Who’s Who in Payments and How to Select the Right Payments Partner
Key Payment Insights from the 2021 The Paypers Report
The Paypers just released their 2021 report with the market overview of key payment providers in B2B and B2C commerce. The report talks about the changing payment landscape, major acquisitions and mergers, and startups to watch. Here are some key insights from the report.
Changes in the payments landscape
By now, we already know that the COVID-19 pandemic has dramatically affected the payment industry, most of all by accelerating the shift from cash to card, but also to contactless and mobile payments.
For example, over 80% of all Visa card transactions at point-of-sale in Europe are now contactless. And the monthly growth in contactless payments in some European markets such as Switzerland and the UK accelerated two-fold post lockdowns, with much of it coming from mobile payments.
Other shifts and trends seen and described by experts are, among others:
- Growing B2B cross-border payments estimated to account for more than USD 30 trillion in 2021.
- Crypto moving into the payment mainstream, massively growing over the past year.
- The convergence of SaaS and fintech, with leading SaaS platforms now adding financial services such as lending, payment cards, and cash management services. For example, in 2020, Shopify grew its revenues by 86%, boosted by 108% growth in payments volume.
Choosing the right payment partner to get prepared
With the rapid changes in the payments landscape, the report highlights the need for merchants to adapt to them quicker than ever before. And since payments are crucial for any business, finding the right partner who can help accommodate the sudden market shifts is critical.
According to the authors of the report, several things help find the right payments partner, including:
- Figuring out your payment strategy, including your objectives, business model, and covered geographies.
- Defining the payment method mix that suits your business (which also needs to consider things like popular methods in different target markets.)
- Being flexible enough to navigate the changing regulations and staying up to date with the latest developments.
- Understanding the opportunities offered by new payment service players to gain a competitive edge for your business.
- Find out why DOCOMO Digital is the right partner for you.
Download the report to learn more about payment providers today
To learn more about who’s who in the payment ecosystem, including payment gateways and processors, cryptocurrency payment solutions, B2B payment providers, and more, and how to navigate it to find the right partner for your business needs, download the full report here.