Mobile devices, data, and the cloud have converged over the last decade to create an unprecedented source of value for digital platforms and the ecosystems they spawn.
Payments technology, which is an important component online payment gateway providers of the equation, no longer relies solely on collection to drive platform growth. Companies that lack the ability to innovate in payments may struggle to advance or transform their platforms as consumer expectations rise.
Changing the Course of History
Payments are critical in digital platforms.
The World Economic Forum predicts that total revenue from digital platforms such as Amazon and Airbnb will account for 30% of total global corporate revenue in the coming years, despite the fact that it did not exist three decades ago.
Payment technology has become an important fulcrum for digital platforms to pivot the global economy in this rapid growth process.
In the absence of an invisible payment experience Without WeChat Pay, Uber is just another cab service, and WeChat is just another social network with no way to build its massive ecosystem.
Fundamentally, without payments as an integral part of many platform experiences, these stakeholders or the platforms themselves will generate very little, if any, value.
Three-year strategy
Payments are the enabler that propels platform expansion.
According to the survey, nearly all respondents anticipate significant expansion of the platform's physical and digital frontiers in the next three years. The expansion of payment providers and processing relationships to a "multi-vendor, multi-payment processing organization" is critical to achieving this vision, as is increasing the size of the team to support these relationships and correspondingly increasing costs.
According to research, at this stage, 80% of platforms have at least two vendor relationships, offer an average of six payment methods, have a support staff of about 6 to 10 people, and have payment processing costs that average about 3% of their annual revenue, with the smaller the company usually having a higher percentage.
Payments have evolved from a cog in the machine to a key to strategic growth for digital platforms. In the study, 98% of digital platform providers said their payments business was critical to meeting their expansion plans and executing their three-year growth plans.
Enhancing Conversion Rates
Fraud, Compliance, and Quick Payments
Converting visits into sales, including the management of fraud and disputes, as well as the authentication or regulatory requirements involved in the process, is critical for all digital platforms to achieve growth.
With one-click checkout and a diverse portfolio of payment products, Amazon is meeting consumer expectations for a hassle-free shopping experience. However, many digital businesses face an uphill battle because they must strike a delicate balance between improving service efficiency, reducing fraud risk, and meeting compliance.
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