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How we pay for goods and services constantly evolves, from bartering to banknotes to modern times with digital wallets and embeddedpayments. Embeddedpayments represent the latest frontier of integrating financial transactions into everyday software. What are embeddedpayments?
To adapt, traditional payment processors are enhancing their APIs for seamless integration and forming strategic partnerships with e-commerce platforms. “They’re also developing value-addedservices like fraud detection and data analytics to remain competitive. ” How should payment processors respond?
” The two camps The two main categories of serviceproviders in the changing landscape of merchant relationships are the traditional banks and the fintech or merchant serviceproviders. Revenue in the U.S. fintech sector surpassed $39 billion in 2023 and is forecast to reach $70.5 billion by 2028.
There are several examples of embedded fintech, including: EmbeddedPayments Many customers would rather not take out a credit card and enter its details every time they’re about to make an online purchase. Embeddedpayments solve this by saving a payment method for easier digital transactions.
This involves obtaining a payment processing license and directly providingpayment systems to merchants. Payment processors earn revenue from a combination of flat transaction fees, percentage transaction fees, monthly fees, subscription fees, and other value-addedservices.
Paymentserviceproviders will need to find ways of monetising the data generated by payments and creating value-addedservices that elevate payments beyond a simple transfer of funds. Embeddingpayments into the procurement workflow is crucial to scale.
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