Where is the Electronic Payments Industry Headed?
The $5 trillion payments industry is growing at a fast pace. With the technological evolution, there has been a significant rise in online payments, allowing customers to pay anywhere anytime. Judging by the pace at which more and more businesses are accepting payments online, it looks like the electronic payments industry is here to stay and flourish.
Growing Mobile Payments
Of course, the proliferation of smartphones has helped in the growth of mobile payment systems. According to a recent study by ETA and Strategy&, a global team of management experts and strategists, mobile devices have added to the widespread growth of online payment systems, with almost 40% of consumers making payments through mobile devices. This figure is expected to rise sharply, according to Juniper Research, which predicts contactless transactions through mobile devices to rise up to $3 billion this year, setting the stage for a significant jump in the number of mobile transactions by 2018.
Understandably, global technology companies are striving hard to come up with easy solutions to deploy mobile payment systems for merchants and consumers. Apple, Google and Samsung have all launched their mobile payment systems to bring mobile technology to the homes of their customers.
Role of Partnerships in Advancing Electronic Payments Systems
Industry giants are collaborating with other companies to adopt the game-changing technology for the deployment of avant-garde products. Embracing disruptive technology, these companies are focusing on enhancing customer experience and offering a secure and convenient environment for consumers to make electronic payments.
Certainly, this affords an opportunity for start-ups to collaborate with leading payments companies to deploy easy-to-use, secure, and innovative technology that promises to enhance customer experience.
Digital Currency Increases in Popularity
The innovative online payment network Bitcoin seems to be in the spotlight, especially with its growing role as a payment option. Bitcoin emerged as an attention-grabber in the latest TRANSACT 15 convention, where there was a big emphasis on latest Bitcoin products introduced by different companies, such as BitPay and Bitnet. If you’re looking for more info to get up to speed with Bitcoin, consider looking at sites like About Bitcoin (httpss://aboutbitcoin.io/) – you should find some useful insights and facts there.
If we are to believe research reports released by ETA and Goldman Sachs, there is huge interest in Bitcoin and other digital currencies among payment processors. Almost 11% payment processing systems have shown interest in Bitcoin payments, a significant rise from 2% in 2014. Not only this, 23% of payment processors are keen to adopt Bitcoin payments within three years.
Revolutionary developments in the online payments industry predict a bright future for the electronic payments industry. Thanks to a rise in popularity of platforms like Xcoins, anyone can buy bitcoin easily online, meaning it could only be a matter of time until cryptocurrencies establish themselves further into the mainstream. Undoubtedly, consumers are open to adopting safe, easy-to-use, and innovative modes of payment that enhance their shopping experience.
Contact Us for more info on Electronic Payments or take us up on our FREE Merchant Account Analysis. We’ll analyze your merchant account rates and let you know how to Save! If you are ready, you may be able to Switch and Save!