A new whitepaper by global tech strategists Juniper Research has found that the biggest challenges facing merchants are as follows: checkout complexity, rising friendly fraud and chargebacks, balancing global expansion with local payment needs.
Digital wallets, account-to-account payments, orchestration platforms, and emerging payment models are all scaling rapidly across the merchant payments ecosystem. But different payment methods behave differently across regions, customer segments, and use cases. What improves conversion in one market can add friction in another, making it harder for merchants and payment providers to determine which strategies actually deliver results.
The whitepaper identified payment service providers as critical to addressing these challenges; creating a significant opportunity for payment systems that add functionality but reduce complexity.
Juniper Research’s forecasts predict that the total global opportunity for transaction value across payments for eCommerce, in-store transactions, and cross-border payments will reach $100 trillion by 2030. However, unlocking this opportunity will require payment service providers to provide simple solutions to an increasingly complex merchant payments ecosystem.
VP of Research Nick Maynard explained: “From account-to-account payments and digital wallets to orchestration platforms and cross-border optimisation, merchants are being presented with more ways to accept and process payments than ever before. Supporting merchants through this evolution is vital for market success.”
The new whitepaper, Merchant Payments: Opportunities & Challenges in a Fragmented Market, is available as a free download. The whitepaper outlines the biggest challenges and opportunities within merchant payments, and analyses how merchant payment vendors can best address these market dynamics. It also highlights four key merchant payments vendors to watch, and makes essential reading in a highly dynamic market.
Banking 4.0 – „how was the experience for you”
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Many more interesting quotes in the video below:
