The pandemic accelerated payments industry digitization across the entire landscape, as merchants turned to ecommerce to keep doors open, consumers eschewed cash in favor of electronic and contactless payments, and payments technology providers rapidly developed and launched new solutions to keep up.
THREE KEY QUESTIONS THIS REPORT WILL ANSWER:
WHAT’S IN THIS REPORT? Insider Intelligence examines the payments ecosystem today, as well as the pandemic’s impact on growth drivers and the industry’s future. The report traces the path of in-store and online payments from processing to settlement across key stakeholders. It then unpacks pandemic-driven changes in usage of various payment methods, and forecasts growth and defines drivers for key digital payment channels and transaction types as the pandemic accelerates digitization. Finally, it highlights three trends that are changing the industry, looking at how surging fraud, a revenue crunch, and rising demand for white-labeled payments features from unconventional players might spark change in the years to come.
KEY STAT: As the payments ecosystem expands and digital payments surge, ecommerce reached an estimated $794.50 billion in 2020, and mobile proximity payments are expected to have increased by 18.9% in the year to accommodate pandemic-driven demand.
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