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Key challenges for payment gateway development in 2020

Check out the technology challenges for 2020 and how to overcome them!

AUTHOR QUOTE:

“As the payments industry continues to grow dynamically, companies need to think globally to reach the right consumers.”

Dominik Zyskowski Software Consulting Director at Espeo,
specialised in IT Systems & Business Analysis

Currently, there’s no clear global leader in the payments gateways market. However, Big players such as Stripe, Alipay, and Apple Pay are vying for market share.

Many payment gateways are capitalizing on a specific niche market or market segment by integrating with specific and popular fintech services.

Recent high-profile acquisitions show a growing demand for payments gateways. On January 13, 2020, Visa acquired payments gateway Plaid signaling its interest in reaching new markets. Plaid connects its users’ bank accounts to popular fintech apps such as Venmo and Coinbase. Gateways that reach a specific market or market segment are increasingly enticing for large payments firms. Companies must constantly adapt their operations, business models and infrastructure to keep up with the competition.

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