Key vendors to strategically increase their sales by adopting integrated payment solutions
Procurement market intelligence analysts have announced the top five leading suppliers for the network payment services in their latest research report. APAC is witnessing an increase in non-cash transactions due to the strong e-commerce growth and mobile penetration in the market in this region. China and India have high transactions due to its economic growth, increasing living standards, and new entrants into the banking system.
This category spend intelligence report is based on the synthesis, analysis, and interpretation of information about the global network payment services market collected from specialized sources. The analysts have derived insights using a mix of primary and secondary research with an aim to provide a holistic picture of the market.
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Competitive vendor landscape
The suppliers in the market are introducing mobile wallets and NFC payments to promote card less and enable contactless payments. The vendors in the market are deploying many anti-fraud measures to avoid card reproduction and to attract more consumers. The service providers are offering low-cost options with value-added benefits to sustain the competition in the market. Some of these value-added services are providing innovative facility solutions to the organization and maintaining an optimum balance between resources, physical assets, and technology. The companies are also creating new and innovative payment platforms such as mobile wallets, integrated POS systems, wearables, and mobile applications to expand their portfolios. The players also are adopting new technologies that enhance the customer’s experience and reduces security issues.
According to Angad Singh, a category specialist at Technavio, “The leading vendors in the market are offering integrated payment solutions to various organizations to increase their profitability. The system solutions help the companies to integrate their business functions with the payment process. Integrated solutions aid businesses to effectively manage their business transactions, thereby saving time and money, and reducing errors in their transactions. These systems also help the buyers gain more financial visibility and control.”
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Top five suppliers in the network payment services market space
VISA
The company enables a fast, secure, and reliable network that connects to consumers, businesses, banks, and governments portals. Recently, the company and Intel announced a collaboration to improve the payment security for connected devices on IoT platform through encryption and authentication technologies.
Key services of Visa include electronic payments (mobile, e-commerce, debit and credit, ACH payments), performance solutions, small business credit cards, prepaid cards, fraud management, and risk management.
MasterCard
The company is a global payment network that links issuers and acquirers that facilitate the processing of transactions, permitting cardholders to use their cards and other payment devices across millions of merchants worldwide. It also features a globally integrated structure that provides scale for business, enabling them to expand into regional and global markets.
Key services of MasterCard include electronic payments (mobile, e-commerce, debit and credit, ACH payments), loyalty and rewards, customer monitoring, acquirer and issuer processing, and fraud protection and risk management solutions.
First Data
The company has access to about six million merchant accounts around the world, which makes it one of the largest in the payments industry. In recent times, Star First Data’s PIN-only debit network cards increased by around 14% and are accepted across the US, including nearly 200,000 locations of First Data merchant acquiring clients.
Key services of First Data include payment solutions, merchant services, information, analytics and reporting, e-commerce solutions, and credit card terminals and point of sale solutions.
American Express
American Express is one of the largest card issuer in the world based on purchase volume and is popular for its credit card reward and loyalty offerings. Recently, the company launched a built-in feature for customers in Canada, which enables them to pay equal monthly installments for large ticket purchases from their credit cards.
Key services of American Express include payment services, supplier payment solutions, corporate travel solutions, personal, corporate, prepaid cards, and international business payments.
Chase Paymentech
The company offers payment platforms that support businesses across multiple industries to process payments, which include credit, debit, and digital, alternative, and mobile payment options. In recent times, the company and the Canadian Federation of Independent Business (CFIB) announced a new agreement to provide a preferred pricing to small businesses in an exclusive offering for CFIB members.
Key services of Chase Paymentech include payment processing, business analytics, payment fraud detection and data security solutions, merchant acquisition services, payment terminals, and POS equipment.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Network Payment Services Market – Procurement Market Intelligence Report 2017-2021.’
