Smartphones and tablets are the devices that the majority of consumers have at hand at all times. Thus, regardless of whether you sell your products or services online or in-store, integrating mobile payments is vital for offering a smooth shopping experience for your customers.
While countries across the globe are experiencing the effects of a severe economic downturn, financial service providers are facing unprecedented challenges as they try to stay afloat among shifting consumer needs, increased market volatility, evolving fraud, and major budget restrictions.
Countries around the world are actively upgrading their national payment schemes to keep pace with technological progress, evolving consumer expectations, and advancing business needs. For instance, the UK, Singapore, and China are at the forefront of implementing novel fintech solutions, including real-time payments (RTP), mobile transactions, QR codes, machine learning-based tools, and beyond.
According to the latest statistics, internet usage among European residents aged 16 to 74 has reached 90%. Notably, 74% of individuals shop online regularly, yet only 14% have experience using instant payments. While these figures reflect an ongoing digitization trend, they also highlight the fact that Europe has yet to unlock the full potential of real-time payments (RTPs).
Starting last week, foreigners were enabled to link their international cards to WeChat Pay and Alipay, China’s two dominant payment apps. This is big news for anyone planning to visit the Middle Kingdom, as it allows tourists to conduct cashless transactions as conveniently and seamlessly as locals do.
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At the beginning of July 2023, the UK government opened a consultation on the introduction of a Digital Securities Sandbox (DSS), which marks a significant step toward promoting financial innovation and embracing the potential of digital assets in the local market.
We are excited to introduce Payneteasy CMS, our latest module designed to redefine and further customize payment scenarios for diverse client categories and individual consumers. Find out how this state-of-the-art customer base management system works and why it can be a game-changer for your business!
Online retailers have traditionally relied on enhancing customer experiences to grow their businesses. However, nowadays, the importance of prioritizing the merchant experience is gaining more recognition. After all, while these two aspects go hand-in-hand, it is paramount for business owners to have access to the resources and support they need to ensure successful store operations.
Payments Canada, an organization responsible for Canada’s payment clearing and settlement infrastructure, has recently announced yet another delay in the launch of the Real-Time Rail (RTR) system. As the project’s revised launch date awaits confirmation, it is only natural to wonder what is pushing back its release.
Cashless payments have gained significant momentum, modernizing global finance and changing the way individuals and businesses handle day-to-day transactions. Mexico, a country known for its vibrant economy, flourishing commerce, and rapidly growing tech industry, is one prominent example of how declining cash usage can completely transform the local payments landscape.
On June 28, 2023, the European Commission released a series of new legislative proposals for some of the most fundamental regulations related to payments and financial services, including the revised Payment Services Directive (PSD3), the Payment Services Regulation (PSR), and the Financial Data Access (FIDA) framework.
Modern organizations operating in the financial sphere are experiencing increasing pressure to provide an outstanding user experience while maintaining robust security measures. Finding the perfect ratio between these two elements is especially challenging as the demand for frictionless services grows amid the intensifying regulatory requirements.
As the world becomes more and more digitized, the vast majority of industries experience dramatic changes, both positive and negative, with the fintech sector being no exception to the rule. One prominent example that has become a hot topic nowadays is the rapid evolution of AI, which not only optimizes business processes but also creates plenty of opportunities for fraudsters to exploit.
As digital transactions continue to gain widespread popularity, some traditional payment methods are being gradually replaced by modern alternatives. To keep pace with this evolving landscape, Australia is embarking on an ambitious journey of phasing out checks by 2030. This strategic move is expected to have profound effects on various aspects of the country’s payments ecosystem.
The Revised Payment Service Directive (PSD2) was introduced by the Council of the European Union in 2015 to drive innovation and adapt banking services to new technologies. Ever since its launch and especially after its major update in 2019, experts have been closely monitoring the directive’s performance.
In the fast-paced world of digital transactions, real-time payment fraud has become a pressing global issue. What’s more, scams and dishonest activity are getting more and more sophisticated each year, impacting even the most cautious individuals and organizations worldwide.
The gaming industry has experienced explosive growth worldwide, captivating audiences of all ages and backgrounds, with the Latin American region being one of the most prominent examples. In this article, we delve into the peculiarities of this flourishing market and shed light on the payment preferences and habits of its gaming enthusiasts.
In today’s rapidly evolving digital landscape, few companies have had a more profound impact than Amazon. While it is mainly known as a global eСommerce giant, Amazon’s influence extends far beyond online shopping, reaching into such sectors as cloud computing, video streaming, and smart home devices.
While the EU is home to many developed economies, there are still significant disparities in access to financial services across member states. In fact, a considerable portion of the population is facing barriers to such basic financial services as bank accounts, credit, and insurance. Fortunately, the current landscape is set to transform as the concept of open banking gains momentum.
We live in a time when the fintech sphere is evolving at an unprecedented pace, powered by technological progress and growing interoperability between businesses, financial institutions, and digital platforms. In this ever-changing environment, countries like Belgium, Spain, and Japan have emerged as key players, each with its own distinctive fintech landscape and approach to innovation.
The United Arab Emirates (UAE) has experienced a remarkable surge in eCommerce in recent years, driven by factors like technological advancements, changing consumer behavior, and a thriving digital infrastructure. As online shopping continues to dominate the country’s retail landscape, local payment trends are also evolving to keep pace with the industry shifts.
In today’s fast-paced and digitally-driven world, consumers’ expectations are evolving at an unprecedented rate across a variety of spheres. Even financial institutions (FIs) face the pressing challenge of matching the shifting needs of their clients to remain competitive in the market as technology continues to advance.
In recent years, India has witnessed a revolutionary shift in the way financial transactions are conducted, particularly within the retail sector. This is largely attributed to the advent of the Unified Payments Interface (UPI), which is a convenient and secure real-time payment system used by both consumers and businesses.
In the realm of global finance, Central Bank Digital Currencies have emerged as a transformative force reshaping our attitude toward fiat currencies and the way we interact with money. As governments and central banks explore the adoption of CBDCs, it becomes crucial to delve into the key factors that are expected to drive and slow down the adoption of this financial solution.
Nowadays, the digital revolution is actively reshaping the way people conduct financial transactions around the world. Amidst this fascinating transformation, Southeast Asia, a region characterized by its vibrant economies, rapid technological advancements, tech-savvy consumers, and thriving eCommerce market, has emerged as a hub for innovation in the realm of electronic payments.
In recent years, Latin America has seen a remarkable surge in digital payment adoption, transforming the way local businesses and consumers interact with money. From the rise of fintech startups to the emergence of CBDCs, the region is experiencing a wave of innovation, which is paving the way for enhanced eCommerce, greater financial inclusion, and economic growth.
In the current economic climate, the financial stability of many individuals and families has been challenged. This is especially true for younger consumers, who are facing unique financial challenges in the midst of an unstable job market and rising debt.
As online transactions continue to grow in popularity, the likelihood of businesses encountering dishonest activity and cyber attacks also rises. To mitigate these risks, Visa, one of the world’s largest payment networks, has various measures in place, one of them being the Fraud Monitoring Program. Visa continuously issues updates on the VFMP to ensure it is well-fit to address current issues.
On March 2, 2023, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a draft report on proposed changes to the rules governing instant credit transfers in euros. While this development is just the beginning of a long legislative process, it marks a significant step toward a more efficient, resilient, and future-ready real-time payment system in Europe.
With a population of over 46 million people and a highly connected society, Spain boasts one of the largest economies in Europe. In recent years, the country has been experiencing a significant shift towards online shopping, driven by factors such as increased internet penetration, changing consumer preferences, and the COVID-19 pandemic.
The travel industry is a dynamic and rapidly evolving sector, with millions of people worldwide relying on it to connect with others, explore new destinations, and conduct business. Yet, with the rise of digital payment methods, increased competition, and changing consumer behavior, travel companies are under constant pressure to optimize their performance and stay ahead of the curve.
As the world continues to become increasingly digitized, governments and financial institutions actively explore alternatives to traditional currencies. One example of such efforts is the digital euro project, which aims to create an electronic version of the European currency that could be used for quick and seamless financial transactions across borders.
As the world becomes increasingly digitized, traditional payment methods like cash, credit cards, and checks are gradually becoming less popular. As a result, more and more companies turn to alternative payment options, such as digital wallets and BNPL, to keep up with the times and attract a wider customer base.
In today's digital age, subscriptions have become increasingly popular. From streaming platforms to meal kit deliveries, businesses across the globe have found success in providing recurring services to consumers. However, as more firms shift toward a virtual model, it can be easy to overlook the value of in-person subscriptions.
In recent years, subscription-based business models have become increasingly popular. The idea behind this sales approach is to provide consumers with access to products or services by charging them on a recurring basis, thus ensuring a predictable revenue stream for the company. This makes subscriptions a win-win option for both clients and a wide array of firms across different industries.
With a diverse range of economies and cultures, the Asian region offers an abundance of possibilities for business growth and innovation, which contributes to it becoming an attractive location for entrepreneurs and established companies alike.
In today's highly competitive business landscape, understanding the consumers is crucial to stay ahead of the curve. One of the most valuable sources of customer insights is payments data. After all, every transaction your clients make contains a wealth of information about their interests, behaviors, and needs.
The adoption of the ISO 20022 standard for payments and messaging is a monumental shift for financial institutions across the globe. On March 20, 2023, over 11,000 FIs in more than 200 jurisdictions successfully went live with the standard, making it one of the most extensive migrations in history.
In recent years, Australia has emerged as a promising destination for eCommerce businesses looking to tap into a tech-savvy and digitally-connected consumer base. What’s more, the country's stable political environment, developed infrastructure, and high standard of living make it a great entry point for establishing a foothold in the Asia-Pacific region.
Singapore and Malaysia have taken a significant step toward enhancing their economic ties by launching cross-border merchant payments via QR codes. This initiative is set to transform the way businesses and consumers engage in transactions across the two neighboring countries and create a variety of new opportunities for local merchants and entrepreneurs.
In today's global economy, businesses need to be able to conduct cross-border transactions seamlessly and efficiently to remain competitive. However, there are numerous challenges that come with processing payments across different countries, including currency conversion, regulatory compliance, and security concerns.
In recent years, retail subscriptions have emerged as a new trend. Paired with the rapidly evolving capabilities of eCommerce, they offer a convenient and cost-effective way for consumers to access their favorite products without having to make frequent trips to physical stores.
The potential creation of a US central bank digital currency (CBDC), also known as a digital dollar, has been a topic of discussion for a while now. However, recent comments from Nellie Liang, the undersecretary for domestic finance at the Treasury, suggest that this digital currency could soon become a reality.
Recently, GCB Bank, one of the largest banks in Ghana, marked a significant milestone with its first cross-border real-time transfer in connection with the Pan-African Payment and Settlement System (PAPSS). Read ahead to find out more about the importance of this event in the context of PAPSS and gain insights regarding the initiative’s future developments!
Over the past few years, novel payment methods have emerged and quickly transformed the way we buy goods online and in physical stores. What’s more, the pace of their adoption and expansion across the world has highlighted the public’s tremendous appetite for flexibility and convenience.
As the global economy continues to face uncertainty and instability, businesses are grappling with mounting financial challenges, including rising costs of operations and declining profit margins. In the B2B sector, suppliers are the ones that especially feel the pinch as they struggle to keep up with their day-to-day expenses while navigating the rapidly evolving market landscape.
Accessing financial services presents similar challenges for individuals across India and Brazil. This is particularly true for situations when those lacking bank accounts are attempting to make domestic or international transfers.
As digital payment services continue to gain popularity, it has become imperative for businesses to ensure that the apps they use to deliver them provide an outstanding customer experience. This is particularly true as today's consumers are increasingly knowledgeable about technology and have high expectations for the software they use, particularly for financial transactions.
Online shopping has become an integral part of our daily lives and a highly competitive niche for businesses to operate in. With the growing demand for eCommerce services, comes the challenge of providing a smooth and hassle-free checkout experience for customers, which is why single-click transactions have become one of the most popular payment methods out there.
The payments industry has undergone significant changes over the past years driven by the advent of technology and the increasing demand for faster and more convenient experiences. One of the innovative solutions that have played a crucial role in this transformation is Artificial Intelligence (AI).
Due to their fast development pace and a variety of associated benefits, real-time payments are no longer an optional feature but rather an essential element of long-term success. As a result, they have gained wide recognition in the modern world and are revolutionizing the way transactions are conducted across the globe.
As businesses strive to optimize their operations and maximize their revenue, they face the need to regularly evaluate their payment approval rates. While keeping this metric up is essential for the company’s performance, many companies don’t know how to tackle this task, as it involves a variety of factors and may seem too complex.
For a business owner, only a few things are as daunting as the prospect of failed payments, as they can have far-reaching consequences for the company's bottom line and overall financial stability.
While the payment industry is evolving at an increasingly fast pace, one thing remains ever-present - fraudulent activity. What's more, the tactics implemented by dishonest players keep becoming more and more intricate, prompting businesses to search for solutions that could tackle these higher-grade challenges.
Peer-to-peer (P2P) technology has been disrupting the payment industry over the past years by enabling consumers to transfer money directly to one another without the participation of traditional financial institutions.
The South African Reserve Bank (SARB) is currently in the process of testing its new Rapid Payments Program (RPP), which is expected to bring about a revolution in the way people make financial transactions across the country, once it’s launched later this year.
The European Central Bank (ECB) began investigating the potential of introducing the digital euro over a year ago. Since then, the work on this project has been actively progressing, with the ECB holding multiple discussions about its key design options with the Committee on Economic and Monetary Affairs of the European Parliament over the course of 2022.
The United Kingdom’s payment ecosystem has undergone significant changes over the past decade, driven by advancements in technology, a shifting regulatory landscape, and a growing demand for security, speed, and convenience among consumers.
The UK’s Faster Payments system has been effectively enabling instant money transfers between participating banks since 2008. However, despite the prominent role this scheme has played throughout the years, it is gradually becoming outdated and requires an upgrade to keep up with the rapidly evolving payments landscape.
The past few years have been marked by rapid changes within Europe’s payment ecosystem. These developments have prompted businesses, FIs, and PSPs to significantly adjust their operations and keep up with the trends. As we enter 2023, it’s already clear as day that the pace of the European payment industry’s evolution is nowhere near slowing down.
We live in a time of dramatically escalating inflation, severe supply and cash flow issues, and a rapidly increasing cost of living. All these factors slow down retail growth, intensify competition, enhance friendly fraud risks, raise payment fees, and shrink margins - in other words, they force businesses to invest more resources to win each sale.
As you might know, India is making a big step toward a digital future with the launch of the e-Rupee, a digital version of its national currency. The work on this project of major importance is actively ongoing, with two pilots already having aired in the wholesale and retail sectors in November and December 2022, respectively.
Biometric authentication lets users verify their identity when making payments in a secure, fast, and convenient way, which has led to the growing adoption of this technology. As a result, over 65% of consumers claim to be familiar with it. Yet, according to recent surveys, 69% of users are concerned about data breaches when using biometrics while 62% fear their privacy could be violated.
Buy now, pay later (BNPL) services have experienced a massive surge in popularity at the beginning of the pandemic and their prominence has kept growing ever since. The year 2022 was no exception, as consumers continued opting for payment methods that promote flexibility and merchants became even more open to collaborating with BNPL companies.
Commerce and payments are two interconnected spheres that are never stagnant. In 2022, both of these sectors have undergone some significant changes, understanding the nature of which can provide valuable insights into their future development trajectory.
African countries have been drawing an increasing amount of attention from FinTechs and PSPs over the past few years. This is mainly due to the fact that the continent’s payments industry has been undergoing a powerful transformation driven by continuous innovation and regulatory shifts. Due to such promising tendencies, we are sure to see this region gain even more momentum in the future.
The Central Bank of Nigeria (CBN) has announced that it will be launching Africa’s first national domestic card scheme by January 16, 2023. This important step is expected to bring multiple transformative benefits for the country’s residents, including enhanced financial inclusion and increased affordability of payment services.
On 30 November 2022, the European Payments Council (EPC) published the first SEPA Payment Account Access (SPAA) scheme rulebook. This set of guidelines and standards stretches beyond the PSD2 scope to new premium concepts and creates a foundation for businesses to adopt a wider array of open banking-powered payments.
The relevance of real-time payments (RTP) nowadays cannot be overstated, as they help to minimize financial anxiety by ensuring near-instant, simple, and secure transactions. This leads to RTPs becoming table stakes worldwide, driven by significant demand from both consumers and businesses.
The digital payments landscape is transforming rapidly, so it’s essential for retail businesses to keep up with the changes to remain competitive. This entails not only monitoring emerging trends but also taking time to analyze past strategies. And what better time to do it than the end of the year?
The UK’s payment ecosystem has a solid reputation as one of the forefronts of innovation and best practices. Moving forward, this sector is expected to live up to its high standards and realize even more of its enormous potential.
Until just a few years ago, lenders would only take “traditional” credit data into account when assessing people’s solvency and making loan decisions. However, this approach is far from perfect, as it doesn’t take a large share of the population into account. As a result, millions of individuals overlooked by the old scoring system remain virtually invisible to finance companies.
The holiday season is finally here! As people actively shop for gifts for their loved ones, stores, businesses, and PSPs are busier than ever. So, while the celebrations are certainly an exciting time of year, they also come with pressure to provide the best experiences to consumers, from creating the best offers to ensuring the checkout goes smoothly.
According to the latest studies, 85% of consumers have shifted toward choosing greener products over the past five years. This positive trend has seen a reflection across many industries, with the sphere of payments being no exception. As a result, multiple banks have started offering eco-friendly cards, and this innovative solution is gradually taking over the world.
Modern vehicles continue advancing at an impressive pace and are becoming increasingly more connected. Just a few decades ago, it was unimaginable that a car would be not only a convenient means of transportation but also a wallet on wheels, featuring embedded payments and enabling consumers to buy services on the go.
Open banking continues forging ahead globally, and more and more consumers and businesses start noticing its powerful impact. While the open banking concept has been around since 1983, it is the Second Payment Services Directive (PSD2), introduced in 2018, that has defined it the way we know it today.
From a consumer’s perspective, card payments are quick and simple transactions that only take seconds to complete. However, there are many processes that take place behind the scenes after a purchase is initiated. Understanding these ins and outs of a payment’s lifecycle is extremely important for merchants to deliver impeccable service and retain customers.
The advancement of open banking and Application Programming Interfaces (APIs) has catalyzed the appearance of multiple new access and connectivity opportunities. This innovation course, in turn, has played a critical role in strengthening the links between FinTechs, banks, and payment platforms and streamlined the rise of account-to-account (A2A) payments.
On October 26, 2022, the European Commission published the proposal for a Regulation on Instant Payments (IPs), thus fulfilling its commitment to the 2020 EU Retail Payments Strategy. This initiative suggests important changes to the 2012 SEPA Regulation and has the potential to redefine the way IPs in euros operate.
As economies across the globe go digital, Southeast Asia (SEA) is surpassing the US, China, and Europe and taking the lead. Over the past few years, SEA’s digital economy has achieved astounding success and reached $143 billion in 2021. What’s more, this number is forecast to increase by more than 17% and hit $314 billion by 20261.
The past two decades in India’s history are known as the national economic renaissance, made possible by the continuous technology-centric innovations driven by local visionary policymakers, ambitious businesses, and open-minded individuals. Due to the progress made throughout these years, the country’s GDP per capita has soared and its digital economy is booming.
Online payment methods play a critical role in a customer journey, so the efforts to diversify their selection at checkout have earned one of the top spots on every merchant’s list of priorities. As a result, many business owners try to offer as many payment options as possible. Yet, as new payment methods continue emerging, the amount of choices can become overwhelming for consumers.
The idea of integrating secure and trusted digital ID wallets on a national level has been present in the European Union and the US for many years. Thus, as global digitization continues, both of these geographical areas develop their take on the adoption of this initiative.
Buy Now, Pay Later companies have experienced several golden years during the COVID-19 pandemic, marked by the rapidly increasing popularity of their services. However, the future of the BNPL market is currently a hot topic, as the soaring inflation and the potential recession make consumers more apprehensive when it comes to buying expensive items best suited for extended payments.
Real-time payments (RTP) are one of the fastest-growing spheres in the global payments landscape today. In just one year since 2021, its market size value has increased by approximately $3 billion, and the upward trend is sure to continue.
Merchants nowadays are continuously searching for ways to streamline the payment process to cater to customers who appreciate shopping with speed and convenience. While there are multiple ways of achieving it, card-on-file (CoF) transactions remain one of the most effective tools to optimize the checkout process and boost sales.
The payment industry is experiencing a period of rapid transformation nowadays. This is partially due to the emergence of a multitude of players in the payments-as-a-service (PaaS) sphere. These providers enable FIs and other entities to outsource payment products and services and offer them to their clients without facing high upfront costs.
Businesses that aim to operate internationally often tend to be so involved in setting up globally accepted payment methods that they overlook the local ones. However, it is crucial not to skip this step, as successful market entry is unimaginable without it.
Friendly fraud is a compounding issue that is all too familiar to merchants. It occurs when a consumer makes an online purchase with their payment card and then disputes the charge. Sadly, over the past few years, the number of such fraudulent instances leading to chargebacks has grown significantly along with the rise of eCommerce.
As the world is gradually recovering from the effects of the COVID-19 outbreak, consumers can now make purchases in person without putting their health at risk. However, while shoppers have returned to brick-and-mortar stores, they haven’t given up on digital payments that experienced rapid growth during the pandemic.
Digital wallets and contactless payments have seen a surge in popularity during the COVID-19 pandemic, with Apple Pay being one of the tech solutions prospering at the time. The plethora of benefits this payment method offers and Apple’s course on innovation make it clear that this upward trend will continue.
We're extremely proud to announce that Payneteasy has officially become a part of the community of gateways and payment processors supporting the Google Pay API.
The Digital Services Act (DSA) and the Digital Markets Act (DMA) are legislative proposals of the European Commission that aim to build a safer online space by protecting users’ fundamental rights and establishing a fair playing field for businesses.
Buy now, pay later services are installment-based payment schemes that have experienced a surge in popularity over the past few years and have become a prominent part of modern eCommerce. In fact, BNPL hit $1.6 trillion in global market value in 2020, showing a 5% year-over-year increase and outpacing credit card expenditure which declined by 4% during the same period.
Introducing various payment methods into your business operations is essential for matching your customers’ preferences and staying ahead of the competition. However, not every payment option will suffice - statistically, there’s a chance of losing up to 80% of your clients due to the presence of a payment service that is inconvenient or untrustworthy.
In the aftermath of the COVID-19 pandemic, the so-called “decade of action” is unfolding as regions across the globe experience severe economic contraction and go through the recovery process. This is reflected in many ways, including the adjustments in achieving the international sustainable development goals (SDGs) - the strategy countries should follow for a better future for the planet.
Achieving the balance between advanced payment security and a smooth shopping experience is an omnipresent challenge for online merchants. This dilemma is especially prominent nowadays, as sellers face regulations that require multiple authentication steps and make order placement less vulnerable to fraud yet more time-consuming and complex.
Request-to-Pay is an emerging messaging framework that is becoming increasingly popular as a value-added service for real-time payments. As the name suggests, this solution enables payees to request payments digitally from consumers, which the latter can choose to either accept or reject.
Marketplaces are expected to account for 30% of global online business-to-business sales by 2024, taking a leap from $680 billion in 2018 to an estimated $3.6 trillion. This phenomenal growth requires adjustments from B2B eCommerce platforms in a variety of aspects, including the way they accept payments.
Every online merchant is familiar with losing a sales opportunity when the consumer was already about to pay for their order. While there are multiple reasons why this could happen, a long or complicated checkout process is one of the major decisive factors, accounting for 26% of shopping cart abandonment cases.
DORA, the Digital Operational Resilience Act, is a regulation with a goal to ensure that all participants in the financial system have the necessary resources to mitigate cyber attacks and recover from disruptions associated with fraudulent activity. While this piece of legislation is still in the making, it’s expected to get the final approval already by the end of 2022.
If you conduct business on the European continent, you have definitely dealt with SEPA transactions. This money transfer service once revolutionized the payments landscape across a number of Euro and non-Euro countries by creating a unified network in place of a fragmented ecosystem.
Buy Now, Pay Later (BNPL) is one of the biggest eCommerce trends that has gained impressive prominence over the past few years. While being an accessible way for consumers to acquire products that otherwise would have been difficult to afford, it has also raised concerns regarding the inability of some people to cover the loans they take out.
Account-to-account (A2A) transactions are swiftly overtaking cash and bank cards and are predicted to comprise 20% of global eCommerce payments by 2023. Seizing the A2A momentum requires an understanding of the latest developments related to this payment method and its perspectives in the international market.
The major shifts in the retail landscape, payment habits, and consumer behavior that arose during the pandemic are expected to continue solidifying their presence in 2022 and onwards. For merchants, this calls for agility to stay on top of emerging trends and insightfulness to understand how to make the most out of them.
Over 4% of all online purchases in the world are conducted via QR codes, and we are sure to see this figure grow in the upcoming years. Already by 2025, 29% percent of mobile users across countries are forecasted to be using this payment type, with the global transaction volume expected to reach $2.7 trillion.
Nowadays, nearly every social network offers its users an opportunity to make in-app purchases. This type of shopping is gaining popularity fast - 98% of consumers are planning to place at least one order using social media in 2022, a giant leap compared to 68% from the year before.
We live in an age when technology evolves at an unprecedented pace, accompanied by impactful global events and dramatically shifting consumer preferences. Such dynamics make merchants, financial institutions, PSPs, and industry experts ponder what the payments landscape will look like in the years to come.
The modern pace of life dictates the need for instant cross-border money transfers. Real-time payments (RTP) play a pivotal role in catering to this demand, as they are settled in a matter of seconds from the moment of initiation.
The popularity of m-commerce sales is growing at a phenomenal speed. In the US alone, retail mobile sales hit $359.32 billion in 2021, demonstrating a 15.2% increase from the year before, and are expected to more than double by 2025, reaching $728.28 billion.
Nowadays, it’s difficult to imagine a successful and rapidly growing business that doesn’t accept payments online. What’s more, simply enabling customers to make purchases via the Internet is not enough to ensure a smooth shopping experience. Modern consumers expect fast checkout, a variety of payment methods, frictionless transactions, and much more.
Voice technology is transforming our lives in many ways, assisting us in spheres like cybersecurity, customer service, healthcare, and beyond. The finance sector has also adopted voice-based solutions, enabling consumers to make money transfers, conduct purchases, and pay their bills.
Mark Zuckerberg called the metaverse “the next chapter of the internet,” while Satya Nadella said, “it's not only transforming how we see the world but how we participate in it.” Indeed, the metaverse is already far more than some distant concept, but rather a whole new world in the making.
The pandemic has marked the beginning of BNPL’s heyday - the value of global purchases using this payment method hit $120 billion in 2021, four times the amount spent in 2019. Even in post-COVID times, Buy Now, Pay Later continues its growth in popularity across the world, with its market value estimated to reach $576 billion by 2026.
The convenience of contactless payments is winning the hearts of more and more consumers worldwide. The global market value of such transactions is projected to nearly quadruple by 2026, reaching $51.07 billion, which makes it clear: this trend is here to stay.
The checkout process is one of the fundamental parts of the customer journey that can play a decisive role in a person’s shopping experience. Despite the rapidly changing consumer behavior, for many online merchants there is one long-pending issue that remains stagnant - card abandonment.
While Africa’s emerging market offers plenty of growth opportunities for various types of businesses, organizations that deal with digital transactions are the ones that will explore the local potential to the fullest. But what exactly can the merchants and PSPs entering the continent’s payments ecosystem expect?
Gen Z, the "digitally native" cohort, currently makes up approximately 24% of the global population and has significant spending power. According to a 2021 Bloomberg report, students and young professionals belonging to this generation already command a disposable income of $360 billion and counting.
The world’s retail eCommerce sales are expected to rise from $4.2 trillion in 2020 to $7.3 trillion by 2025. One of the main contributors to such rapid growth is the Asia-Pacific (APAC) region, with its focus on innovation in the payments technology field.
It is not an overstatement to say that data drives commerce. Merchants worldwide collect information to analyze it and make business decisions based on the gained insights.
The use of coins and banknotes has been declining worldwide over the past years. In 2021, cash payments accounted for only 18% of the global transaction value, and their share is expected to drop even more - down to 10% already by the end of 2025.
In 2021, over two-thirds of merchants were already accepting contactless payments, and their number continues to grow fast due to the increasing demand. The technology behind this trending transaction type is called “Tap to Pay”.
Fingerprint-based cards were first introduced decades ago but failed to gain traction because they seemed overcomplicated at the time. However, following the pandemic, they are having a grand comeback in a number of markets.
Online payment fraud is one of the greatest concerns for merchants worldwide regardless of the business scale. According to estimates, the global eCommerce losses from it accounted for $20 billion in 2021, which represents a 14% increase from $17.5 billion recorded in the previous year.
The internet penetration rate and the number of mobile users in Latin America (LATAM) have been growing consistently throughout the past years. What’s more, the share of the unbanked population in the region is steadily decreasing, so if your online business still hasn’t entered this market, it might be the perfect time to do it.
While the Middle East boasts one of the highest rates of smartphone penetration worldwide (97%) and is digitally astute in general, the majority of its population still chooses cash over other payment methods. Notably, only a third of retail transactions in this area are conducted electronically.
Money laundering is a financial crime that involves concealing the origins of unlawfully obtained proceeds for them to appear as if they derived from a legitimate source. Worldwide, there are between $800 billion and $2 trillion laundered each year, accounting for 2-5% of the global GDP.
They say there is safety in numbers, meaning that uniting multiple parties is often more efficient than each of them taking action on one’s own. This principle proves to be right for a variety of niches, including the payment industry.
On May 10, 2022, the European Commission published three consultations that will help shape the regulatory future of payment services and PSPs across the EU and EEA. This marks the beginning of the shift from the Revised Payment Services Directive, PSD2, to its updated version that will tackle the current needs and challenges of the payment industry better.
Apple embedded QR code scanners in the iOS 11 Beta’s native camera app in 2017, and the majority of other brands followed suit shortly after that. This innovative feature was said to be “QR codes’ second chance”, giving this technology hope to avoid repeating CurrentC mobile payment app’s downfall.
Nowadays, merchants and financial institutions alike face the need to address bigger audiences, process larger payment volumes, and scale efficiently. Thus, software that tackles FinTech-related challenges is in high demand.
eCommerce sales boomed in the past few years, with the online share of total spending globally increasing from 10.3% in 2019 to 14.9% at the peak of the pandemic in 2020. Such rapid growth of online sales has transformed the landscape for retailers and raised the need to implement optimized payment solutions.
Organizations providing financial services exist in an ever-evolving and highly competitive environment. Aside from that, they also face a wide array of challenges created by factors like the changing consumer demand, national and global regulations, tech innovation, and beyond.
There’s a whole lot of terminology to keep in mind when it comes to payment processing. While for the consumers, a credit card transaction typically takes no longer than a few seconds, the algorithm behind it is quite complex.
Online purchases are considered to be way more efficient than the transactions conducted offline due to increased security, lower risk of human errors, and faster processing times. Besides, the clients returning to shop at the same eCommerce store are likely to have an even smoother shopping process. This is due to the fact that their information is already stored on the merchant’s website.
Payment processing as we know it today hasn't existed in this form for long. What's more, it continues to develop rapidly; hence we can expect many exciting innovations and changes ahead.
As a merchant, you probably know that you pay interchange fees after every credit and debit card transaction. While these charges typically come as a part of your business’s card processing fees, it’s still critical to understand what exactly they are to ensure you’re dealing with fair pricing. Read ahead to find out the definition of interchange fees and learn how they are calculated.
The payment industry is changing at an unprecedented pace. It’s easy to see the ongoing transformations in eCommerce, data security, preferred payment methods, and beyond. One of the spheres that have to adapt to the new circumstances fast is direct selling.
The protection of consumer data and privacy is considered to be one of the top three trends with the greatest impact on businesses in 2022. However, the focus on these critical aspects is sure to last beyond the end of this year.
Historically, B2C payments have always been digitized sooner than B2B transactions. Now that the world is recovering from the pandemic, this gap is becoming even more prominent. Due to this, 2022 is marked by a transformation in B2B payments characterized by a strengthening focus on meeting the expectations of suppliers and merchants.
We live in an age of rapid technological progress and drastic changes in sales and consumer behavior. To remain competitive and thrive in such a fluctuating environment, businesses have to be flexible and agile.
The platform economy has caused a revolution in the world of commerce and has become its backbone across a variety of industries. Read this guide to find out how digital platforms have achieved such prominence in the global market and which technological solutions can make them reach even greater heights.
Online marketplaces and sales platforms have shifted commerce, shortening the distance between merchants and shoppers to just a few clicks. Thus, it is no coincidence that this business model is continuously growing and infiltrating an increasing number of niches.
eCommerce is transforming at an unprecedented pace. With digital innovation being on the rise, the marketplace business model as we once knew it is no longer the same.
The Payment Card Industry’s Data Security Standard (PCI DSS) states that entities should refrain from storing cardholder data unless there is a legitimate reason to do so. However, with the technological solutions that are currently available, it turns out that the merchants and PSPs hardly ever have an indisputable reason to keep such sensitive details.
The rise of eCommerce has launched a new prosperous era for merchants worldwide. However, online sales are imminently followed by increased risks of fraud. What’s more, dishonest activity can be expected not only from fraudsters but also from consumers.
The rapidly increasing interest in online shopping and the need for secure digital payments that comes with it make a variety of businesses search for smart FinTech solutions. Thus, the integration of a payment gateway has already become a key aspect of every business conducting sales online.
On April 12-14, the largest global event for gaming operators in Europe, ICE London 2022, will take place at ExCeL London. This gathering is widely recognized as the ultimate meeting spot for gaming industry leaders, decision-makers, experts, and policy regulators.
Electronic commerce is experiencing rapid expansion globally and on the European continent in particular. In 2019-2020 alone, its European share has grown by 10%, hitting the mark of €757 billion. What's more, the revenue in the European eCommerce market is projected to reach €685 billion in 2022 and €974 billion by 2025.
Buy Now, Pay Later is a relatively new payment method that has taken the eCommerce industry by storm. Keep reading to find out why it has become so popular, what advantages and challenges it has, and how merchants can maximize its potential benefits.
Ecommerce business expansion on online marketplaces inevitably goes hand in hand with the increasing risk of facing fraud. This is majorly due to the fact that modern marketplaces with embedded payments often act as payment facilitators for the merchants. Despite the fact that this practice allows transaction processing to be more intuitive and easily scalable, it also makes it more prone to malicious attacks.
In the ever-changing global environment, it’s incredibly important to build and maintain a merchant payment infrastructure that can withstand anything that comes its way. The overview you’re about to read focuses on the best practices of increasing payments resilience applicable to both merchants operating exclusively online and those pursuing an omnichannel strategy.
Companies in the financial sector are going through major adjustments in the environment that experienced a drastic shift throughout the global pandemic. Apart from keeping up with the massive adoption of payment technologies, businesses had to update their strategies while remaining compliant with the new regulations.
The Second Payment Services Directive (PSD2) is the current set of guidelines that regulates payment services across the European Union and the European Economic Area. This directive is being regularly updated to suit the evolving technology and confront the emerging fraud methods. It is also continuously monitored to ensure its effectiveness.
Every business strives to ensure a seamless payment process for its customers. While this puzzle has many pieces, one of its critical elements is a smooth online checkout procedure. It can be achieved in different ways, yet one of the best options is to implement a hosted payment page.
A fast and frictionless checkout process is essential for a positive customer experience. However, what is equally as important is how secure the transaction is.
Schemes define payment processing on an international level, so it’s essential to stay in sync with all the emerging updates. There are currently a few initiatives for new payment schemes, one of them being the SEPA Payment Account Access (SPAA). Find out everything you need to know about it in this detailed guide.
As soon as SWIFT announced the rollout of ISO 20022, it became clear that it would be a revolutionary step for cross-border payments. Here we will discuss how this standard will influence the current state of affairs of international money transfers and explore whether it is enough to solve the interoperability problem the industry is facing.
In general, it takes from one to five days for a cross-border money transfer to get to the recipient. With the modern pace of life, this is way too long of a waiting time for both individuals and businesses.
Here’s the news: starting from 1 July 2023, banks and credit unions will discontinue issuing Maestro cards for good. With over 400 million cards currently in circulation worldwide, this decision is sure to require significant adjustments.
With the payments market evolving rapidly, the existing rules and regulations require adjustment. In this article, we’ll uncover which changes are likely to take place in the industry and how the EU could respond to them.
Providing a brilliant customer experience is among the top goals of businesses worldwide. Achieving it brings plenty of benefits, from increased brand awareness to boosted revenues.
Payment fraud keeps the world in a constant state of alert. The numbers speak for themselves - Q3 of 2021 has seen over 56,000 payment fraud attacks globally. That is 14% more than in the previous quarter and equals to a 274% year-over-year increase.
As a person involved in business, you’ve probably heard of chargebacks. These operations are rather common yet extremely disadvantageous for merchants.
We live in an eventful time that requires flexibility and innovation. In the past few years, we’ve seen many spheres of our lives undergo significant changes, from healthcare and education to retail and logistics. The payment industry is a link between all these key areas, so it keeps adjusting alongside them.
The pandemic that started back in late 2019 and is still going strong years from then led to changes in shopping dynamics. Lockdowns and social distancing measures imposed significant challenges to brick-and-mortar stores and forced retail businesses to adapt to the constantly fluctuating situation.
The subscription payment model is adapted by more companies these days. What’s the secret behind this uproar? Let’s investigate
In light of pandemic issues, consumers choose to avoid cash. Now, payment preferences lean toward phones, facial recognition and… cars.
Businesses are no longer limited by geography. Entering the global market has never been easier, all thanks to eCommerce.
In-app payments are a crucial step in setting up your business. They provide a smooth customer service, quick checkout flow and help to increase the venue’s revenue.
Every business owner aims to provide a top-notch shopping experience for the clients. While excellent customer support and the quality of products and services delivered are extremely important, no commercial platform would be successful without decent payment security measures. One of the essential tools to conduct and safeguard the purchases at your store is a payment gateway.
One of the world’s largest iGaming exhibitions, SiGMA Europe, will be taking place in Malta from the 15th to the 19th of November 2021.
Nowadays, the majority of consumers expect all merchants to accept credit and debit cards. So, if your company still doesn’t live up to that standard, it is highly recommendable that you introduce card processing as soon as possible.
Not so long ago, accepting cash and credit card payments was enough to keep the business going. However, these days, organizations offering their customers only traditional payment options risk being outplayed by their competitors. Think about it: in 2021, approximately 7% of people abandoned their shopping carts because the merchant didn’t offer enough payment methods.
Processing card payments is a great responsibility for businesses, especially when it comes to the transmission and storage of confidential information. Even with the modern security measures, in the first half of 2021 alone, there were 1,767 publicly reported breaches that exposed 18.8 billion records.
The 2021 Q2 volume of eCheck payments reached a 7.3 billion count with a value of $18.4 trillion. That’s a nearly 25% increase compared to last year. Such rapid growth makes more and more business owners consider offering this payment method to their clients. But what is an eCheck and how does it work? Read ahead to find out the eCheck meaning, how such payments get processed, and whether your business can benefit from them.
Smartphones and tablets are the mobile devices that the majority of consumers have at hand at all times, making them even more convenient to use for payment than a credit card or cash. Thus, no matter if you sell your goods or services online or in-store, integrating a way to pay via mobile in addition to traditional credit card processing methods is vital for offering a smooth shopping experience for your clients.
Online payments have become an integral part of everyday life. However, as e-commerce develops, so does cybercrime. To prevent fraud and protect user data, online payment services are implementing various security protocols.
For a nonprofit, every donation counts. That’s why it is crucial to provide the public with the most convenient ways of making contributions. Thus, if your organization is still not accepting credit card payments, it is about time to fix it. This comprehensive guide has all the information you need to get started with credit card processing for nonprofits, including an overview of its benefits and useful tools for implementing it.
Every retail business strategy aims to build customer loyalty and ensure an excellent shopping experience. To succeed at this, it is important to track the consumer journey and have a competent strategy that covers every point of interaction with the customers.
The sales process constantly evolves to improve communication, customer satisfaction, and commerce profitability. Before, one sales channel, such as a physical store, was enough. Later on, technology advanced, and merchants started interacting with the customers via multiple channels, so email marketing, websites, chatbots, etc., added up.
Payments are traditionally considered to be a high-risk sphere. This is due to the complexity of the procedures and tools used, the rapid development of new technologies, and the threat of fraudulent transactions. These risks are dangerous not only for the service providers and their users but also for the economy as a whole. That’s why the payment risks must be identified, monitored, evaluated, and managed. Read ahead for an up-to-date overview of the payment risks and compliance!
Every individual and business entity these days has dealt with at least one international payment system (IPS). Yet, even though it is something used daily by millions of people, not many can explain what exactly this term entails.
As a consumer, nearly every person has encountered recurring payments in action. But, as a business owner, have you considered introducing this billing type into your company’s practice? If you are still undecided, this guide is for you. Here we will tackle all the main aspects of this tech solution and explain how to integrate it into your business.
In the era of economic globalization, cross-border payments have become a vital necessity. In 2019, their value totaled $130 trillion and is estimated to reach $250 trillion by 2027. Since the volume of cross border transfers is demonstrating such rapid growth, it is an absolute must for business owners to be aware of what these transactions are and how to make them efficient. Our guide is your key to mastering the intricacies of this topic.
The 14th of September 2019 was the day when Strong Customer Authentication (SCA) requirements for online payments entered into force as a part of the second Payment Services Directive (PSD2). These regulations drive change in online retail and payment security.
We are considering how to switch to new 3‑D Secure 2.0 protocol without spending a lot of resources on it. And most importantly, how not to lose in conversion and not to harm patency of payments during transition period.
Whether you are an offline or online merchant, it is most likely that you deal with credit card processing on a daily basis. While many sellers disregard the complex algorithm that launches after the client clicks the “Pay” button, it is best to know how it works.
Payment reconciliation is an accounting process, which allows you to keep track of the precise state of your company's accounts. We’ll review how it works and how your venue can benefit from it.
The conversion rate equals the success of your business. We’ll review the reasons why they can be low, and explain how you can fix that issue with card transactions and other payment methods.
A payment gateway is a tool that no e-commerce company can do without. Let's see why and which benefits it will bring.
PCI DSS is a security standard that was designed to protect credit/debit card transactions. Let’s see why your company needs it and which benefits it will bring.
Ecommerce transactions are a great opportunity to quickly transfer money from a client to a merchant, without errors, high fees, time losses, and long queues.
Online payment using a bank card is convenient for cardholders. However, there are cases when services or goods are not provided (or provided not in full). In such cases, a customer has a chance to get money back. A chargeback procedure is provided for this.
Trade (offline) acquiring is a service connected by banking institutions so that any retail point of sale, from a local store up to large supermarkets, can accept cashless payments. For this purpose, a specialized device – a POS terminal – is required to make payments using the client’s bank card.
An issuing bank and an acquiring bank are some of the required parties to make payments. It is important for merchants to understand what responsibilities each of the parties has, how they get involved in the payment process, and what the difference between these two notions is.
To accept card payments, a business needs a terminal. Stationary POS terminals are found in any store, but there are also portable readers that are connected to a smartphone or tablet. So, we dedicate this article to mPOS meaning and related issues.
Business goes digital more actively these days. Its two main pillars are electronic and mobile trade transactions. Let us tell you more about them.
Online acquiring is a crucial component of every type of business. We'll tell you why you need it, how it works, and how to integrate it in your company.
In 2021, bank cards have become the most popular means of payment in the world. It is getting harder to do business without acquiring, so in this article, we’re going to discuss how it works, who is involved in the process, and what needs to be done to get it up and running.
Choosing a merchant account provider to handle electronic check or credit card payments is one of the most important decisions you will make as a business owner. Pick the wrong service provider, and you’ll pay high rates and fees, getting poor quality of service and a payment solution that doesn’t meet your business needs. Choosing the right supplier means gaining a competitive advantage.
Balancing out the payment process can be a continuous struggle for platform providers and large merchants who manage multiple PSPs. This practice often leads to reduced acceptance rates, wasted time and resources, and errors in charges.
Without doubt, banks have come to the realization that a technology-driven strategy is essential for operational efficiency. Most of the industry’s giants went digital long ago in terms of the user experience with apps and portals. That’s crucial for their UX – in terms of how their customers see them.
PSPs and financial institutions often have needs that are unique to their business. These needs that go unaddressed can turn into pain-points, and revenue reduction.
It's no secret that the payment industry has come a long way. From 1997, when Authorize.net started it all by collecting transactions by fax and email, the developments have been extraordinary. Today, we are looking at a rapidly evolving industry, from instant payments, thousands of payment methods, global infrastructure, open API, remote KYC, to purchases for cryptocurrency
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