Friday, May 24, 2024

    Recurring payments forecast to be a $15trn opportunity globally by 2027

    The transaction value of recurring payments will exceed $15.4 trillion globally in 2027, up from $13.2 trillion in 2023. This relatively slow growth of 17% reflects that recurring payments are a well-established market, but also disguises a rapid change of payment methods in the space, with Open Banking and digital wallet payments outstripping overall growth.

    As merchants struggle to keep their prices as low as possible, offering payment methods with lower processing costs is of critical importance and is driving change, as it is growing consumer enthusiasm for digital payment methods.

    A recurring payment is any payment which is made on a repeating basis, regardless of payment method or billing cycle.

    Find out more about the new report: Recurring Payments: Key Opportunities, Payment Methods & Market Forecasts 2023-2027, or download a free sample.

    Top recurring payments platform vendors ranked

    As part of the study, Juniper Research released its latest Competitor Leaderboard for 2023. Underpinned by a robust scoring methodology, the new Competitor Leaderboard ranked the top 20 recurring payments platforms, using criteria such as the completeness of their solutions and their future business prospects.

    The top 3 vendors for 2023:

    1. Mollie
    2. Zuora
    3. Recurly

    The research found that the leading players scored well based on their breadth of integrations with different payment options and their tracking and customisable payment plan capabilities. In order to stay ahead of the competition, recurring payments platform vendors must develop solutions that support future-looking payment types as they are developed, such as Open Banking and CBDCs (Central Bank Digital Currencies), in order to stay relevant in the fast-moving consumer payments space.

    Report co-author Nick Maynard comments: “For merchants, they want to be able to bill their clients on a recurring or one-off basis, with the ability to create custom plans that match customer requirements, not the system capabilities. Those platform vendors offering an agile, API-based system will best meet these requirements and succeed in this highly competitive market.”

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