SpendEdge has been monitoring the global payments processing market and the market is poised to experience spend growth of more than USD 20 billion between 2019-2024 at a CAGR of nearly 10% during the forecast period.
Digitization is eventually becoming an integral part of the operating structures of most of the business sectors. This technological stride is paving the way for the digital mode of financial transactions that are widely being adopted by buyers in the retail sector. Buyers are installing POS terminals, mobile wallets, and mPOS to execute payment processing solutions in this sector. This is contributing to spend growth in the payments processing market on a global scale.
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Driven by the government’s initiatives to promote a cashless economy in APAC, buyers from the retail and the e-commerce sectors are partnering with national and international payment gateway service providers to facilitate digital transactions for customers. Countries in North America, such as the US and Canada are witnessing buyers from the retail, financial services, and transportation industries partnering with mobile/online payment service providers to promote digital transactions. This is boosting the demand in the payments processing market in the region.
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The Top Payments Processing Service Providers Listed in this Report:
Innovation acts as an important selection parameter for payments processing service providers. The technological prowess of such service providers will enable them to limit the chances of card fraudulent cases and improve customer experience. On this note, this report has listed the top payment processing service providers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal procurement in this market. Insights into some of the service providers are given below:
PayPal– This service provider is known to invest in technologies such as big data and machine learning. PayPal is collaborating with third-party technology providers to leverage their technical skills related to cybersecurity and fraud detection and risk management. These skills will allow this service provider to offer safe payments to customers. For instance, in 2015, PayPal acquired CyActive that enabled the former to mitigate malware attacks, thus providing a safer transaction.
Stripe– This service provider specializes in providing customized solutions for processing transactions of large amounts. For instance, RADAR 2.0 launched by Stripe can be customized as per buyers’ requirements. It has a large set of data to review transactions and a higher granular set of rules to review sales details based on usage patterns or the size of the transaction.
Payline– It is among the global service providers who are known to constantly innovate and offer different kinds of tools to enhance the customer experience. For instance, Payline Data’s Payline I/O is a fully suited payment API for B2B companies. It allows software platforms to control the disbursement of funds through dynamic funding.
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