As the global economy continues to lurch forward during its recovery from the COVID-19 pandemic, the way that we shop and interact with one another has fundamentally changed. The global payments processing industry has continued its explosive growth and expansion driven by changes in shopping behavior.
A report published by the Business Research Company would unveil the true scope of the industry’s growth, and words shared by PortOne Global’s Daniel Shin only echoed those concepts.
Industry Trends and Innovative Changes
The Business Research Company published a report which revealed that the global payments marketplace will go from $561 billion in 2022 to more than $612 billion in 2023. With a compounded annual growth rate north of 8.9%, truly explosive growth is looming on the horizon.
This growth, in Shin’s opinion, is driven in large part by technology-driven industry trends. There are a few unique places where industry trends and innovative technology have joined together to craft change.
The implementation of biometric technology has garnered widespread praise and attention for its adoption in the payment processing industry. Biometric authentication offers a valid payment processing option that can be integrated into other payment technologies. Established methods include fingerprint scanning, iris scanning, and facial recognition.
More to the point, Daniel Shin is a believer in automation and its impact on data management and the overall workflow. Shin suggests that the payment industry is going to continually integrate AI intelligence and machine learning to expand and improve operations. Shin stated, “At the core of the payment industry is data. Leading payment services help merchants automate tasks that were previously done manually.”
Finally, Daniel Shin suggests that the rising tide of competition with the addition of added value services will continue to machinate change. Shin predicts that more and more merchants will be compelled to offer payment service providers that give shoppers more choices.
Shin says, “It will force payment providers to lower their margins and increase their payment stability. This will thereby improve the experience for the end customers.”
Making Waves in the Asian Market
With continued outward-focused growth, PortOne Global continues to engage in spreading its payment processing services to new regions and markets. At home, PortOne Global has become increasingly relevant throughout the Asian market, with Singapore and South Korea emerging as key places of operation. At the time of this writing, PortOne works with more than 2,500 Asian merchants with a rapidly growing customer base.
PortOne Global currently offers the broadest set o payment options available across Asia to be reconciled within a single API and platform. This innovative platform and business model continue to provide shoppers and business owners a streamlined experience that maintains low costs.