Frost Radar™: Digital Payments, 2022

Frost Radar™: Digital Payments, 2022

A Benchmarking System to Spark Companies to Action - Innovation that Fuels New Deal Flow and Growth Pipelines

RELEASE DATE
21-Nov-2022
REGION
Global
Research Code: MG95-01-00-00-00
SKU: CI00831-GL-MR_27142
$4,950.00
In stock
SKU
CI00831-GL-MR_27142
$4,950.00
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Description

Digital payments became more popular during the COVID-19 pandemic, putting pressure on merchants to provide frictionless and secure transaction options. The use of cash is rapidly declining, and the concept of a cashless society could become reality in the near future.

Digital payments industry growth is exceeding expectations year after year. Frost & Sullivan’s current projection is for the global market size to reach roughly $180 billion in 2026, more than double the 2021 market size of about $89 billion.

Customers’ expectations for their banks are changing too, with more emphasis on convenience. Demands include a seamless digital payment experience with accessibility from any device and cutting-edge data and fraud protection. Traditional banks are experiencing a new wave of competition in the payments industry in the form of nonbank digital players including technology giants and start-ups, which is compelling them to digitize and use new strategies and operating models in order to keep up with consumer demand.

The range of digital banks and wallets from which consumers can choose is placing more importance on a user-centric approach to help a fintech company stand out. A platform to integrate all available information about customers’ needs and preferences would include options to increase customer engagement, such as promotions, offers, and mobile wallet loyalty programs.

Younger consumers are a target demographic for buy-now-pay-later (BNPL) options. Banks have a unique advantage to compete against digital banking and offer BNPL options in that they can leverage this rich customer data and have comfortable footing in competing against fintech firms.

The Frost Radar™ reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the
Frost Radar™ methodology. The document presents competitive profiles on each of the companies in the Frost Radar™ based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes numerous companies in an industry and benchmarks them across 10 criteria on the Frost Radar™, where the leading companies in the industry are then positioned.

Author: Philip Neff

Table of Contents

Strategic Imperative

Strategic Imperative (continued)

Growth Environment

Growth Environment (continued)

Growth Environment (continued)

Frost Radar™: Digital Payments

Frost Radar™: Competitive Environment

Frost Radar™: Competitive Environment (continued)

Frost Radar™: Competitive Environment (continued)

ACI Worldwide

Adyen

Blender

Block

Fiserv

Global Payments

Intuit

Mastercard

Melio

PayPal

Rapyd

Stripe

Visa

Strategic Insights

Significance of Being on the Frost Radar™

Frost Radar™ Empowers the CEO’s Growth Team

Frost Radar™ Empowers Investors

Frost Radar™ Empowers Customers

Frost Radar™ Empowers the Board of Directors

Frost Radar™: Benchmarking Future Growth Potential

Frost Radar™: Benchmarking Future Growth Potential

Legal Disclaimer

Digital payments became more popular during the COVID-19 pandemic, putting pressure on merchants to provide frictionless and secure transaction options. The use of cash is rapidly declining, and the concept of a cashless society could become reality in the near future. Digital payments industry growth is exceeding expectations year after year. Frost & Sullivan’s current projection is for the global market size to reach roughly $180 billion in 2026, more than double the 2021 market size of about $89 billion. Customers’ expectations for their banks are changing too, with more emphasis on convenience. Demands include a seamless digital payment experience with accessibility from any device and cutting-edge data and fraud protection. Traditional banks are experiencing a new wave of competition in the payments industry in the form of nonbank digital players including technology giants and start-ups, which is compelling them to digitize and use new strategies and operating models in order to keep up with consumer demand. The range of digital banks and wallets from which consumers can choose is placing more importance on a user-centric approach to help a fintech company stand out. A platform to integrate all available information about customers’ needs and preferences would include options to increase customer engagement, such as promotions, offers, and mobile wallet loyalty programs. Younger consumers are a target demographic for buy-now-pay-later (BNPL) options. Banks have a unique advantage to compete against digital banking and offer BNPL options in that they can leverage this rich customer data and have comfortable footing in competing against fintech firms. The Frost Radar™ reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar™ methodology. The document presents competitive profiles on each of the companies in the Frost Radar™ based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes numerous companies in an industry and benchmarks them across 10 criteria on the Frost Radar™, where the leading companies in the industry are then positioned. Author: Philip Neff
More Information
Industries Cross Industries
No Index No
Is Prebook No
Podcast No
WIP Number MG95-01-00-00-00