May 18, 2024

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Trends in the Payments Industry

Payment processing solutions allow businesses to accommodate a variety of customers of different payment methods while keeping transactions quicker and safer. And with people continuously shifting to digitization, the market’s massive growth is expected in the coming years.

The payment processing solutions market is predicted to grow by over $140 billion by 2027. The emergence of mobile devices and apps also contributes to the lucrative growth of the industry.

Regardless of your niche, partnering with reputable high-risk merchant account providers can set you on the right track to grow as the payments industry grows as well. 

Major Trends Determining Growth in the Payments Industry

E-Wallet Payments

Electronic wallet technology is a convenient way to store user payment information and the fastest way to make online purchases. Because it is secure, quick, and more organized, this method is anticipated to grow in the coming years.

Having a digital wallet is like using a contactless card, making it more appealing because users do not have to bring cards. Keeping everything in one place makes it more accessible and safe for faster transactions.

Payment Processing Solutions

The demand for digital payments is constantly growing and so is the need for innovative payment processing solutions.

The need for payment processing solutions is also rapidly increasing among large enterprises due to the growing need to accommodate the varying needs of their users. 

Large enterprises process transactions from various channels and the need for payment flexibility and customizable payment services is crucial for enhanced user experience. 

The use of innovative payment processing solutions will also aid in the streamlined processing of varied transactions. 

The advanced capability features of payment processing solutions such as user reporting, unified commerce, and data and security magnify the adoption of cutting-edge payment processing solutions.

Government Initiatives

The anticipated growth in the payments industry is also watched for in the European market. It is reported that the market in Europe is set to account for more than 20% of the total industry share. 

The projection in growth is attributed to the government initiatives by regional governments across Europe for improving the digital banking framework.

In addition, the market growth is also ascribed to leading market players in the industry that invested in the development of innovative payment processing products. 

Silverflow, a renowned payment technology company, recently secured $17 million to launch its cloud-based card payments platform.

While Silverflow is working on its cloud-native platform, key players in the payment processing solutions like Paypal, Square, and Global Payments are also continuously developing new products to give users more secure and versatile methods to make online purchases and other transactions.

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