SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Network Payment Services Category – Procurement Market Intelligence Report.
Tech-savvy millennials are resorting to e-wallets, mobile payment, NFC payment, and WAP for all their payment-related requirements. This is creating immense scopes of growth of network payment services market on a global scale. Such options are known to facilitate immediate payment options and integrated payment solutions which are emerging as some of the imposition needs of the millennials. The category spend momentum is further supplemented by the exponential growth of the e-commerce and financial institutions. The network payment services find their extensive applications in these sectors where a significant portion of the financial transactions is done through the electronic wallet platform, which is a category subsegment. However, strict regulations and the regular technological strides made on this platform bring constant change in the market dynamics which also pose as the significant market pain-points. Download the free sample copy of this network payment services market intelligence report here!
Even though currently, the US is accounting for the highest number of non-cash transactions, the absence of proper infrastructure and the governments incumbency towards the legacy payment systems will hinder further category growth. Emerging markets such as India and China are rapidly adopting advanced payment technologies such as e-wallets, EMV chip-enabled cards, NFC payment, and cryptocurrencies which is paving the way for an exponential category spend growth in these regions.
This network payment services sourcing and procurement report offers a comprehensive analysis of the primary cost drivers and its subsequent impact on the category pricing strategies. Current supply market forecasts and the spend opportunities for the suppliers are also offered in this market intelligence report. This report provides additional insights to strategic sourcing objectives, category management, and supplier selection criteria.
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Adoption of security technology, such as EMV security is known to offer buyers better security against fraud occurrence and counterfeit attempts of cards, says SpendEdge procurement expert Sumit Yadav.
This network payment services sourcing and procurement report has estimated that the following factors will influence the category growth in the following years:
- Demand from APAC and South America is likely to rise significantly during the forecast period
- Unplanned IT disruptions and cyber attacks will be a crucial concern for service providers
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SpendEdges procurement market intelligence reports for the financial services category provide detailed supply market forecasts, strategic sourcing, supplier selection insights, and information on cost drivers that impact category growth. Such information will help procurement managers as well as the suppliers to determine the total cost of ownership and change their pricing strategies accordingly. Additionally, SpendEdges reports provide category management insights and information on the procurement best practices for the category.
Report scope snapshot: Network payment services
US market insights
- Supplier selection criteria in the US
- Margins of suppliers in the US
- Pricing strategies
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- Procurement excellence best practices
- Procurement best practices
- Sustainability practices and strategic sourcing insights
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- Competitiveness index for suppliers
- Buyer power
- Supplier power score
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