The worldwide payment orchestration industry is expected to grow remarkably in the next several years. The hospitality industry is anticipated to present lucrative opportunities for the market. Payment orchestration is a relatively recent word encompassing concepts that most wholesalers probably already understand. The phrase describes all software programmers and related services that automate business processes in processing, handling, and enhancing payments. The expansion of merchant demand for advanced payment platforms is responsible for the growth of the market. These platforms enable wholesalers to increase payment flows while paying relatively little for them. Additionally, they aid wholesalers in swiftly adapting to market changes, including the advent of new payment instruments and changes in customer payment preferences.
According to a research study by Business Research Insights, the global market for payment orchestration is projected to rise at a CAGR of 26.06% during 2021-2028. In 2020, the market value stood at USD 6145.31 million.
Business Research Insights Presents the Top 5 Prominent Players in the payment orchestration Industry
1. Cell Point Digital- is an Indian company incorporated in 2013. It is a non-government company and is registered in Vijayawada, Andhra Pradesh. The company is limited by shares. The company offers payments and digital commerce services and is performing exceptionally well. Thus, it is listed among the top market players in the industry.
2. ZOOZ (PAYU) - is headquartered in Israel. It is a technology company that offers payment platforms used to help businesses and merchants in maximizing their payment performance. Almost a decade ago, the founders resolved to develop a payment solution and help businesses simplify and optimize their payment operations. Today, it is one of the leading players in the payment orchestration market in the world. PAYU acquired the company in 2018. The products and the company gained strong support from Naspers and PayU.
3. IXOPAY- has its headquarters in Austria. The company is a part of the IXOLIT group and was founded in 2001. It is a PCI-certified payment orchestration for white-label enterprise merchants and clients. It provides smart real-time transactions.
4. Payoneer- the company was founded by Yuval Tal in 2005. The company is headquartered in New York City, United States. It offers digital payment and online money transfer services. The company also offers customers working capital.
In May 2022- the company started offering Payoneer Checkout. Payoneer Checkout is a service that enables merchants to work directly with customers' online stores and has become a leading DTC company.
5. Aye4fin- is a Germany-based company that develops digital payment solutions with security as its major focus and specializes in optimizing the marketplace for various businesses. Financial services are major drivers of our economy, especially after the outbreak of the pandemic.
Opportunities for the market during COVID-19 Pandemic
Rising Adoption of Digital Platforms Increased Market Growth
The rising use of digital payment systems boosted the market growth. The pandemic created a rising concern for personal safety, which led the population to stay indoors and adopt online platforms for shopping and payments. The massive shift of retailers to online systems, particularly online platforms, will be accelerated by the epidemic. Key nuances and changes that are currently taking place are being disturbed by COVID-19, opening up opportunities for an increasing number of environmental contributors. As payments and recharge transition to digital networks, telecom businesses will also experience an increase in transaction volume. Additionally, the rise in transactions will be fueled by the rising demand for broadband internet services. Several important banks have paused loan and credit card payment expenses.
Major Upcoming Trends in the Industry
Rapid Adoption of Digital Platforms to Propel Market Growth
The steady launch of digital procedures is forecasted to lead the market growth. New opportunities for the growth of the payment orchestration industry are emerging due to wholesalers' increasing usage of digital payment systems. This is because a Payment Orchestration Platform (POP) helps merchants raise payment receipt fees while enhancing customer satisfaction. POP service providers are working with an increasing number of marketing companies. For instance, in November 2020, the payment orchestration platform provider APEXX Global announced a partnership with the online clothing retailer ASOS. Due to this collaboration enabled ASOS to achieve unified approval, optimization, and treatment of its dealings.