Retailers often build their own ‘orchestration’ platforms for payment processing and routing, but these can be complex to maintain, therefore new startup Gr4vy launched in the US to do this in a more fleet-of-foot manner, the company claimed. Gr4vy’s cloud-native payment orchestration platform (POP) also offers instances, which provide merchants with infrastructure in the cloud. It now has partnerships with GoCardless, Banked, and Akoova.
Gr4vy representatives stated that the pandemic has made things difficult but has also been an opportunity because everything went online and a lot of companies and retailers’ systems weren't prepared or fit for purpose. They went from processing 5% of their transactions online, and everything else in-store, to suddenly 100% online, they added.
McKinsey projects announced that by 2025 global payments revenue will reach roughly USD 2.5 trillion and by 2024 ecommerce retail sales are expected to account for 21.8% of all retail sales worldwide.
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