IDC: Empowering new business innovation through payment

199IT original compilation

2023 marks the arrival of the connected payments era, characterized by the emergence of innovative payment types, cutting-edge payment infrastructure, and new business models stemming from the connected payments ecosystem.

The report is based on insights from in-depth interviews with 10 industry leaders representing the world’s largest multinational corporations and fast-growing technology companies. These interviews provide insights into the era of connected payments and how companies are navigating challenges in a rapidly evolving payments landscape.

In 2023, forward-looking enterprises have recognized the strategic significance of payments and elevated it to a key pillar of their overall business strategy and long-term plans. Payments are no longer viewed as just a transactional function, but as a significant revenue accelerator and cost reduction opportunity.

Large and fast-growing businesses require scalability and flexibility in their payment stack. This is often achieved by using multiple payment providers, allowing businesses to access best-in-class solutions in the different regions and market segments in which they operate.

The rapid emergence of new payment methods presents significant opportunities for businesses. IDC interviews show that activating new payment channels, such as BNPL (buy now, pay later), can increase monthly revenue by up to 32%.

Innovative businesses view payments as a critical element of the overall customer experience, rather than an isolated function. They continually seek ways to optimize the payment experience to increase revenue and reduce losses from fees and fraud.

Despite the continued advancement of payment technology, significant opportunities to generate revenue and cost savings in the payments space remain. Companies with a progressive mindset can take advantage of these opportunities and leverage technology to achieve their goals.

199IT.com Originally compiled from: IDC. Please do not reprint without authorization