in areas like risk assessment and content moderation.

Max Lehmann, SVP at Nium: Traditionally, in order to pay their business customers, marketplaces have worked with acquirers that offer attached marketplace solutions. But this model has limitations. Global reach is built around accepting payments – not necessarily where your business sellers are. Additionally, control over the commercials and user experience of the payment is out of your hands, leaving marketplaces with little flexibility to generate new revenue streams and build seller trust. To stay competitive, marketplaces must rethink their approach to global disbursements. Instead of relying on acquirer-led solutions, they should seek experts in global payouts – ones that offer white-label solutions powered by real-time payment infrastructure with true global coverage. By moving beyond the status quo, marketplaces can regain control, deliver seamless payment experiences, and expand beyond borders to win in the global economy.

Cas Paton, Founder and CEO of OnBuy: Rising living costs are making consumers more price-sensitive and cautious with their spending. To attract and retain budget-conscious shoppers, online retailers must find ways to provide real, tangible value. In response to these challenges, we've doubled down on our unique cashback offering, allowing customers to quickly accumulate meaningful rewards through everyday purchases. We now offer one of the highest cashback rates on the market, challenging not only standard reward schemes but credit cards and other cashback sites. By strategically focusing on value, we help consumers shop smarter and give them a rewarding and valuable reason to choose us despite economic uncertainties. 

Maria Parpou, Executive Vice President, Mastercard Gateway: I like to look at challenges in the frame of opportunities. While there is significant growth potential for marketplaces as cross-border commerce expands, the complexity in cross-border commerce can be daunting. For these marketplaces, it’s essential that they find payment partners who understand the complexities of local taxation and customs regulations. Ecommerce platforms should understand each country’s regulations to ensure they meet the local requirements and understand best practices for product dispatches to assist consumers.

Which regulatory changes are likely to have a big impact on online shopping/ecommerce?

Marius Galdikas, CEO at ConnectPay: Stricter data privacy laws (GDPR), enhanced consumer protection regulations, and sustainability mandates. Also, the EU’s PSD3 directive, expected to build on PSD2, will enforce stricter payment security standards, particularly around Strong Customer Authentication (SCA) and Open Banking practices. These changes will necessitate robust data protection, improved product safety, sustainable practices, and stronger payment systems within the industry.

Mantas Eitutis, Head of Payments & Risk at Eneba: The Digital Services Act (DSA) and Digital Markets Act (DMA) will reshape online commerce. By requiring platforms to open their technologies to third-party developers and reducing monopolistic behaviours, the DSA and DMA will create a more transparent, balanced, and consumer-friendly ecosystem for marketplaces. These regulations will encourage fairer competition, strengthen user protection, and improve content moderation against misinformation.

David Maret, Senior Partnership & Customer Success Manager, Nuvei for Platforms: The EU’s DMA and the DSA will continue shaping the marketplace landscape, requiring platforms to ensure transparency in ranking algorithms and seller accountability. Globally, stricter KYB regulations will increase compliance burdens on marketplaces onboarding third-party sellers. In payments, Open Banking frameworks and real-time payment initiatives like FedNow and SEPA Instant will push platforms to adopt new settlement models, enabling faster and more secure transactions.

Abdesselam Benzitouni, Group Head of Communication and Public Affairs at Jumia: In 2025, we anticipate regulatory changes focused on data protection, cross-border trade, taxation, and competition laws. Governments across Africa and globally are working to refine digital trade policies, with potential shifts in how cross-border transactions and digital taxation are handled. However, online marketplaces are often not explicitly addressed in existing regulations, leaving a gap in policy frameworks. Additionally, stricter consumer protection laws will shape how marketplaces manage product authenticity, dispute resolution, and fair pricing. As ecommerce continues to grow, platforms like Jumia are committed to ensuring compliance while fostering a secure and seamless shopping experience for consumers and sellers alike. Regulations aimed at curbing unfair competition from non-resident companies are also expected to impact ecommerce in Africa, promoting a more level playing field for local businesses.

Emre Talay, COO and Co-Founder at Payrails: In 2025, regulation is reshaping ecommerce. In the EU, the DSA, the Payment Services Regulation, and Digital Euro initiatives are driving stricter identity checks and faster, safer payments. In the US, Open Banking is accelerating real-time bank transfers. Globally, new rules around AI and digital identity are making regulatory agility essential. Marketplaces need infrastructure that supports KYC/ KYB, tokenization, and new payment rails without sacrificing speed or compliance.

Mark Beresford and Volker Schloenvoigt, Directors at Edgar, Dunn & Company: Marketplaces are already facing many different forms of regulation, ranging from consumer data protection to tax regulation, fraudulent goods, or other payment-related rules. In addition, Donald Trump's tariff policies will also significantly impact ecommerce, particularly those businesses engaged in international trade with the US.  More importantly, whilst the US currently seems to go a different way (the CFPB was just stripped of its supervisory authority over big tech companies that offer consumer payment tools), it would not be surprising if Europe does indeed introduce new and more stringent regulations, including increased liabilities for marketplaces when operating in the region. In the UK, the Payment Systems Regulator (PSR) will be abolished and its operations merged with the Financial Conduct Authority (FCA). This may introduce a risk that the specific needs and nuances of the payments sector within ecommerce might be diluted within the larger remit of the FCA. 

Irene Skrynova, Chief Customer Officer at Unlimit: New regulations, particularly in the EU and UK, will significantly impact ecommerce. Regulations like the European Commission’s Instant Payments Regulation seek to accelerate the adoption of instant payments in Europe’s digital economy whilst removing barriers such as security concerns and improving accessibility. Additionally, the European Union’s Artificial Intelligence Regulations Act will bring interesting guidance on the implementation and use of AI systems. While it has not come into force yet, the act aims to bring a balance between innovation and trust-building for its users.

Dorota Wróbel, General Manager at G2A.COM: In 2025, regulatory changes likely to impact ecommerce include stricter data privacy laws, requiring businesses to adopt stronger protection measures. There will also be increased focus on tackling anti-competitive practices to ensure a fairer digital economy. Additionally, new buyers' protection regulations will promote transparency and fairness in online transactions, benefiting both buyers and businesses.

Francesc Altisent, VP of Product, Payments & Banking at Mangopay: The regulatory space for ecommerce is broad and always evolving, and nearly every change has some impact. Instead of pinpointing specific ones, I’d focus on regulatory areas that should change and impact ecommerce. For instance, more currency conversion transparency to inform customers about FX charges, clearer rules for refunds in A2A payments, and more regulatory actions against IBAN discrimination. 

Cas Paton, Founder and CEO of OnBuy: With the US imposing hefty tariffs globally, manufacturers are likely to redirect their supply to other markets. This shift could result in better deals for consumers across various categories. Marketplaces will provide access to new markets, helping sellers diversify their customer base and reduce dependence on any single market. OnBuy's international rollout into the EU and US will naturally support this transition, allowing sellers to leverage our unique cashback model to attract and retain customers globally, offering broader opportunities and helping them navigate these changes effectively.

Maria Parpou, Executive Vice President, Mastercard Gateway: The dynamics of digital marketplaces remain a top priority. With the increasing focus on cross-border activities in digital marketplaces, regulations are being implemented to safeguard merchants and consumers from fraud and deceptive practices. Additionally, there is a significant emphasis on ensuring fair international trade and improving cross-border guidelines.

Ready to be part of the conversation?

The Paypers plans on featuring the topic of marketplaces and online platforms in the next iteration of the Global Ecommerce Report. If you’re a solution or technology provider willing to share your expertise with other professionals in this space, we’d love to hear from you! Reach out to sales@thepaypers.com