The world’s largest payments networks continue to benefit from a global shift away from cash to electronic payments. Visa has climbed 20 percent this year as Mastercard rose 31 percent, outpacing the 12 percent gain by the S&P 500 Information Technology Index.
Mobile app, P2P, mobile bill payment are speeding forward. Research estimates that in 2018, some 67% of mobile wallet purchases will be made remotely versus in person.
Global Payments: Asia, North America, and Europe will be the three main growth regions in the next five years, and will make up 70% of all noncash transaction growth by 2023.
US Payments: In the US, P2P and retail payments combined will still be less than a quarter of the size of the B2B payments market by 2023 ($6.3 trillion vs. $27.3 trillion).
US E-Commerce: Total e-commerce spending in the U.S. will surpass $1 trillion by 2023, and the average consumer will spend $2,959 online.
US Emerging Payments: By 2023, 67% of US adults will have used BOPIS (Buy Online Pickup In Store) at least once in the last 12 months.
As growth continues to surge business owners should re-evaluate the model by which they pay. Giving up a percentage of top line revenue in order to accept a non-cash payment can hinder growth and is revenue better invested elsewhere. For more solutions, contact Auric for Rate Lock Zero options that are built around flat-dollar pricing.
(Source: Business Insider Jul. 20, 2018)