Payments Competition In The World

Jul 29, 2016

Global protectionism is becoming more and more discussed by the US business leaders. GE CEO Jeffrey Immelt spoke about “protectionist global environment,” which is not only associated with locomotives and gas turbines. Commerce is mainly based on retail electronic payments. As for countries, many of them aim at developing and protecting their local payments networks as national champions.

Payment Networks Worldwide

China UnionPay is the biggest national payments champion of all networks. It boasts 5.4 billion badged cards. CUP was established in 2002 by a decree from the People’s Bank of China. The network is owned by 85 banks, the largest of which are state-owned.

Russia launched its national network Mir in December. The network is run by the country’s central bank. Alipay, which has 450 million users, and Tenpay are domestic eCommerce payments giants in China. They are starting to compete with CUP at the physical POS (point of sale). In 2012, the National Payment Corporation of India launched Rupay.

In Brazil in 2011, Lo and behold, the state-controlled institutions Banco do Brasil SA and Caixa Econômica Federal, and Banco Bradesco launched Elo, which made up 7% market share.

Networks Success

To succeed, merchants should apply to a reputable payment processor like EMB for a reliable and secure merchant account. At eMerchantBroker, we offer the lowest possible rates and the best merchant account services in the industry. EMB boasts an A+ rating with the BBB and is voted the #1 high risk payment processor in the Unites States.

Quite naturally, not all national networks had success. Banks based in Britain sold Switch to MasterCard. Banks in Finland, Ireland, the Netherlands, and Poland shut down their debit networks known as Laser, Pankikkorti, PIN, and Polcard, respectively.

The US payment-networks market is the most competitive one in the world. In the 1980s, there were 135 ATM and 35 debit regional networks owned by banks. The market consolidated to 6 national debit networks, and none of them were owned by banks. Those that survived were used by bank owners or the armed forces.

Current open competition has given the market Accel, American Express, Discover, NYCE, MasterCard, PayPal, Star, and Visa. More network competition could be beneficial for the whole world.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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