As the pandemic happened it showed the whole world that nothing was set in stone. In fact, it brought an enormous amount of change for most and even indicated to many that change was upon the horizon for 2022. Specifically for the eCommerce industry. When stores closed and restrictions were made, many consumers sought out online shopping as a way to get their clothes and even groceries. With the pandemic ending the eCommerce industry and eCommerce payment processing is still being modified to fit consumers needs and wants.
The Growth of the eCommerce Industry
The online retail sales industry hit its record high in 2020 and brought many transformations to the overall eCommerce industry because of it. A Market Analysis Report findings indicates the eCommerce market is expected to grow at a compound annual growth rate of 14.7% from 2020 to 2027. You can most definitely expect the supply chain and overall eCommerce infrastructure to become more optimized as time propels forward. Along with the adaptation of the eCommerce processing payment industry is something that has come along with it.
A Look into the Payment Processing Ecosystem
As technology and the growth of eCommerce has evolved it has caused new payment methods and processes to be introduced. A prime example would be Facebook Pay which is Facebook’s own cryptocurrency. Additionally, the old ways of payment are starting to decline. For instance, there has been a vast decrease in cash used by consumers. With 2022 approaching consumers are still wanting payment processes to be flexible, quick, and easy. This is exactly why instant and real-time payments are substantially increasing.
What This Means for the Gig Economy.
Gig workers are workers who don’t make up the traditional long-term job but are independent contractors, temporary workers, or on-call. Since their work is flexible their payment needs to be flexible too. It’s important for employers and companies to keep this in mind because Gig workers will pick the best option for them. Meaning they will work with companies who provide them with quick and seamless payment options. Now payment processing for Gig workers is being powered by the Fintech industry.
Ashish Bahl, the Founder, and CEO of KyckGlobal and an expert in all things Fintech anticipates a new payment processing landscape. Ashish has provided his own insights and commented that “I think there’s going to be a rapid move from point providers to integrated solutions providers.” When you partner with Ashish Bahl that’s exactly what you will be receiving is integrated and transformative solutions.