Digital gives major push to merchant services
Banking Frontiers|January 2021
In the third and last part of the 3-part report based on The 2020 McKinsey Global Payments Report, we discuss the prospects of merchant acquiring business in the wake of the pandemic:

The 2020 McKinsey Global Payments Report unequivocally states that the shift to electronic transactions has placed front and center the need for merchant acquiring companies to update and differentiate their service offerings. It states: “Globally, merchant acquiring has evolved over the past decade from a legacy processing and hardware business to a full-stack software and merchant services solution. This shift, coupled with the fragmentation of the merchant-facing payments value chain, is dramatically affecting the economics and business models of merchant acquisition as it was done in the past, favoring instead the value-added approach of the new merchant services players.”

The report points out that as acquirers shape their priorities for the next decade, the transformations spurred by 2020’s public health crisis will play a big part in the way they rethink their vertical focus, platform strategy, and investment priorities.

DIGITIZATION PROCESS

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