The Acquiring Market
In a world economy fundamentally altered by the COVID-19 pandemic, card transactions are more important than ever, as economies try to further reduce the use of cash and encourage the use of contactless payments. As such, acquirers have a more important role than ever before in ensuring seamless card acceptance across an increasingly greater range of merchants. Not only is acquiring more important than before, but also many smaller businesses are beginning to accept card for the first time, meaning this is a highly important time for acquirers to focus on their solutions. This rapid focusing of attention can be seen in the significant growth of contactless transactions values identified in Figure 1, in data from Juniper Research.
A key new development in the IoV (Internet of Vehicles) is the introduction of payments to the connected vehicles concept. Indeed, a new study from Juniper Research has found that the value of in-vehicle payments, where a payment is made via embedded vehicle systems, will reach $86 billion in 2025, up from just $543 million in 2020. This dramatic growth will be driven by increased partnerships which are improving the availability of services, particularly in the fuel and smart parking segments.
Our latest survey ‘Consumer Attitudes to Mobile Banking & Contactless Payments: UK’ provides unique insights into consumer usage and attitudes, together with indications for the future adoption of services.