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Quick and nimble -- that's DW!
Here is the payment processing industry according to BI:
The payments industry had a huge year in 2014 and it's showing no sign of slowing down. On the one hand tech giants like Amazon and Apple released new products that affirmed their long-term payments ambitions (Apple Pay and Amazon Local Register). On the other hand startups such as Stripe and ShopKeep continued to carve out market share, challenging older players like PayPal and VeriFone. Understanding this complex and rapidly evolving space can be challenging. In its explainer, BI Intelligence offers a high-level look at the payments industry — how it functions, who the key players are, and the trends shaping the industry.
Here are some of the key takeaways:
- The ecosystem for credit- and debit-card processing involves a complicated set of players interacting to process every transaction. Five types of players are involved: acquirers/processors, issuers, card networks, gateway providers, and independent sales organizations (ISOs).
- To process a typical transaction, three steps must occur: authorizing, batching, and funding. Each participant in this process takes a fee off of the total volume of a transaction. The remainder is deposited in a merchant's account.
- The mobile point-of-sale (mPOS) is going to have a massive impact on the payments-hardware and payments-software industry. By 2019, we forecast that nearly 80% of US retailers will have implemented a mPOS device.
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