Key findings: Network payment services
This network payment services market intelligence report offers actionable information on the global spend potential, regional spend dynamics and the cost drivers that play critical roles in shaping the pricing strategies across various geographies. Strategic sourcing insights delivered in this report will help purchasers to identify cost-saving opportunities while procuring network payment services.
A vast range of network payment services such as e-wallets, mobile payment, NFC payment, and WAP payment are gaining immense popularity among the tech-savvy millennials. The growing need for immediate payment options and integrated payment solutions are driving the demand for network payment services. The global network payment services market also accredits its growing spend momentum to the proliferation of the e-commerce and financial institutions. A significant share of the transactions is done via the electronic wallet platform, which is a category subsegment. However, this market is highly susceptible to unprecedented changes heralded by the imposition of strict regulations and the regular technological strides made on this platform.
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Considering the nature of this market, it is imperative that buyers and suppliers stay informed with the latest changes that are reversing the category pricing dynamics. This network payment services procurement market intelligence report highlights the category nuances in different geographies that play a substantial role in influencing the category pricing strategies. To help buyers procure network payment services at cost-effective rates, insights into strategic sourcing and category-specific supplier selection criteria are offered in this report.
Insights offered in this network payment services sourcing and procurement report will help the buyers understand:
- Global spend potential for a period of 2018-2023
- Supplier cost breakup
- Strategic sourcing and pricing strategies dynamism
- Supply chain margins and key cost drivers
Analyze the global category spend for network payment services
Widespread digitization of the global business infrastructure is favoring the adoption of network payment services. The payment gateway feature offered by network payment services facilitates secure payment process with better fraud prevention features, provision for alternative payment solutions. This is boosting the viability of this category, thereby; positively influencing the category spend momentum. Increasing adoption of e-wallet and mobile payments in the emerging economies will also propel the category spend momentum in the coming years.
To access the annual market size data for the global category spend, download a free sample copy.
This network payment services market intelligence report offers coverage of:
- Regional and global spend opportunities
- Spend dynamics on a global and regional level
- Category spend and spend growth potential
Optimize category spend for network payment services
The technical prowess of service providers plays a critical role in enabling quality service with reduced procurement spend. This report highlights the specific strategic sourcing insights that will aid buyers in identifying the service providers who can innovate and reduce complexities in payment transactions. Adoption of security technology, such as EMV security is known to offer buyers better security against fraud occurrence and counterfeit attempts of cards.
This network payment services market intelligence report also offers coverage of:
- Cost-saving opportunities
- Supply chain margins
- Technology-facilitated procurement metrics
- Supply market competitiveness and factors influencing buyer power
Assess category spend for the US region
High growth in GDP is favoring a substantial category spend momentum in the US, which currently accounts for the highest number of non-cash transactions. However, this growth is apprehended to reach stagnancy in the coming years mainly because of the absence of proper infrastructure and the government’s incumbency towards the legacy payment systems. Statistics imply that the US might lose its market spot in non-cash transactions volumes to China by 2021.
Additional information offered in this network payment services sourcing and procurement report will help buyers analyze:
- Category spend in the US
- Supplier selection criteria in the US
- Strategic sourcing and category pricing strategies in the US
Build strategies for effective supplier selection
Security is one of the most critical parameters that direct a consumer’s choice for different network payment services. Buyers are advised to partner with service providers that adhere to the highest standards of security and compliance. They are expected to have adequate tools and policies that can immune a consumer from any fraudulent activities. According to the industry experts, suppliers that are level 1 compliant with the PCI DSS should be selected by buyers.
This network payment services market intelligence report identifies the major costs incurred by suppliers and provides additional information on:
- Key supplier selection criteria
- Service level agreements and US supplier market ecosystem
- Total cost of ownership and category risks
Devise effective category management strategies for network payment services
Increasing instances of high profile data breaches in recent times have compelled the security watchdogs to tighten their grip on the financial activities of many institutions. Category managers must ensure that their service providers pledge complete adherence to the data security standards and data privacy regulations to avoid any potential risks of frauds or data breaches.
Key insights network payment services market intelligence report will help the buyers identify:
- Category risks and strategies to mitigate them
- Major supplier and buyer KPIs
- Threat of new substitutes and availability of new suppliers
Design strategies based on regional spend data
In terms of category spend, the developing nations have been observed to surpass the developed economies. 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.
To estimate the regional spend potential, this network payment services sourcing and procurement research report considers geographies such as:
- North America
- South America
Information on the top network payment services suppliers, strategic sourcing, pricing strategies insights, significant risks faced while procuring network payment services are offered in this market intelligence report. Download a free sample to access the report’s complete scope of coverage.
Key Features of Report
Procurement Best Practices
Cost Saving Opportunities
Supplier Capability Matrix
Network Payment Services - Category Spend Analysis
According to SpendEdge analysts, one of the key growth contributors for the network payment services market is the rapid growth in cross-border and multi-currency transaction banking. The revenue from cross-border transactions for the trade of goods and services across countries is expected to increase over the next few years.
Network Payment Services – Procurement Best Practices
Category managers must track and measure supplier performance against a defined set of KPIs. These KPIs are agreed upon by both parties during contract negotiations which include active customer accounts, volume of payments, and percentage of successful payments. Evalutating these parameters, suppliers’ performance could also be linked to their fees, which can be paid out, depending on the buyer's satisfaction levels.
Network Payment Services - Procurement Challenges
Based on the analysis in this report, a major procurement pain point experienced by the buyers should identify suppliers that can provide services at a low cost. SpendEdge’s procurement specialists predict that the category managers should set rigorous selection and RFQ processes to select suppliers effectively.