What is the payments industry and why you should be watching it?
The payments industry covers the diverse array of companies, technologies, and processes involved in facilitating the exchange of money between individuals, businesses, and other entities. This includes everything from cash transactions to electronic payments and digital currencies.
A critical part of the global economy, the industry enables businesses to receive payments from customers, pay employees and suppliers, and conduct transactions across borders. It includes a wide range of players, from banks and credit card companies to payment processors, mobile payment providers, and digital wallet providers.
Over the past few decades, the payments industry has undergone significant transformation, with the rise of new technologies and the increasing importance of electronic and mobile payments. This has led to increased competition, new business models, and innovative payment solutions that offer greater convenience, speed, and security.
Why should you be watching the payments industry?
The payments industry is constantly evolving. New technologies and innovations are emerging all the time, and keeping up with these changes can help businesses stay competitive and take advantage of new opportunities.
When estimating the importance of various trends in online shopping, it's important to mention that at least 18.1% of all retail sales in the world come from ecommerce in 2021, and for 2022 that figure is expected to reach at least 20.4%.
Consumers are increasingly choosing electronic and mobile payments over traditional payment methods. Many businesses are keen to stay relevant and supply the payment options that customers demand, leading to the emergence of new business models, such as peer-to-peer payments and mobile wallets. These new models can disrupt traditional payment methods and provide new opportunities for business.
What are the key things to look out for?
The payments industry is a fast-moving one, with new products and services emerging all the time. Such rapid transformation makes it important to stay up-to-date with the latest industry news and innovations. To be best positioned to take advantage of new opportunities, some of the key things to look out for are:
1. Industry trends: changes in the payments industry, such as the rise of digital payments or the adoption of new payment methods, can have a significant impact on consumer behaviour. People who understand these trends can adapt their sales strategies to stay ahead of the competition.
2. Regulatory changes: the payments industry is heavily regulated. With ongoing changes to regulations around the world, these regulatory changes can have a significant impact on how businesses operate. Keeping up with these changes is essential for companies to stay compliant and avoid costly penalties.
3. Cyber security and data protection: as more payments move online, security and fraud prevention become increasingly important for these companies to protect themselves and their customers. There’s a growing focus on developing new technologies and solutions to improve security, such as biometrics and tokenization.
4. System failure: payment system downtime can have a significant impact on businesses, particularly if it results in lost sales or dissatisfied customers. This can be a great sales opportunity if you can offer solutions that provide increased reliability and uptime.
5. Emerging Competition: payments is a highly competitive industry, with many established players and new entrants vying for market share. By tracking the payments industry, you can be aware of the emerging competition and adjust your sales strategies accordingly.
Overall, staying informed about the payments industry can provide plenty of opportunities to help businesses adapt to the changing landscape of payments. One of the easiest ways to to stay on top of the latest developments is to use sales event triggers.
Sales triggers in the payments industry can vary widely and can be influenced by a range of factors, including regulatory changes, industry trends, and business needs. At Selligence, we track over 100 sales triggers for you, revealing a mass of opportunities within your ICP every single day, so you can reach out at the right time for your prospects and close more deals.