The roundup: It’s been a challenging year for tech firms as the industry navigates plunging valuations, layoffs, fears of a recession, and hot inflation. But none of that stopped the Big Four from solidifying their position in the payments landscape with new products and partnerships.
Here are the year’s most important Big Tech payment stories:
As it adds new products, Apple is inching closer to achieving its reported goal for Breakout, a suite of financial services gathered under one roof. Additional features like buy now, pay later (BNPL) and geographic expansion will help sustain Apple’s growth.
Google can use its wide reach to boost adoption and engagement for its payment products in both developed markets and emerging regions where it has a device stronghold. We forecast the number of Google Pay users in the US will grow 8.2% this year to reach more than 26 million in 2023. Adding features and products—like BNPL—can make Google Pay simpler and more convenient.
Despite setbacks with its plans for the metaverse, Meta is still committed to developing payments tech. It could also transform WhatsApp into a platform for payments and shopping, given the firm’s challenges with advertising and the need to generate more revenues. Expect it to keep expanding WhatsApp Pay into more markets.
Amazon is expanding its payment offering on all fronts. Its popular shopping platform sets it apart from other Big Tech firms getting involved with payments. If it can harness this and successfully embed payment products into users’ buying experience, it can capture higher payments volume and transaction revenues.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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