Online merchants and consumers alike expect online buying and selling to be easy, efficient, and safe. Ecommerce transactions trigger complex automated processes that involve downstream players: banks and payment processors to name just two. In addition, technological advances in smartphones and e-wallets, shifting purchase patterns, and demand for cross-border, multi-currency electronic payments have fueled PSP competition to maintain and increase market share.
New technologies have already simplified and smoothed business-to-business and business-to-customer experiences with mobile payments, e-wallets, and contactless cards. As the online payment processing market grows, user demands for additional payment features and options lead growth in multiple directions.
Providers are under pressure to provide peer-to-peer payments beyond traditional banking models, and to facilitate a cashless society that can enable any purchase, even mechanical transactions such as parking meters or vending machines. These demands create technical challenges for merchants, processors, and users up and down the transaction path.