There have been more changes in the way that we pay for goods and services in the last ten years than there have been since the invention of money. Consumer appetite for simplicity, immediacy and ubiquity is driving major changes in how we transact and make payments: from purchasing a coffee without needing to take out your purse, to pre-booking an airline ticket on your mobile phone, to buying an upgrade seamlessly whilst playing a video game.
Worldpay operates in the global payment processing technology market, which enables one of the essential needs of the world economy – making a payment for goods or services – and continues to be characterised by rapid change and innovation. There are several macro trends driving this change:
- Proliferation of digital payments
Our industry continues to be powered by a significant shift away from cash and cheques toward digital payments, whether they be in-store and card-based, online or increasingly mobile-enabled. There is still a considerable space for further growth here, both in the developing world and in developed economies like the US and UK.
- Convergence and connectivity
Over the past five years, sales of smart phones and tablets have continued to grow rapidly in tandem with the decreasing cost of connectivity technologies such as wireless internet, broadband and GPS satellites. Over 50% of Google searches now come from a mobile device. This is making the internet mobile and changing the way consumers pay for goods.
- The integrated payment experience
Increasingly, merchants want to provide a completely integrated payment experience for customers. This enables them to offer seamless and ‘omni-channel’ interaction with their consumers, and can provide them with crucial data about their own trading performance and the habits and preferences of their customer base.
Worldpay is well placed to both benefit from and shape these global trends. Most players in our industry come from a specific end of the market – either an offline, physical point-of-sale heritage or an online, card-not-present foundation – often in a single geography. Worldpay, on the other hand, combines a pioneering history and scale presence across these now converging channels, and does it from a global perspective.