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This is a preview of The Payments Ecosystem research report from Insider Intelligence.
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The power dynamics in the payments industry are changing as businesses and consumers shift dollars from cash and checks to digital payment methods. Cards dominate the in-store retail channel, but mobile wallets like Apple Pay are seeing a rapid uptick in usage.
At the same time, e-commerce will chip away at brick-and-mortar retail as smartphones attract a rising share of digital shopping. Digital peer-to-peer (P2P) apps are supplanting cash in the day-to-day lives of users across generations as they become more appealing and useful than ever.
And change is trickling down into bigger industries long-dominated by cash and check, like remittances and business-to-business payments.
In response, providers are scrambling for market share. Skyrocketing consolidation that creates mega-giants is forcing providers to diversify in search of new volume.
New entrants, especially from big tech, are threatening the leads of giants. And as payments become increasingly effortless, new types of fraud are threatening data security and privacy. While demand for richer payments offerings is creating opportunities across the space, it’s also leaving the industry in search of ways to adapt to change that is putting trillions in volume and billions in revenue up for grabs.
In this report, 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. …read more
Source:: Business Insider