Straal benefits from a EUR 2 million funding as part of the mutually agreed co-operation, a funding to be used for creating a new, client-focused, technology led payments ecosystem provider. Straal’s offering includes advanced payment processing, client onboarding solutions, customer behaviour analytics, and anti-fraud solutions, and the merge between the two fintechs in believed to result in a client base broadening, with their products to be upsold to each other’s partners and customers and new ones to be acquired.
MyEUPay company officials have stated in the press release that the partnership will help further the development of future fintech innovations, with the two companies having complementary tools and products that are believed to help introduce client solutions that are more comprehensive, technologically advanced, and fitted for the clients’ needs.
When it comes to ecommerce payments processing, merging multiple features into a single platform has become a necessity, with the payment solutions market size expected to grow from USD 90.9 billion in 2022 to USD 147.4 billion by 2027, having a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period, as per a MarketsandMarkets report.
The ecommerce payment market is in continuous development due to the increased adoption of online shopping and internet banking, technological advancements, and benefits associated with online payment system such as one-factor authentication. In addition, the market is expected to grow at a CAGR of 11.5% during 2022-2028, a growth estimate backed by the increasing government support, multi-channel payment integration by businesses, and rising trend of cross border eCommerce.
With global internet penetration having it made easier for individuals and retail businesses to buy and sell products online, electronic payment methods’ ease of use is believed to further drive the expansion of the ecommerce payment market during the forecast period.
Having benefits such as secure online money transfers thanks to the use of security tools like encryption, tokenization, and SSL, single-factor authentication, as well as contactless POS terminals, mobile wallets, and freedom of choice when it comes to the preferred payment method at checkout, an increasing number of users is starting to adopt the online system.
Customers purchase in the way that is most convenient for them. With the retail landscape being fragmented as retailers in the online space adopt multiple payment support packages from third-party vendors, payments collection from a multitude of channels is enabled through a single omnichannel payment gateway and processing platform. With customers having a wide option of payments methods ranging from e-wallets, e-invoices, mobile wallets, cash on delivery, net banking, to prepaid cards and other services, having this type of solution implemented can help businesses increase sales and create additional convenience for users.
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