For some time, the payments industry has been hinting that the global card networks are relying less and less on cards for future growth. The long months of the pandemic has only solidified this trend, as more and more consumers seek other payment options for simplicity and convenience. A recent announcement posted in ThePaypers has officially cemented it.
The announcement states that:
“Mastercard has partnered with Form3 to launch a real-time payments gateway service PayPort+, according to the official press release.
The solution which provides flexible access into the UK-based real-time payments infrastructure for Financial Institutions and Payment Service Providers. PayPort+, powered by Vocalink, a Mastercard company, and Form3, a technology partner, combines the benefits of cloud native technology with the high levels of security, availability, and operational services standards. Mastercard has selected Form3 as the technology partner for the implementation of its new PayPort+ platform.
PayPort was launched in 2016 to offer financial institutions, large and small, connectivity into the UK Faster Payments network. Through this next generation of PayPort+ these institutions will benefit from flexible connectivity options, including MQ, Restful APIs, and Microservices. PayPort+ is now live with two UK financial institutions, including Nationwide Building Society, processing real-time payments into the UK Faster Payment service.”
The Drivers of Change
In order to ride the waves of change, it’s critical to understand the forces behind it. The evolution of ecommerce and smartphone penetration remain the two most cited drivers of change in the payments industry. Smartphones, for example, continue to give consumers more ways to pay in-store and online, thanks to digital wallets, QR codes and in-app payment capabilities.
It’s important for merchants to note that these opportunities and changes also come with a certain level of risk. As digital payments continue to accelerate, so does the number of fraudulent attacks. Securing the right protection is key in managing this risk, while also offering your customers the very best in flexible payment processing options.
The best way you can embrace the changing landscape and guard against potential threats is to partner with the right payment processing provider. With the help of Best Payment Providers, you can browse countless reviews and research options that will help you choose an industry-leading processor – one that understands your business type and has the reputation your business deserves.
Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of Best Payment Providers. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.