E-invoicing Market | Easy Accessibility of Mobile Payment Systems to Boost the Market Growth

The e-invoice market size is poised to grow by USD 6.93 billion during 2020-2024, progressing at a CAGR of over 19% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201013005954/en/

Technavio has announced its latest market research report titled Global E-invoicing Market 2020-2024 (Graphic: Business Wire)

The convenience and easy accessibility of mobile payment systems are driving the adoption of e-invoicing solutions. Mobile-based platforms and applications have simplified banking, commercial transactions, and billing payments. Physical transactions such as closing and opening an account, fund transfers, deposits, and withdrawals are becoming digital and easy through mobile-based applications being provided by BFSI organizations. Moreover, to promote digital transactions and increase the penetration of banking services across the country, governments are significantly investing in financial institutions to encourage them to extend their mobile banking services in rural areas. Such initiatives from government and private organizations are promoting the use of mobile-based payment systems, thereby driving the growth in the global e-invoice market.

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Report Highlights:

  • The major e-invoice market growth came from the B2B segment. Rapid growth in globalization and the growing demand for internet-based centralized systems for billing/invoicing in organizations such as IT, banking, financial services and insurance (BFSI), and retail companies are driving the growth of the market by the B2B segment.

  • Europe was the largest e-invoicing market in 2019, and the region

Insights on Third-Party Banking Software Market within the Application Software Sector | Growing Use of Digital Payment Solutions to Emerge as a Key Driver | Technavio

LONDON–(BUSINESS WIRE)–The global third-party banking software market is expected to grow at a CAGR of over 8% during 2020-2024, according to the latest market research report by Technavio. The report provides a detailed analysis on the impact and new opportunities created by the COVID-19 pandemic. The report also helps clients keep up with new product launches in direct & indirect COVID-19 related markets.

Learn more about how COVID-19 is impacting the third-party banking software market – Request a free sample report

Many organizations are expanding their business in new geographies and acquiring new customers. The growth in the customer base has increased the number of online transactions, which has increased the demand for digital payment solutions. In addition, the rising number of customers seeking help with financial decisions and investments is contributing to the growth of the global third-party banking software market.

Third-Party Banking Software Market: COVID-19 Impact Analysis on Related Markets

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Third-Party Banking Software Market: COVID-19 Impact Analysis on Parent Market

The global application software market is the parent market of the third-party banking software market. Within its scope, the application software market covers companies that are engaged in developing and producing software designed for specialized applications for the business or consumer market. It includes enterprise and technical software, as well as cloud-based software. Our report on the third-party banking software market offers a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as analysis on several large and small vendors active in the market including FIS, Fiserv, Infosys, Oracle, and Temenos Headquarters.

Technavio’s research report on the third-party banking software market identifies

When Your Last $166 Vanishes: ‘Fast Fraud’ Surges on Payment Apps

Charee Mobley, who teaches middle school in Fort Worth, Texas, had just $166 to get herself and her 17-year-old daughter through the last two weeks of August.

But that money disappeared when Ms. Mobley, 37, ran into an issue with Square’s Cash App, an instant payments app that she was using in the coronavirus pandemic to pay her bills and do her banking.

After seeing an errant online shopping charge on her Cash App, Ms. Mobley called what she thought was a help line for it. But the line had been set up by someone who asked her to download some software, which then took control of the app and drained her account.

“I didn’t have gas money and I couldn’t pay my daughter’s senior dues,” Ms. Mobley said. “We basically just had to stick it out until I got paid the following week.”

In the pandemic, people have flocked to instant payment apps like Cash App, PayPal’s Venmo and Zelle as they have wanted to avoid retail bank branches and online commerce has become more ingrained. To encourage that shift, the payment apps have added services like debit cards and routing numbers so that they work more like traditional banks.

But many people are unaware of how vulnerable they can be to losses when they use these services in place of banks. Payment apps have long had fraud rates that are three to four times higher than traditional payment methods such as credit and debit cards, according to data from the security firms Sift and Chargeback Gurus.

The fraud appears to have surged in recent months as more people use the apps. At Venmo, daily users have grown by 26 percent since last year, while the number of customer reviews mentioning the words fraud or scam has risen nearly

NIC Secures New Contracts in Florida and Iowa for Payment Processing and Digital Government Solutions

Digital government solutions firm NIC Inc. has won new multi-year contracts with the states of Florida and Iowa following competitive bid processes.

“We are excited by the confidence Florida and Iowa have placed in NIC solutions as we continue to expand our payment processing and digital government services across the country,” said Harry Herington, NIC CEO and Chairman of the Board. “These wins further reinforce the momentum NIC has experienced in 2020.”

In Florida, NIC has been awarded a contract to provide transaction-funded payment processing services for all state agencies. The five-year transaction-funded contract, which may be extended by up to five additional years, also provides the ability for cities and municipalities to work with NIC for payment processing services, promoting a comprehensive and seamless financial transaction experience for Florida citizens and businesses.

For its fiscal year ended June 2018, the state of Florida processed 74 million transactions for a total of $52 billion in payments across 19 state agencies and processed 21 million transactions for a total of more than $1 billion across more than 90 localities.

In Iowa, NIC will once again serve as the state’s enterprise digital government solutions partner after a 15-year partnership concluded in 2017. Under the new five-year transaction-funded contract, which includes five one-year renewal options, NIC’s Des Moines-based team will work with state leadership to consolidate digital services into a unified experience for all Iowans.

“We are very excited for our digital solutions partnership with NIC in Iowa, first starting with payment processing services,” said Annette Dunn, Iowa’s Chief Information Officer. “We have many large agencies across the state that can benefit not only from a strategic, streamlined approach to payment processing but also from the many digital solutions NIC provides. These solutions happen to align perfectly with Governor Reynolds’ vision for the

COVID-19 Recovery Analysis: Contactless PoS Terminals Market | Increasing Adoption of Contactless Payment Software to Boost Market Growth

Technavio has been monitoring the contactless PoS terminals market and it is poised to grow by USD 5.54 billion during 2020-2024, progressing at a CAGR of almost 16% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201007005587/en/

Technavio has announced its latest market research report titled Global Contactless PoS Terminals Market 2020-2024 (Graphic: Business Wire)

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. We offer $1000 worth of FREE customization

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Bluebird Inc., Fiserv Inc., Honeywell International Inc., Ingenico Group SA, NCR Corp., Newland Payment Technology, PAX Global Technology Ltd., Spire Payments Ltd., SZZT Electronics Shenzhen Co. Ltd. , and VeriFone Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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The increasing adoption of contactless payment software has been instrumental in driving the growth of the market. However, the rising threat from substitute payment systems might hamper the market growth.

Technavio’s custom research reports offer detailed insights on the