Your Guide to Finding, Facilitating & Implementing E-Payments Solutions
Recent global economic shifts occasioned by the COVID- 19 pandemic might be a further catalyst for the worldwide adoption of e-payments.
An e-payment (also called online payment) system is a way of making transactions or paying for goods and services through an electronic medium, without the use of cheque or cash. As consumers around the world are turning to the internet for the goods and services that they previously would have looked for in-store, it is important a lot of organisations are considering accelerating their adoption of digital services.
Jake Riley is strategically positioned to help institutions discover and implement tailored-made payment solutions that will help them reduce costs, increase revenues, tighten security, and expand product offerings.
As a public sector-focused consulting company, Jake Riley can find, facilitate, and implement payment processing solutions that will solve individuals’ and organisations e-commerce challenges on a timely and consistent basis. We are uniquely qualified to advise clients on how to get the best return from their investments in e-payments, and train to bridge identified gaps in knowledge, learning, and development.
This is important because payment and settlement systems are the rails on which finance flows in an economy. They form the basis for the processing of payments, including remittances, government payments, securities, and money market transactions. They serve both systemically important functions and the billions of everyday consumer transactions that power commerce.
ACI Worldwide and GlobalData recently launched the Prime Time for Real-Time, a new global report tracking and analyzing real-time payments volumes where they found that many merchants are likely to continue to increase acceptance of electronic payments, and real-time payments could offer a cheaper, faster way to pay than cards, which have interchange fees and slower settlement to the merchant.
According to Ruth Fornell, executive vice president within ACI’s retail payments group, in the near-term, “we expect to see greater innovation, and the launch of many more payment services into the market to capitalize on the shift away from cash.”
The global payment gateways market size is expected to grow by $23.45 billion during 2020-2024, according to leading global technology research and advisory company Technavio.
According to the report, the introduction of mobile payment gateways, such as Apple Pay, Samsung Pay, and Android Pay, has simplified the process of paying bills. Customers are no longer required to carry credit or debit cards. Many retailers are adopting platforms like NFC POS terminals that facilitate contactless payments.