[January 23, 2017] |
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Cost Saving Opportunities for the Global Network Payment Services Market 2017-2021: Technavio
According to the latest procurement market intelligence report from Technavio,
the global
network payment services market is expected to witness
momentous growth at a CAGR of 7.7% over the next five years due to the
widespread adoption of digital payment solutions by not just businesses
and consumers, but also the government, banks, and financial
institutions.
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http://www.businesswire.com/news/home/20170123005374/en/
Technavio has published a new report on the global network payment services market from 2017-2021. (Graphic: Business Wire)
The research report titled 'Global
Network Payment Services Market: Procurement Intelligence Report
2017-2021' provides an in-depth analysis of category spend, best
procurement practices and cost saving opportunities, aimed at helping
organizations achieve superior business performance. The report also
provides insights on pricing, supplier positioning and top companies,
enabling sourcing professionals to improve their competitive advantage
through procurement excellence.
"During the forecast period, non-banking companies such as device
manufacturers, technological firms retailers, and e-commerce payment
providers are creating new and innovative payment platforms such as
mobile wallets, integrated POS systems, wearables, and mobile
applications," says lead Technavio procurement specialist Angad Singh
for category
spend intelligence. "Digital payments are expected to account
for approximately 20% of all retail transactions by 2021," adds Angad.
Request a sample report: http://www.technavio.com/request--sample?report=54919
Technavio sample reports are free of charge and contain multiple
sections of the report including the market size and forecast, drivers,
challenges, trends, and more.
Cost Saving Opportunities in the Network Payment Services Market
The adoption of various cost-optimization levers helps buyers of network
payment services realize direct cost savings and enhance category
management and value benefits (including reduced procurement
complexities).
Technavio procurement experts have segmented the cost saving
opportunities in the network payment services market into the following
value-enhancement opportunities:
-
Adoption of technology
-
Supplier Competition
-
Adoption of negotiation strategies
-
Optimization of procurement practices
-
Bundling of services
Adoption of technology saving aspects
Technologies such as mobile wallet, NFC payment, EMV security and WAP
payment enable contactless payments, which are secure and easy to
execute. The adoption of such technologies can lead to cost savings to
the extent of 15%. Buyers prefer suppliers that provide payment gateways
and fraud detection services by building and maintaining a secure
network and implementing strong access control measures.
Supplier competition saving aspects
Optimization of supply pool segregation is critical in the global
network payment services market. Category spend managers suggest
tracking of supplier performance against a defined set of KPIs (which
are agreed upon by both parties during contract negotiation) such as
active customer accounts, the volume of payments, and percentage of
successful payments. Buyers should evaluate the suppliers' ability to
innovate and reduce complexities in network payment transactions to
ensure accurate results with minimum cost and time.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global
network payment services market is the bundling of payment gateway with
payment processing. Buyers prefer suppliers that guarantee the
settlement of transactions between the acquirer and issuer bank and
reduce the buyers' credit risks due to any financial failure.
It is imperative that suppliers develop strategies and continuously
monitor the financial and political health of the organization, and
economic operating environment of the customer to mitigate risks.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
If you are interested in more information, please contact our media team
at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20170123005374/en/
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