While it was an unwelcome motivator, the COVID-19 pandemic has spurred social innovation — and brought new power to people’s buying habits. Embedded payments — the ability to make purchases without leaving your favorite site or social media app — have grown exponentially over the past few years. They are now an expected convenience for a growing number of consumers.
What kind of growth?
By 2026, embedded payments are expected to top $138 billion. That will triple where they were five years ago. Growing just as fast are the number — and breadth — of industries embracing this tech for their customers’ convenience — and their own financial benefit.
What’s in it for your merchants?
The businesses moving into embedded payments have recognized the ways they can drive repeat business while enabling better cash management, reconciliation, and a reduction in payment errors. On top of that, payment processors are able to provide a treasure trove of customer data to merchants thanks to this streamlined process.
According to Global Payments, 44% of businesses view embedded payments as extremely important to them in 2024.
Could your customers benefit from this technology?
North American Bancard has answers. Our Developer Portal is the place to find — and customize — payment solutions that work with business owners’ existing portfolios. The portal offers a developer-friendly interface for API specs and software development kits (SDKs). There’s also an Interactive Solution Finder to quickly locate existing products that fit your customers’ needs.
We’re committed to providing robust solutions that are also simple and easy to use. 2024 will see even more NAB innovations coming in our developer and Sales Partner spaces, making the process even better for you and the merchants you serve.
Embedded payments are a big, evolving trend, so you’ll want to stay tuned.
