Electronic Payment Processing:
Key Services
-
Credit Card Processing
- Banks
- Merchants / Processors
- Card Providers (Mastercard, Visa, American Express
-
Tokenized Payment Services
- Google Pay
- Apple Pay
- Aurus
-
Electronic Currency Transfers
The global digital payment market size expected to reach USD 361.30 billion by 2030.
Grand View Research (2022)
- Growth can be attributed to growing volume of cashless transactions worldwide
- Largest Industry Firms Include:
- Apple
- Google
- Mastercard
- Visa
- Global Payments
- Tsys
- Wells Fargo
- Chase
- Amazon
The Role of Information Technology Cannot be Overstated
- Telecommunication networks must exist to physically connect the industry players together to process electronic payments
- Websites, applications, databases are necessary to support digital payments
- IT security must protect the financial assets of customers and business both in transit and at rest.
- The industry simply could not exist without IT to transmit, process, store, and secure transactions
