Poland-based payment processor Straal has joined forces with MyEUPay to become a one-stop shop for digital merchants.
Straal benefits from a funding of EUR 2 million as part of the mutually agreed cooperation, a funding to be used for the creation of a new, customer-focused, technology-led payments ecosystem provider. Straal’s offering includes advanced payment processing, customer onboarding solutions, customer behavior analytics and anti-fraud solutions, and the merger between the two fintechs is believed to lead to an expansion of a customer base, with their products being offered to each other’s partners and customers are sold. and new ones to be acquired.
MyEupay company officials stated in the press release that the partnership will help advance the development of future fintech innovations, with the two companies having complementary tools and products that are believed to help introduce client solutions that are more comprehensive, technologically advanced and suitable for the customers’ needs.
In terms of e-commerce payment processing, the aggregation of multiple features into a single platform has become a necessity, with the market size of the payment solutions expected to grow from USD 90.9 billion in 2022 to USD 147.4 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period, according to a MarketsandMarkets report.
State of E-Commerce Market in 2022
The e-commerce payment market is constantly evolving due to the increasing adoption of online shopping and internet banking, technological advances and benefits associated with online payment systems such as one-factor authentication. Additionally, the market is expected to grow at a CAGR of 11.5% during 2022-2028, a growth estimate backed by increasing government support, multi-channel payment integration by businesses, and rising trend of cross-border e-commerce.
With global internet penetration making it easier for individuals and retail businesses to buy and sell products online, the ease of use of electronic payment methods is believed to further drive the expansion of the e-commerce payment market during the forecast period.
With benefits such as secure online money transfers thanks to the use of security tools such as encryption, tokenization and SSL, single-factor authentication, as well as contactless POS terminals, mobile wallets and freedom of choice when it comes to the preferred payment method at the checkout, an increasing number of users are starting to adopt the online system.
Customers buy in the way that is most convenient for them. With the retail landscape fragmenting as retailers in the online space adopt multiple payment support packages from third-party providers, payment collection from a multitude of channels is enabled by a single omnichannel payment gateway and processing platform. With customers having a wide option of payment methods ranging from e-wallets, e-invoices, mobile wallets, cash on delivery, net banking, to prepaid cards and other services, implementing this type of solution can help businesses increase sales and create additional convenience for users.