Where Is Payment Processing Going From Here? Author:Tom Cleveland One of the greatest innovations to impact consumers over the past fifty years has been the dramatic advance of the payment processing industry. It has touched nearly every person on the planet with its wide-spreading “tentacles”, providing convenience for both merchants and their customers and speeding up the “velocity” of money turnover, a major factor for improving the standard of living in every region of the world. Banking institutions are at the central core of this revolution, as are the card associations that operate the backbone networks that allow each consumer to access freely his financial assets at anytime and from anywhere he chooses to be. Advances in equipment technology, telecommunications, and software applications have propelled the payment industry to the present day, but the “race” is nowhere near the finish line. It would be a mistake to think that payments have become “commoditized”, so to speak.
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