Find stats on top websites
Industry Landscape
The payment processing industry is undergoing rapid transformation, driven by digital adoption, e-commerce growth, and evolving payment methods. Security, real-time transactions, and seamless integration are key. Consolidation among providers and innovation in areas like embedded finance and AI-driven fraud detection are shaping its future, catering to diverse business needs from SMEs to large enterprises.
Total Assets Under Management (AUM)
Transaction Value in United States
~Approximately $10.5 trillion USD (Digital Payments Market, 2023)
(10-15% CAGR)
Growth is fueled by: E-commerce expansion and mobile payments. Increased adoption of digital payment methods. Rise of contactless and P2P payments.
Total Addressable Market
1.7 trillion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
AI-driven Fraud Detection
Utilizes machine learning algorithms to identify and prevent fraudulent transactions in real-time, significantly reducing financial losses and enhancing security.
Embedded Finance
Integrates financial services directly into non-financial platforms and apps, enabling seamless payment and lending experiences at the point of need.
Central Bank Digital Currencies (CBDCs)
Digital forms of a country's fiat currency issued and backed by its central bank, offering potentially lower transaction costs and faster settlements.
Impactful Policy Frameworks
Consumer Financial Protection Bureau (CFPB) Rules on Digital Payments (Ongoing)
The CFPB is actively reviewing and proposing new rules for digital payments, focusing on consumer protection, data privacy, and competition in areas like P2P payments and digital wallets.
This policy will likely increase compliance burdens for Today Payments, requiring enhanced data security, transparent fee disclosures, and robust dispute resolution mechanisms.
State-level Data Privacy Laws (e.g., California Privacy Rights Act - CPRA, 2023)
Building on CCPA, CPRA strengthens consumer data rights, including the right to correct and limit the use and disclosure of sensitive personal information, with enforcement beginning in 2023.
Today Payments must implement more rigorous data handling practices, provide clear consent mechanisms, and enable consumer data requests, potentially increasing operational costs.
Federal Trade Commission (FTC) Efforts Against Payment Processing Fraud (Ongoing)
The FTC continues to prioritize actions against payment processors enabling scams and fraudulent activities, holding them accountable for due diligence and monitoring their merchant clients.
Today Payments will face increased scrutiny to enhance merchant onboarding, transaction monitoring, and fraud prevention measures to avoid penalties and reputational damage.
Transform Your Ideas into Action in Minutes with WaxWing
Sign up now and unleash the power of AI for your business growth
