Consumers are embracing contactless, omnichannel transactions—and payments providers must adapt

PAYMENTS & COMMERCE REPORT PREVIEW The Industry's Biggest Shifts, Trends, and Evolution—and What the Pandemic's Impact on Digitization Will Mean for the Payments Landscape * This chart and data were pulled from The Payments Ecosystem Report by Insider Intelligence. Purchase the report here to get immediate access to the full analysis. Get the Full Analysis Today → The coronavirus pandemic set the pace of payments industry innovation to warp speed. Consumers rapidly changed their shopping and purchasing habits to quickly embrace contactless, omnichannel, and online payments amid escalating health concerns and restrictions. To adapt, merchants quickly digitized to keep doors open and sales flowing in the current climate. And payments providers had to adjust their channel strategies and develop new offerings to meet merchants' shifting needs and ensure they were able to retain their base and attract new clients. Payment networks act as hubs that enable funds to flow from the payer's FI to the recipient's. Card networks route transactions between issuers and acquirers, and establish rules that others involved in payment card processing must obey. Most prominently, these providers help set merchant-facing interchange and other network fees, within regulatory limits, that are paid to issuers and other stakeholders. Noncard networks, like ACH, already see substantial volume—but they are becoming competitors to card networks for a wider set of use cases. Payment Gateways: More merchants are building out their online presence and unifying their software across channels, making gateways increasingly prominent in the ecosystem. These players are beginning to threaten the positioning of more traditional processors: Adyen grew 23% annually to process €129.1 billion ($144.5 billion) in H1 2020 despite the global spending slowdown as it continues to pick up high-profile etail and omnichannel partners. Independent Sales Organizations (ISOs) and Merchant Service Providers (MSPs) are being forced to change their business models as more merchants—including some larger sellers—adopt mobile point-of-sale (mPOS) and other turnkey solutions. In the past, businesses mostly relied on bulky and expensive POS devices, giving an opportunity for ISOs and MSPs to service them. But cheaper and smaller terminals are... Access Full Chart Data & Analysis → Other report highlights you don't want to miss… The Buy Now Pay Later Report Buy now, pay later solutions are quickly gaining adoption as consumers look for new financing options… Access Full Report → The Buy Button Report The introduction of SRC will turn the online retail payments industry on its head… Access Full Report → This is just a preview of the information and insights you'll find in The Payments Ecosystem Report by Insider Intelligence. Purchase the report today for $995 to access the full analysis. Get The Full Report →

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