A Total Game Changer: The Digital Payments Industry

The payments industry has grown rapidly in the past years, with global payments revenues rising all the way to $1.9 trillion in 2017 (the best single year of growth in the last five years) according to a 2019 report by Mckinsey & Company FInancial Services. The same report predicts that payments would become a $2 trillion business by 2020. 

Digital payments in particular are absolutely booming, but why exactly are digital payments so popular?

Why is the Digital Payments Realm So Important?

Safety

• Digital payments helps keep the merchants safe! Physical theft tends to occur because there is plenty of cash on site.
• Cash-related fraud is significantly reduced, along with the number of unreported transactions.
• Buyers and sellers are verified to make sure the majority of them are legitimate. 

Convenience

• Digital payments mean more sales. There is an increasing trend of people carrying less and less cash, especially large amounts of cash.
• Unplanned purchases tend to be bought via credit card for this reason.
• Digital payments can be used as a sort of “instant loan.” 
• Using a credit card means that a person can make a purchase knowing they will have the funds to make their credit card payment at the end of the month. 

Conclusion

Beyond the use of credit cards, ACH payments and EFT (Electronic Funds Transfer) are important parts of the digital payments industry. As the electronic payments industry grows, commerce between countries becomes more simple, making the world a smaller place.

While most U.S. based businesses understand the importance of ACH, the need for Canada EFT Integration for SaaS is often severely underestimated.

Contact Agile Payments for More Info on ACH Integration and Canada EFT Integration For SaaS