A diversified set of flexible payment options, ranging from buy now, pay later solutions, mobile wallets, biometrics, to QR code utilization, came to the forefront. Amid several roadblocks thrown by the pandemic, people became aware about the convenience and affordability brought about by digital payments. Growing Digitization: The pandemic led to a widespread inclination toward adopting digital means.
The industry is benefiting from the ongoing digitization movement, triggered by the pandemic.Ĥ Trends Defining the Fate of the Financial Transaction Services Industry Monetary transactions are executed through these networks, offering a convenient, quick and secure payment method in several currencies across the globe. The players in this segment operate their unique and proprietary global payments network that links issuers and acquirers around the globe, facilitating the switching of transactions and permitting account holders to use their products at millions of acceptance locations. The industry comprises card and payment processing and other solutions providers, ATM services and money remittance service providers, and providers of investment solutions to financial advisors. The Zacks Financial Transaction Services industry is part of the Financial Technology or the FinTech space, which includes companies with varying natures of businesses. WEX are well-placed to gain from the industry’s encouraging growth prospects. V, Mastercard Incorporated MA, Fiserv, Inc.
Growing cross-border volumes resulting from a recovery in travel might boost the revenue growth of industry players. Resilient consumer spending, despite continued inflationary pressure, bodes well. A tactical merger and acquisition (M&A) strategy and tech investments enable the players to devise an advanced digital solutions suite. The Financial Transaction Services industry is likely to gain on the back of the widespread uptake of digital means, leading to solid transaction volumes.
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