More to Learn, Business Insider Intelligence unpacks the current digital payments ecosystem, and explores how changes will impact the industry in both the short- and long-term. The report uses forecasts, case studies, and product developments from the past year to explain how digital transformation is impacting major payment processing industry segments and evaluate the pace of change.Behind the scenes, payment processes and stakeholders remain similar.
The channels and front-end methods that consumers use to make payments are evolving. Mobile in-store payments are huge in developing markets, but approaching an inflection point in developed regions where adoption has been laggy. And the ubiquity of mobile P2P services like Venmo and Square Cash will propel digital P2P to $574 billion by 2023.
The competitive payments industry landscape will shift as companies pursue joint ventures to grow abroad in response to geopolitical tensions, or consolidate to achieve rapid scale amid digitization. Fees, bans, steering, or regulation could impact the way consumers pay, pushing them toward emerging methods that bypass card rails, and limit key revenue sources that providers use to fund rewards and marketing initiatives.
Tokenization will continue to mainstream as a key way providers are preventing and responding to the omnipresent data breach threat.Examines shifts in the roles of major industry stakeholders, including issuers, card networks, acquirer-processors, POS terminal vendors, and gatewaysIdentifies five trends that will shape the payments industry ecosystem in the year ahead
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