The payment market is evolving incredibly fast. The digital payments market is forecast to grow at a CAGR of 13.5% from 2020 to 2025. This article tells you more about the market development and how payment experts like eMerchantBroker can help with exceptional merchant processing services.
Payment Market: eMerchantBroker
The evolution of the payment industry is associated with more than one trend. Currently, these include the rapid growth of BaaS or Banking-as-a-Service, increased regulation, less dependence on 3rd parties, enhanced biometrics, and a higher level of flexibility. The latter trends are going to bring the most impact on payments this year.
Let’s have a look at the market developments:
- Market players are looking for increased regulation.
- Payment providers seek solutions that can enable them to have more control in their hands, thus being able to carry out more operations in-house and be less dependent on intermediaries.
- Biometric authentication is another growing trend to keep in mind this year. It allows for confirming the buyer’s identity and approving transactions through face, fingerprint, and palm recognition.
- Increased flexibility: big players such as PayPal and Chase are already in the buy-now-pay-later market. The latter enables businesses to offer customers the option of paying for a purchase over a period of time without any interest and with fixed-rate monthly installments.
Today, the way people and businesses pay is changing. The dependence on non-cash payment options is growing. What are you offering to your customers? Do they feel content with your offerings or they need access to something else?
To get all the necessary merchant processing services, there’s no need to look further: just turn to a reputable merchant services provider like eMerchantBroker. This way, you can use the most advanced, safest and cheapest payment processing solutions to grow your eCommerce business.
Payment Market Evolution
The value of total transactions in the digital payments space is anticipated to account for US$5.741m this year, with an annual growth rate (CAGR 2021-2025) of 13.3%. As a result, by 2025, the market will see a projected total amount of US$9.446m.
Digital commerce represents the biggest segment in the space. The expected total transaction value will reach US$5.473m this year.
So, the payment market is developing fast, and data is going to play a crucial role in this evolution. Now, the market’s evolution is accelerated by COVID-19. So, choose payment processing services wisely to enjoy the best deal for your company.
Author Bio:- Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.