With nearly all of the big technology companies in the mobile hardware and software space providing a product, payment processing has become one of the hot technologies going into 2017.
There are a few key components of the payment processing industry to look at, including: Mobile Wallets, Gateway Vendors, mPOS(Mobile Point-of-Sale) and Mobile Peer-to-Peer.
Mobile Wallets
In the Mobile Wallets sphere we see some of the largest companies entering the industry such as Apple, Samsung and Google along with retail giant WalMart and Chase. The three technology companies use their mobile hardware as a platform for the Mobile Wallet services, where other entrants such as WalMart and Chase have entered the business through the mobile application arena.
Gateway Vendors
Gateway Vendors are an extremely fast growing area in the payment realm. These vendors provide front end payment collection services that allow companies to escape the hassle of setting up and maintaining merchant services for businesses (think Venmo for companies).
Mobile Point-Of-Sale
Mobile Point-Of-Sale has created a new payment area supporting small businesses. This technology allows businesses to collect payments through mobile devices rather than using the expensive and static traditional POS systems. In addition these companies provide other valuable information such as inventory and marketing analytics along with customer retention information and payroll data.
Mobile Peer-to-Peer
Mobile Peer-to-Peer technology is one that we are all probably most familiar with, giving rise to such companies and services like Venmo, Google Wallet and Square Cash. The largest players in this space have branched out from other payment processing areas which creates a dynamic marketplace for the competitors.
In 2017 look to see a shakeout in the different payment processing areas with the companies each securing their users and enticing new customers, while the weaker positioned entrants retreat into niche markets or return to familiar business areas.
Source: http://www.businessinsider.com/payments-ecosystem-data-and-business-potential-2016-7