2018 has been a huge year for partnerships across the payments industry. In particular, we’ve seen collaboration between the retail and payments industries, with e-commerce giants like Walmart partnering with payments titans like PayPal, and the newer market players like Venmo handling up to $12 billion in transactions in the first quarter alone. These partnerships have one common goal: to fight for a bigger share of the wallet.
To form the most successful partnerships though, companies must approach with a rational and considered mindset, starting by identifying the key players that they need to collaborate with. The most profitable partnerships will recognise and capitalise on each other’s strengths to deliver industry leading market offerings.
In the case of strong retail and payment partnerships, the benefits are clear. Retailers can meet customer expectation by delivering a seamless payment process and the payment service provider increases transactions and gains better access to a global network of engaged consumers.
To read the full overview of what 2018 was all about in terms of payments partnerships as it originally appeared at Financial IT magazine, click here.