It partnered with FreedomPay and Marriott as part of a wider shift to grow volume by focusing on payments for bigger restaurant and hospitality brands.

Proximity mobile payments are finally reaching a critical mass of users, fueling spending growth. While it will slow in the coming years, providers are capitalizing on growth by building multifunctional ecosystems that expand their captive audience and tighten relationships.

Moving away from retail can help it overcome growth roadblocks, while a look to China could signal what’s coming for the space

This second installment of the “Payments Ecosystem” collection unpacks how point-of-sale (POS) hardware, software, and payment gateway services are becoming increasingly intertwined as merchants adapt to economic turmoil and consumer payment changes.

Over two-thirds of retailers plan to ramp up tech investment over the next three years: Priorities include ecommerce and frictionless checkout experiences.

In response to market uncertainty, PayPal is pushing further into checkout to grow its in-store traction.

POS Go lets merchants accept cards and mobile wallets on the go and can appeal to those seeking unified commerce tools.

Cash is on the decline everywhere, accounting for at most 44% of point-of-sale (POS) transaction value regionally and just 18% globally in 2021. Its share will drop to 10% worldwide by the end of 2025, with North America, Asia-Pacific, and Europe leading the charge away from physical money.

Increasing digitization among the 32 million US small businesses is changing the competitive landscape and forcing banks, acquirers, and fintechs to invest in next-generation features. These features range from payments and value-added services to outreach.

Payments Ecosystem: POS hardware, POS software, and gateway providers are working to become one-stop shops for merchants. Offering simple, robust access to front- and back-end solutions across industries lets them better serve merchants demanding integrated solutions.

Visa Acceptance Cloud, which lets payment service providers embed transaction software into digital devices, opens new acceptance channels for Visa.

Increasing competition in the realm of point-of-sale installment plans will push existing buy now, pay later firms to diversify their offerings and target consumers beyond the existing core of Gen Z and millennial users.

Canadian mobile penetration and bank access have created a high-potential environment for both proximity and peer-to-peer mobile payments. But entrenched payment habits and monopolization have created a slow growth environment that will force providers to adapt.

The European point-of-sale firm acquired customer loyalty startup Fivestars to help it compete in the US against rivals PayPal and Square.