By providing an efficient payments strategy on a single, integrated, real-time platform, enterprise payments platforms help financial institutions streamline their payments infrastructure. Businesses may replace outdated technology, modernise payment processes, and develop new services and products for consumers and businesses by utilising enterprise payments platforms.
According to SPER market research, ‘Enterprise Payments Platform Market Size- By Component, By Deployment, By Enterprise Size, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Enterprise Payments Platform Market is predicted to reach USD 14.60 billion by 2033 with a CAGR of 6.2%.
The Global Enterprise Payments Platform Market is projected to grow during the forecast period. An era where customers, merchants, and financial institutions increasingly expect speedy and hassle-free transactions—especially for cross-border money transfers—has been ushered in by the global adoption of real-time payment systems. Checks, credit, debit, and prepaid cards are among the conventional payment methods that are changing as a result of this move towards new payment standards. Consumers increasingly expect unified transaction records, immediate notifications, and quicker settlement timeframes. As a result, companies are using enterprise payment platforms to streamline their infrastructure for payments and create efficient payment plans. Additionally, enterprise payment systems are essential because they provide quick, safe, and effective payment processing for several kinds of payments, such as wire transfers, ACH, and real-time payments. The payment experience is improved overall by modernising current payment channels and incorporating tried-and-true payment technologies into a single platform for all payment kinds.
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However, because financial transactions are becoming more complicated and in volume, security remains the primary concern. Enterprise payment platforms have substantial challenges due to the possibility of fraudulent conduct, hacking, and data breaches. Maintaining the confidentiality and integrity of sensitive financial data is an ongoing battle. Enterprise payment platforms are at major danger from cyberattacks and security flaws. In an attempt to exploit flaws, jeopardise payment transactions, and steal financial information, cybercriminals and hackers target these systems. Data breaches can have detrimental effects on businesses and consumers alike, as well as result in fines and financial losses.
Impact of COVID-19 on Global Enterprise Payments Platform Market
Furthermore, significant changes in the economy have been brought about by the coronavirus pandemic, particularly in the payment sector. Lockdowns pushed customers to use digital payments more and more, which accelerated the move to online financial services. The ongoing COVID-19 pandemic has incentivized industry participants to innovate payment systems, hence promoting relationships between technology companies and banks. The market for enterprise payments platforms grew significantly during the pandemic and is expected to continue growing after the coronavirus. The epidemic has also increased identity theft and digital crime, which has increased the need for enterprise payments platform solutions to fight fraud in the retail, banking, and government sectors.
Enterprise Payments Platform Market Key Players:
Geographically, due to the likelihood of increased use of mobile payments and contactless card-based payments by businesses and merchants in Asia-Pacific, South Asia is predicted to have the fastest rate of growth in the regional market for enterprise payment systems. As a result, businesses are concentrating more on switching from antiquated enterprise payment platforms to modern payment administration techniques. Moreover, because of technical developments in the financial services infrastructure, North America and Europe together would account for more than half of the worldwide market share. Additionally, some of the market key players are Adyen N.V., bookitLive, Built In, First Data, Fiserv, Jack Henry and Associates, Oracle Corporation, Payline, Payscout, Square Inc., Stripe Inc., Others.
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Enterprise Payments Platform Market Competitive Analysis
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