The GumBallPay payment gateway was created with the objective of providing a solution to support businesses of all sizes, enabling them to accept credit card payments whether their enterprise is low or high risk. This article will explore the current climate of the payment industry, looking at how previous trends have driven continued growth and sharing expert predictions of future trends.
A recent report from PwC revealed that there has been a 42% increase in cashless payment volumes worldwide. Digital payments have become a catalyst for fostering growth, reducing transaction costs and supporting the transition towards inclusive and digitally enabled economies.
In developing African nations, payments are growing faster than the global average, enabling millions of unbanked individuals to gain access to financial products and services. Looking to the future in developing economies, thin-feature, mobile-friendly apps are predicted to give way to more robust platforms, enabling banking, paying bills, and shopping and buying online.
Payments generate around 90% of the customer data used by banks. This information provides very valuable insights, telling the banks who is buying what, how much it cost and when they bought it. This data is creating new revenue streams for businesses capable of monetizing it, although at the same time, it exposes them to data privacy issues.
Experts anticipate that, in the next decade, consumers and businesses will benefit from having more choices. Cash is predicted to become the target of mobile payment apps, driving greater acceleration to digital for consumers. Meanwhile, experts anticipate that new innovations will drive B2B activities.
According to the Boston Consulting Group’s Global Payments 2021 report, the payments revenue pool is on track to almost double by 2030. Reflecting on the new wave of fintechs focused on crypto payments and decentralized finance, the report’s co-author, Markus Ampenberger, explains that the payments ecosystem is in flux, highlighting the tremendous growth opportunities for companies that are prepared to act fast.
The financial services industry is currently in the midst of transformation that has been accelerated by COVID-19. Given the increasing role of digitization in the financial lives of the global population today, electronic payments lie at the very heart of this transformation.
More and more people are adopting cashless payments, with digital payment platforms making banking and finance more accessible and inclusive. Payments are also driving innovation and supporting the development of digital economies, all while serving as a stable backbone for countries all over the world.
David Combs is a professional writer who specializes in writing about trending topics in the news. He has a particular interest in health, technology, and business news, but he also enjoys covering entertainment and lifestyle stories. David has been writing for online publications for several years, and he is known for his engaging and informative style. When he’s not writing, David enjoys spending time with his wife and two young children.