Based on current trends and market outlooks, some experts at Statista expect to see nearly 9% growth per year in the Canadian payments industry based on digital payments and mobile POS systems alone. By far, digital payments make up the vast majority of this growth, but mobile POS systems are starting to break into the space, making digital payments ever easier to make.
How ISOs and Merchant Account Resellers Will Be Affected
For players who are responsible for managing these digital payments, there is a ton of potential on the horizon. Merchant account resellers will need to help merchants convert to more modern digital payment systems. There will be significant room for upgrading technology, as well as modifying payment structures to better meet the needs of the digital payment era. For ISOs and merchant resellers, there will be plenty of money on the table for all parties involved.
With so much buzz about digital payments these days, it's no surprise that ISOs and merchant services resellers are keeping an eye on where the Canadian market is headed. The good news is that strong growth is predicted through at least 2022, so ISOs have plenty of time to get onboard and take advantage of this rapidly expanding niche.