Debit Card Global Market is Expanding

The CEO of VeriPay, William Adam Boyd is a graduate of James Madison University in Harrisonburg, Virginia. In this role, William Adam Boyd utilizes quick, flexible, cost-efficient solutions to help the company grow as a payment processor.

A debit card is one of the most common online payment methods. At a compound annual growth rate of 3 percent, the global debit card industry is anticipated to reach $94.08 billion at the end of 2021. The increase is primarily due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously resulted in restrictive containment measures such as remote working, social distancing, and the closure of commercial activities, all of which created operational challenges. At a CAGR of 1 percent, the debit card industry will reach $97.92 billion in 2025.

Individuals and institutional bodies find debit cards appealing for a variety of reasons. This had significantly contributed to the market's growth, which peaked at $91.37 billion in 2020. The payment method offers cashless transactions, which reduce the danger of money laundering, tax evasion and lower transaction costs for businesses.

 

Why Banks Need Cloud Payment Processing

The CEO of VeriPay, William Adam Boyd is an alumnus of James Madison University in Harrisonburg, Virginia. Under William Adam Boyd’s guidance, VeriPay offers the most convenient and simplest ways for accepting products payments to its clients.

Banks and financial institutions must adapt if they are to cope with significant growth in payment volumes and deal with the peaks and troughs of unavoidable transaction flows over different timelines more effectively and efficiently. While it may appear sensible to concentrate on creating sophisticated high-volume capacity on-site infrastructure to manage these variable quantities of transactions, there is a limitation in this area.

Provisioning hardware takes a lengthy time. In today's environment, purchasing and deploying servers and network equipment might take anywhere from 9 to 12 months. That implies that a bank would need to know exactly what its peak capacity will be in a year. In this case, the bank must hope it doesn't expand quicker than it anticipates or experiences an alteration in business requirement in the interim. This problem can, however, be avoided with cloud technology capacity.

Cloud-based payment processing is required by any bank that wants to eliminate a lot of the needless infrastructure costs and complexity. These cloud-based technologies assist banks in dealing with constantly changing market conditions and technological advancements. Financial organizations with difficulty managing, simplifying, and modernizing old technology may find cloud-based payment platform architecture particularly helpful.

Bold Predictions for PPMG

William Adam Boyd is a former Virginia Beach resident who uses his extensive electronics transaction knowledge to lead VeriPay. As one of the foremost experts in payment processing, William Adam Boyd always keeps up to date on new endeavors to deliver the best services to VeriPay’s clients.

The COVID pandemic has stifled global economic growth, but many industries are expecting a firm rebound. The payment processing market has seen contactless transactions rise significantly. The 2021 Verified Marked Research report suggests that the processing market will grow by more than 100 percent by the end of 2028.

With an evaluation of $40.7 billion in 2020, the payment processing market expects a CAGR (compound annual growth rate) of up to 9.1 percent for the foreseeable future. Some of the most prominent players in the market, including PayPal, Stripe, Global Payments, Square, and Adyen, are included in the report alongside their projections. This report shows a promising future for the payment processing market as more companies improve their digital offers due to growth opportunities in online shopping and smartphone usage.

Contactless Credit Card Payments

William Adam Boyd is a former resident of Virginia Beach, Virginia, and leads VeriPay as its CEO. In 2014, Inc. Magazine recognized VeriPay as one of the fastest-growing credit card processors in the United States. William Adam Boyd’s efforts to keep VeriPay ahead of the curve with his push for the integration of contactless payments gave the company a competitive advantage at the onset of the Covid-19 pandemic.

In late 2019, as Covid-19 began to sweep across the globe, health officials raised concerns that the virus could be transmitted via contaminated surfaces. The World Health Organization warned that banknotes might be capable of carrying and spreading COVID-19. The result was a surge in consumer demand for contactless payment solutions. Brick-and-mortar stores had to act fast. Many business owners who relied on their banking relationships for merchant services were stuck with outdated point-of-sale (PoS) terminals. They rushed to providers like VeriPay to implement contactless payment technology that only months before had been seen as “trendy” or “unessential.”

Then in April of 2020, Mastercard released a study that reported a “significant majority of consumers turned to contactless card payments for necessary purchases.” The Amex 2020 Digital Payments Trendex survey also revealed that “84% of merchants agreed that using contactless was safer for personal health than using cash, swiping a card or inserting a chip card.” Adding further credence, Precedence Research estimates that by 2027 $4.6 trillion will be processed as contactless payments.

Digital wallets such as Apple Pay and Google Pay use EMV Payment Tokenisation Specification and Near Field Communication (NFC) to exchange information with compatible readers. According to data by researchers at Bernstein, Apple Pay, the market leader in digital wallets, currently makes up 5% of all global card transactions and could account for 10% by 2025. VeriPay offers a wide range of NFC desktop terminals and mobile readers for businesses looking to accept contactless payments.

Contactless payments make quick, convenient, and socially distant transactions possible, but there are some limitations. The technology does not work with antiquated PoS systems, which puts some smaller businesses at a disadvantage. And while the vast majority of the US population owns a cell phone, only 72% of those cell phones are digital wallet capable. Moreover, a 2019 study by the FDIC found that over 7 million or 5.4% of American households were unbanked and unable to shop at stores that had stopped accepting cash.

The benefits of using contactless payments, however, certainly do outweigh these drawbacks. From reduced transmission of contact-borne diseases to fraud and counterfeiting prevention, the current landscape is ripe for contactless technology to continue growing.