Wednesday, 30 October 2019 12:32

Payment platform revenues on the rise to US$158 billion: Juniper

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Payment platform revenues on the rise to US$158 billion: Juniper Image mapichai FreeDigitalPhotos.net

Global revenue from payment platforms that enables merchants to process payments will grow from US$106 billion in 2019 to US$158 billion by 2024, according to Juniper Research.

In its report on the payments platform market, Juniper forecasts over half of global revenue will be generated in China by 2024, primarily owing to its increasing affluence and vast usage of social payments such as WeChat Pay.

Juniper Research urges payment platform providers to leverage the efficiency of emerging technologies to fight this “increasingly sophisticated threat”.

The research recommends payment platform providers invest immediately to diversify their solutions and, as result, Juniper says they must offer services such as store management solutions, customer insights and merchant capital finance in order to remain competitive.

According to research author, Dr Morgane Kimmich, “The market will move beyond solely offering payments in the near future by expanding to new services”.

“These value-added services will enable payment platforms to differentiate themselves in a saturated market and build out new business models to allow vendors to generate additional revenue.”

The research assessed 16 payment gateway platforms, scoring them on their service capabilities, extent and breadth of offerings and future market prospects.

Juniper Research positioned the five leading vendors as:

  1. Fserv
  2. PayPal
  3. FIS
  4. CyberSource
  5. Adyen

Juniper says the research scored Fiserv highly for its acquisition of First Data; allowing it to create an end-to-end solution in the payments space and a wide range of payments such as the Clover POS system.

“Fiserv and FIS have both significantly increased their customer reach and breadth of solutions through recent mega-mergers. This has allowed both companies to further assert their strong positions in the payment gateway space,” Juniper notes.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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