THE PAYMENTS ECOSYSTEM: The biggest shifts and trends driving short- and long-term growth and shaping the future of the industry
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In this report, Business Insider Intelligence examines the payments ecosystem today, its growth drivers, and where the industry is headed. It begins by tracing the path of an in-store card payment from processing to settlement across the key stakeholders. That process is central to understanding payments, and has changed slowly in the face of disruption.The report also forecasts growth and defines drivers for key digital payment types through 2024. Finally, it highlights three trends that are changing payments, looking at how disparate factors, such as new market entrants and surging fraud, are sparking change across the ecosystem.The companies mentioned in this report are: ACI Worldwide, Adyen, Amazon, American Express, Apple, Bank of America, Braintree, Bento for Business, Capital One, Citi, Diebold Nixdorf, Discover, Earthport, Elavon, EVO, Facebook, First Data, Fiserv, FIS, Global Payments, Goldman Sachs, Google, Green Dot, Honda, Ingenico, Intuit, JPMorgan Chase, Kabbage, Macy's, Mastercard, MICROS, MoneyGram, NatWest, NICE, NCR, Oracle, Paymentus, PayPal, Rambus, Remitly, Ria, Samsung, SiriusXM, SF Systems, Square, Stripe, Synchrony Financial, The Clearing House, Target, Tipalti, Toast, Transfast, TSYS, Venmo, Verifone, Vocalink, Visa, Walmart, Wells Fargo, WePay, Western Union, Xoom, Zelle
Here are some of the key takeaways from this report:
- In-store payment methods are still on the rise in the US, comprising 89% of retail volume this year. Credit and debit cards continue to lead the segment, as cash and check usage slowly ticks downward. But surging contactless penetration is set to bring mobile in-store payments to prominence for the first time in the years ahead.
- Surging e-commerce will eat away at in-store payments' share of overall retail. PCs will continue to lead the way, but smartphones will inch closer to being the top channel for purchasing, in turn driving growth. At the same time, new payment tools, like voice assistants, wearables, and even cars will begin to give consumers even easier ways to pay.
- The digitization of payments isn't just contained to retail, though, with mobile P2P payments, digital remittances, and digital business payments continuing to blossom as change spreads through the ecosystem.
In full, the report:
- Traces the path of an in-store card payment from processing to settlement across key stakeholders.
- Discusses emerging alternatives to card payments.
- Examines the shifting role of key categories of providers as the ecosystem digitizes and matures.
- Forecasts growth in key categories, including in-store payments, e-commerce, mobile P2P payments, remittances, and B2B payments.
- Identifies three trends set to shape payments in 2020 and evaluates what changes the ecosystem is set to undergo.
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