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Consumer demand-driven developments such as the decrease in cash usage and the digitalization of shopping accelerated the growth of the payment systems industry. Current projections show that the global payments industry will reach a size of $2.3 trillion by 2026, while revenues of payment infrastructure providers are predicted to complete 2022 with a 9.5% increase.

*** This release is originally published in Turkish.

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 TURKEY - The decrease in cash usage, the digitalization of shopping and the spread of multi-channel commerce for sellers brought about the development and growth in payment systems. The latest trends in the payment systems industry were shared in the report titled Global Payments 2022 - The New Growth Game published by the Boston Consulting Group (BCG). The report shows that the global payments industry will grow to $2.3 trillion by 2026, with a CAGR of 8.3%, while the forecast for global payments revenue growth for 2022 has been increased from 6.9% to 9.5%. The report also emphasized that the demand for electronic payment methods is getting stronger. 

Paybull CEO Ömer Sefa Yavaş commented on the report and told about the 2023 trends in the payment systems industry, “The continued growth of e-commerce and the integration of payments into individual and corporate customer journeys are positioned as the driving force of the demand for online payments. Despite geopolitical instabilities, pandemic-induced supply chain shocks and inflation, the payments industry remains resilient through 2022.”

Two out of 5 consumers will only use digital payments this year

In the report of the consultancy company, it was emphasized that the demand for electronic payments is increasing among the global payment systems trends, while it was also noted that the double-digit growth in non-cash payment instruments was the primary reason for the revenue increases. Stating that cashless payment methods such as contactless, mobile POS or payment by link are becoming more and more popular with both B2C and B2B customers, Ömer Sefa Yavaş said, “In a report published at the beginning of 2022, it is seen that two out of 5 consumers will prefer only digital payments in the next two years. The convenience provided by digital payments removes borders and restrictions in payment processes. Offering different payment options for businesses today is becoming a necessity and an important factor in revenue growth. As Paybull, we offer fast and secure ways to receive online payments with open source and ready-made infrastructures. Our solutions for receiving payment via link, Mobile POS and Manual POS can integrate with many e-commerce infrastructures such as WooCommerce, OpenCart, Joomla, Magento and PrestaShop. In this way, we are accelerating the digital transformation of businesses.”

“We make it possible to sell online within 24 hours”

Saying that the financial technology ecosystem in Turkey hosts new players working in similar business models and offering similar services, Paybull CEO Ömer Sefa Yavaş said, “Even though the competition in the sector has increased, SME owners really pay attention to what they sign when choosing digital payment service providers. At this point, variables such as integration possibilities, commission rates, transfer of payments to the seller's account and the activation period of the payment system come into play. As Paybull, thanks to the partnerships we have established with Turkey's largest banks, we eliminate the obligation of businesses to make agreements with different banks, and enable them to make online sales within 24 hours. Operating with the license of the Central Bank of Turkey and the global high security standard PCI-DSS certification, Paybull offers its products with fast, accessible and easy-to-use interfaces at competitive commission rates. SMEs using Paybull payment infrastructures can promise their customers installment options up to 12 months. We will continue to support our customers at all stages of e-commerce, with our mission to include merchants in the digitalized economy in the most accurate way."