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Navigating A Rapidly Growing Payment Ecosystem

The way people are making payments is changing drastically. Smartphones are being used for any formal and informal transactions. To make transactions easier to process, thousands of companies are working and competing each and every day.

Payments Ecosystem

Payment processing means transferring information from one party to another, and digital processing is beneficial for almost all stakeholders in the industry.

Nowadays, payments companies focus on providing a higher level of security. They are offering a wider variety of mobile opportunities and creating commerce capabilities to enable consumers to make purchases via digital devices with greater willingness.

Modern devices, including refrigerators and smartwatches, come with payment capabilities, thus counting for a greater change in consumer payment behaviors. On the other hand, blockchain technology, the protocol underlying Bitcoin, is likely to change the verification process of consumer card payments.

With this in mind, it is highly important for merchants to turn to a reputable payment processor like for a secure merchant account. EMB is voted the #1 high risk payment processor in the US and boasts an A+ rating with the BBB. EMB is one of Inc 500’s Fastest Growing Companies of 2016 and is rated “A” by Card Payment Options.

Modern Mobile Marketplace

The mobile marketplace has been changing and developing with rapid advances in the past 20 years. The marketplace evolved from early days of simple phones when mobile access to the Internet was something new to the launch of the iPhones in 2007.

Now, the world is seeing an incredible growth in the app economy. It’s not surprising that the future of commerce is associated with the mobile channel.

Today, almost 20% of Americans make purchases using mobile wallets on a regular basis. The mobile channel enables 12% of merchants gain half of their revenues. The number is going to double within 2 years.

Starbucks has long been viewed as a pioneer in the world of mobile payments. Today, the company generates 21% of its revenues from the mobile channel. The number is expected to reach 50% in the upcoming years.