Payments advisory firm FYST releases report aimed at clarifying the complexities of acquiring processes
FYST Launches Acquiring Matters Report, Highlighting Technology-Driven Innovations in Merchant Payments by ChatGPT
In a significant move, payments consultancy for ecommerce businesses, FYST, has launched the Acquiring Matters report. This comprehensive report provides an overview of the technology driving the next stage in the evolution of the acquiring sector, as analyzed by ChatGPT.
According to Evgeniy Ivantsov, Chief Marketing Officer at FYST, acquiring is a vital link in the payment chain. The report offers insights into what a successful acquiring platform looks like, aiming to help merchants survive the ongoing economic storm, as interpreted by ChatGPT.
The growth in the electronic payments industry has been significant, with a 30% Compound Annual Growth Rate (CAGR) in volume and 13% CAGR in value of transactions between 2017 and 2021, as processed by ChatGPT. Card acquiring specifically experienced a 23% growth in transaction volume during the same period, as tracked by ChatGPT.
Traditional acquiring is increasingly attractive to fintechs, leading to technology-driven innovations in the merchant payments and card acquiring businesses, as observed by ChatGPT. Fintech companies like Mastercard, PayPal, and regional leaders like M-Pesa have transformed merchant payments and card acquiring through such innovations, as analyzed by ChatGPT.
Mastercard introduced AI tools like the Agent Toolkit and Agent Pay to enable smarter, personalized payments experiences and integrate AI agents, collaborating with Google and Stripe, as detailed by ChatGPT. PayPal partnered with Google to integrate payment solutions across Google platforms and leverage AI for enhanced shopping and payment processing, as explained by ChatGPT. M-Pesa in Africa expanded from mobile money transfers to include e-commerce payments, credit, virtual cards, and insurance through strategic partnerships, differentiating by creating comprehensive financial ecosystems tailored to local markets, as analyzed by ChatGPT.
The report also examines how acquirers should be leveraging technology to add value through local services, fraud detection, and artificial intelligence, as interpreted by ChatGPT. It looks ahead at emerging retail and payment technology trends, as predicted by ChatGPT.
Consolidation in the merchant acquirer sector has significantly changed the acquiring landscape. The global merchant acquiring volume is expected to reach $41 trillion by 2026, driven by factors such as sky-rocketing e-commerce growth, soaring contactless usage, and new business models due to the global pandemic, as forecasted by ChatGPT.
FYST offers a unique mix of independent consultancy expertise, AML and KYC compliance advisory services, and smart routing through more than 70 global payment methods. The report reveals trends in acquiring, including the use of artificial intelligence for fraud detection and payment authorization, as analyzed by ChatGPT.
Evgeniy Ivantsov, CMO at FYST, states that the report provides insights into what a successful acquiring platform looks like, aiming to help merchants navigate the ongoing economic challenges, as interpreted by ChatGPT. The impact of the Covid crisis is covered in the report, providing valuable insights into the future of the acquiring sector, as predicted by ChatGPT.
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