Digital payments volumes rise globally with new payments ecosystem

November 14, 2017

Capgemini has recently released its World Payments Report 2017 which has some interesting information on the future of the digital payments ecosystem, and underlines why companies serious about growth should partner with an experienced online payment service provider.

According to the report, global digital payments volumes look set to increase by approximately 10.9% through to 2020, representing close to 726 billion transactions. At the same time, between 2014-15, global non-cash transaction volumes grew 11.2% to hit 433.1 billion.

In short, the report underlines how companies across the world are embracing digital ways of paying. Digital disruption from the financial technology (fintech) community has effectively changed the world in just ten short years, as has the growth of the internet, smartphones and other hardware and software options.

Not just between brands and customers. With 122 billion wholesale transactions set to take place between enterprises between 2015-20, adopting a more efficient and ‘cashless’ way of working can be the cornerstone to brands’ future growth.

Reinvent the way you do business with an online payment service provider

“Within this new and dynamic ecosystem, payments industry participants must strategically reassess their roles,” says Anirban Bose, Head of Global Banking and Capital Markets for Capgemini.

“Banks must embrace this opportunity to enhance their offerings in collaboration with FinTechs and third-party developers. Breakthrough technologies and significant industry advances, such as Open APIs, instant payments, blockchain, and regulatory standardization, will encourage collaboration.”

Bose here is giving a digital call-to-arms; a necessary one, but one that’s already being taken up at a stunning pace by businesses and financial providers of all shapes and sizes as part of their overall growth strategy.

In a few short years digital payments have become the norm, with new innovations such as wireless card payments and other revolutionary payment methods spreading amongst consumers almost as soon as they’re released. That though can represent unique challenges for businesses; one that an online global payment service provider can help overcome.

The right online payment service provider for instance will care as much about your growth and expansion as you do, working to identify the fintech market and highlight the payment services your most valuable customers are using to align with the right markets and get ahead of the competition.

Achieve payment perfection with an online payment service provider

The Capgemini report is an interesting and recommended read for SME owners and senior managers dedicated to growing their business locally, nationally and internationally with specific markets on a digital level.

The way the world is paying for goods and services is evolving at a rapid rate, and those that are slow to adopt are in danger of being left behind; not just amongst their consumer base but with suppliers, too, who can no longer afford to fill out mountains of paperwork for simple transactions.

The right payment provider will rework you internal and external finances to help modernise the way you do business, educating you all the way and working to grow your business alongside you.

They will also work to take issues of complex financial compliance from your shoulders, leaving you time to focus growing your business and growing new, stronger relationships with clients and suppliers.

Fibonatix is also able to provide payments charges of 1.5% when compared against the 3.5% offered by PayPal. Contact our financial experts today to find out more.