Friday, July 19, 2024

Payment systems in 2023: New opportunities, and fundamental changes in the industry

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Rachel Knox
Rachel Knox
Rachel Knox graduated from Columbia University in 2005. Rachel grew up in Canada but moved to the US after completing her school. Rachel has written for several major publications including Buzz Feed and the Huffington Post. Rachel is a community reporter, she also covers economy, business and entrepreneurial news and issues.

Over the last ten years, the world of payment systems has changed and developed a lot. Furthermore, it is currently continuing to develop. As of today, such solutions as cashless payments are becoming increasingly important. They include bank cards, Internet banking, and fast payment systems.

According to a recent report by McKinsey & Company, the percentage of consumers using digital payment technologies sharply raised from 51% in 2021 to 62% in 2022. Interestingly, in-app purchases and peer-to-peer (P2P) payments have shown the highest growth rate. The overall growth of the instant payments sector is expected to continue at double-digit rates. In addition, it is expected to grow faster than the payment cards segment which has shown a growth rate of 10% over the past two years. Meanwhile, the open banking service continues to gain popularity, especially in Europe.

“Every single day, we can see that more and more companies switch to digital sales processes while developing the online market. In addition, eCommerce is no longer a new sales channel that B2B companies are experimenting with. It is becoming an integral part of their business,” says Edgars Lasmanis, founder and owner of Walletto UAB. Edgars Lasmanis has extensive experience in the e-commerce and payments industry, and set up his company with the primary aim of making online payments a more cost-effective proposition. Security, quality, and innovation are at the heart of Walletto’s mission.

While witnessing the increased interest from the market, the company pays special attention to the development of payment services. Walletto provides a wide range of services including divided accounts and dedicated IBAN accounts, as well as services allowing to accept payments by using Visa, Mastercard, Apple Pay, Google Pay, and SEPA payments. They also plan to add SEPA Instant in the nearest future. “Our technological and financial solutions allow customers working in various fields to accept payments for goods and services from anywhere in the world by using various types of payments,” adds E. Lasmanis.

Interestingly, the study by McKinsey & Company shows that 65% of B2B companies sold goods and services exclusively online in 2022. Revenues from the global payment market are expected to continue to grow steadily over the next four years. They are driven by the modernization efforts in the industry and new opportunities that have led to fundamental changes in the trading sector, as well as in the behavior of both sellers and customers, not to mention new technologies.

It is worth noting that Walletto offers a high-end payment processing platform that is based on an individual approach to the eCommerce sector. As of today, the company pays the utmost attention to the security of the system, as well as offers PCI DSS certification, which guarantees the security of all transactions of the customers made by using their debit and credit cards issued by various banks as well as by Walletto.

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