May 23, 2024

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Big Tech Moving into Payments

As Payments Competition Heats Up, Big Tech Firms Run Into Regulatory  Roadblocks - Intuition

Big technology companies like Apple, Google, Amazon, and Facebook are entering the payments industry by making investments or acquiring fintechs in the space. Are you interested in reliable merchant account providers in the UK? This article will tell you more about the topic and help you find a true payments specialist. 

Big Tech Moving Into Payments

Major technology companies such as Apple, Google, Amazon, and Facebook have been making active investments in payments and the fintech landscape during the last couple of years. During COVID, they invested $1.2 billion in 14 fintechs, including payments companies, as CB Insights reported. 

Amazon now offers loans to small and medium-sized companies. Facebook’s messenger app is now integrated with person-to-person (P2P) PayPal payments. Apple offers services to iMessage users for cash transfers. 

The online payment-processing company Stripe generated $600 million in April 2020 from investors, including Google Ventures. 

Major tech companies invested $2.1 billion in the fintech industry by entering into 32 deals in 2020. Unlike 2019, in 2020, they spread their capital more broadly with $2.2 billion in investments across 21 companies.

Fintech and Big Tech

Facebook, Apple, Google, Microsoft, and Amazon, collectively called FAGMA, are already actively investing in the payments space. On the other hand, e-commerce and online intermediation have been growing exponentially, thus resulting in more and more innovative solutions in the payments sector. 

Today, the major technology players are eliminating the boundaries between industries, while trying to be all things to all people, as a McKinsey report says. 

As payments and banking are becoming more digital, it’s vitally important for you, as an e-commerce merchant in the U.S., to accept online payments from your customers. For this, you need to turn to a reputable payment expert in the country that can help you with secure merchant account providers in the U.S.

Thanks to a true payments specialist, you can get fast and hassle-free access to the right merchant-processing solutions for your own financial needs. Only, make sure the payments specialist pays exceptional attention to the terms, complaints, and integration of payment-services providers so you can get the best deal for your company. 

As a result, you can be sure to enjoy the cheapest fees and the most advanced merchant-processing solutions in the U.S. so you can grow your company without major challenges. 

Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant account 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.