Sumary of THE PAYMENTS ECOSYSTEM: The biggest shifts and trends driving short- and long-term growth and shaping the future of the industry:
- The coronavirus pandemic accelerated payments industry digitization by two to three years, as lockdowns, restrictions, and ongoing consumer health concerns upended daily life in ways that trickled into spending trends and consumer habits.
- Digital payments are swelling to meet demand for speed and simplicity.
- Insider Intelligence The Payment Processing Industry OverviewThe 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 and paving the way for the future of payments.
- And change is trickling down into bigger industries long-dominated by cash and check, like remittances and business-to-business payments.
- The Payments Industry ExplainedIn this report, Insider Intelligence will examine the payments ecosystem today, as well as the pandemic’s impact on growth drivers and the industry’s future.
- The report begins by tracing 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.