According to data presented by moneytransfer.com, Merchant payments stood at 66B in 2021, a 94% rise from their 2020 figures. These have also doubled in value, hitting $5.5 billion in monthly transactions. Providers say incentives, such as remote onboarding processes, entice enterprises to their platform.
Why is merchant payment growing?
Several reasons explain why the merchant payment option for mobile money is snowballing. First, the fundamentals of merchant processing are straightforward. You register with a merchant payment provider to accept mobile payments from your consumers (and receive payment yourself for all of those payments).
Second, the payment processor collects fees from your transactions and deposits the remainder into your business account. Selecting the appropriate choice enables your firm to spend less, get more helpful information, and find solutions specific to your business.
Additionally, the COVID-19 outbreak has helped in deploying these payment systems. Most people used virtual, no-contact means to purchase items, pay bills, and raise money for various courses. Besides, the providers charge reasonable transaction fees.
Merchant payments lift the vulnerable
Mobile money has fueled financial inclusion for the world’s most disadvantaged, mainly women. These are using mobile money to gain more economic independence. According to the Moneytransfer.com Adoption Survey, 44 percent of providers now provide credit, savings, or insurance products, allowing marginalized people to invest in their livelihoods and futures.
Payment merchants have eased the acquisition of such credits besides insurance premiums.
Read the full story here: Merchant payment went up 94% in 2021 to stand at $66B