With 95% of African consumer payments done in cash, the opportunity to digitize payment in the ... [ ] continent is significant. Every year, micro, small and medium sized enterprises (MSMEs) accept over $19 trillion in cash payments globally. The opportunity to digitize these payments and earn fees is quite significant. MSMEs are at the forefront of providing goods and services to consumers. They are also economically important, employing between 60% and 70% of the global population.
PayPal said Tuesday that more than two million US retailers will soon be able to offer Venmo as a payment option at checkout. The payments giant has slowly introduced more payment functions with Venmo, starting with the ability to pay select businesses with Venmo through the Braintree platform. Now, Venmo users will be able to use their app balance or linked cards and bank accounts anywhere PayPal is accepted in the US via the mobile web. PayPal said the addition of Venmo to a merchant's website does not require additional integration work on the merchant's part. Instead, the company said it's relying on its robust platform architecture to enable Venmo as a payment method, mirroring the company's approach to expanding One Touch.
So goes Ernest Hemingway's famous line from "The Sun Also Rises," in which a main character responds to an inquiry as to how it was that he had gone bankrupt. It's a better-than-average answer to get if you were in a bar, to be sure, but also not a bad explanation of the digital acceleration we have experienced over the past 15 months. For a decade, things went along gradually, pushed by technological innovations and clever business models built on top of them. And then in 2020, pushed by a pandemic, the pace gradually flipped to suddenly, as the entire economy was all at once under pressure to find ways to tap into all kinds of digital tools and remake every element of how we live, work, shop, entertain and educate ourselves to become consumers via digital channels. Because that is also the consensus of the panel of nearly three dozen CEOs, C-suite executives and senior corporate leaders PYMNTS spoke with for its Q2 eBook on what the world will look like as recovery rolls on and the next iteration of normal rolls out.
E-commerce merchants all over the world are innovating every day to offer customers the best user experience. To keep customers coming back, the buying experience should leave only good impressions, from beginning to end. To achieve this, merchants want to examine every step--especially the payment checkout. So, payment processors need to complement and support the innovations of the merchants. And the final experience needs to be as intuitive and seamless as possible, so it does not break the checkout flow; it should support the brand experience and leave customers with a pleasing memory.
Financial services company Mastercard has given fresh credibility to cryptocurrencies this week by announcing it intends to start supporting payments using them on its network this year. Many people remain very skeptical of crypto, and who can blame them? The price of Bitcoin is far from stable, and then there's the threat of someone stealing it. Mastercard looks to be taking a cautious approach, however, and being very selective in what it chooses to support. "We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network. This is a big change that will require a lot of work. We will be very thoughtful about which assets we support based on our principles for digital currencies, which focus on consumer protections and compliance," explained Raj Dhamodharan, executive vice president of Blockchain / Digital Asset Products & Digital Partnerships at Mastercard.