KUALA LUMPUR, April 11 (Bernama) -- The transaction value of recurring payments will exceed US$15.4 trillion globally in 2027, from US$13.2 trillion in 2023, according to a new study from Juniper Research. (US$1=RM4.41)
This relatively slow growth of 17 per cent reflects that recurring payments are a well-established market, but also disguises a rapid change of payment methods in the space, with Open Banking and digital wallet payments outstripping overall growth.
As merchants struggle to keep their prices as low as possible, offering payment methods with lower processing costs is of critical importance and is driving change, as it is growing consumer enthusiasm for digital payment methods.
As part of the study, Juniper Research released its latest Competitor Leaderboard for 2023 which is underpinned by a robust scoring methodology, ranking the top 20 recurring payment platforms, using criteria such as the completeness of their solutions and their future business prospects.
Juniper Research in a statement said the top three vendors for 2023 are Mollie, Zuora and Recurly.
The research found that the leading players scored well based on their breadth of integrations with different payment options and their tracking and customisable payment plan capabilities.
To stay ahead of the competition, recurring payment platform vendors must develop solutions that support future-looking payment types as they are developed, such as Open Banking and Central Bank Digital Currencies, in order to stay relevant in the fast-moving consumer payments space.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and commentary.
-- BERNAMA
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