Leading Payments Consultancy FYST Launches Report to De-mystify Acquiring

Security
12.12.2023 12:30 pm

FYST, the one-stop payments consultancy for e-commerce businesses, has today launched its Acquiring Matters report. It reveals the biggest trends in acquiring, including how the sector is harnessing artificial intelligence to boost fraud detection and optimise payment authorisation. It also suggests that consolidation has irreversibly changed the acquiring landscape, and provides an overview of the technology driving the next stage in its evolution.

It covers the impact of the Covid crisis, how merchant acquirer consolidation is changing the playing field, and examines how acquirers should be harnessing technology to add value through local services, fraud detection and artificial intelligence.

It also looks ahead at emerging retail and payment technology and the trends everyone across the payments chain needs to prepare for.

Evgeniy Ivantsov, Chief Marketing Officer at FYST, commented: “We understand that consumer and merchant attention is often focused on acceptance, but acquiring is a vital link in the payment chain. Without the merchant acquirer, there is nothing to connect merchants with the broader payment ecosystem, or ensure secure and efficient payment processing, or even effectively protect against fraud. Acquirers also play a crucial role in compliance with regulatory standards and are the secret ingredient to a positive customer experience.

As such, traditional acquiring is increasingly attractive to fintechs, so merchant payments and card acquiring businesses have been transformed in recent years by technology-driven innovations.

As a result, there’s never been more opportunity for merchant acquirers to differentiate their offering by adding enhanced services, leveraging technology and collaborating with stakeholders across the payment ecosystem.”

Between 2017 and 2021, the electronic payments industry grew at 30% and 13% CAGRs in volume and value of transactions respectively. For card acquiring specifically, the volume of transactions grew at 23% over the same period.

The report comes at a time of continued growth, with global merchant acquiring volume set to hit $41 trillion by 2026, driven by sky-rocketing e-commerce growth, soaring contactless usage and new business models that came about as a result of the global pandemic.

Evgeniy added: “The past few years have been a rollercoaster for merchant acquirers: from the boom in e-commerce that saw many companies experience unexpected growth, to the shock of consumer belt-tightening in response to rising inflation and energy prices. This report give insight into what a successful acquiring platform looks like, and it’s our hope that it will help arm merchants with the tools they need to survive the ongoing economic storm.”

FYST was established in 2022, with a mission of taking dynamic and disruptive fintech businesses forward and unlocking new opportunities in established and emerging markets. It harnesses a unique mix of independent consultancy expertise, AML and KYC compliance advisory services, and smart routing through more than 70 global payment methods to give merchants access to the broadest possible payments coverage.