Today In Data

Today In Data: Payments As A Service

Cash flow is key to business. Within the past few months, several companies have introduced solutions aimed at helping merchants either improve their existing cash flow operations or get back on track following a major disruptive event, like a hurricane.

Some companies launched new solutions to upgrade existing merchant checkout experiences. For example, point-of-sale provider Verifone recently announced plans to provide its payments-as-a-service (PaaS) platform to Israeli supermarket chain Shufersal — including local EMV compliance solutions, access to third-party apps and omnichannel tools for insights into customer purchases, both online and in-store.

Additionally, in California, a service called Fair recently launched, enabling customers to shop, get approved and purchase or lease a vehicle all from the confines of a mobile app. The PaaS space is on the move, and keeping up with recent developments can make all the difference for a business’ bottom line.

Here are the numbers:

125 billion | Anticipated value of the point-of-sale terminal market by 2024

21 billion | Number of connected devices Visa anticipates will be deployed globally by 2020

2.3 million | Number of merchant locations that accept EMV chip cards as of June, according to Visa

473 | Percentage increase of U.S. storefronts that accept chip cards as a payment method since 2015

47 | Percentage share of consumers who prefer to use mobile apps over cash (45 percent) to make payments

6.2 | Percentage portion of credit card balances that became 30-days delinquent in Q2 2017, a 5.1 percent jump over the same quarter last year

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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