New Data Forecasts Payments Market Expansion, Faster Volume Growth in 2017
5-10-2017
ETA and Goldman Sachs Research have just published our annual ETA-GS Merchant Acquirer and ISO Survey live at TRANSACT 17.
The Survey collected key insights from merchant acquirers and ISOs of all sizes across the United States on emerging payments trends. Merchant acquirers and ISOs play a critical role in electronic transactions as they enable merchant adoption of electronic payment methods.
Among key findings, the survey revealed that nearly two thirds of the industry expects faster payment volume growth in 2017 as compared to 2016. Partnerships, especially for smaller entities, are expected to drive market expansion.
In two years, the fastest-growing verticals for integrated payments are expected to be education, government, and financial/legal services. Opportunities for further growth will be focused in the SMB marketplace. Greater integration of software within payment products and services will continue to be a force
Most notable, the study finds that 70% of respondents expect mobile wallets to succeed – important to note given that in past years, the survey results have been far more negative with respect to marketplace role for mobile (in 2016 only 49% of respondents indicated that mobile will succeed).The expectation is that larger technology players, such as Apple and Google, will drive growth and expansion of mobile payments. However, respondents also recognize that retailers will play a pivotal role in furthering expansion of mobile.
The full ETA-GS Survey results are a free benefit to ETA members and are available NOW. For information on ETA membership, please contact Melinda Widlake, 202-677-7411 or [email protected]
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.