According to research from PYMNTS Intelligence, a significant 92% of marketplaces are concentrating on developing innovations in loyalty and rewards programs, as well as advancing digital wallet technologies.
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GLOMedia and telecommunications companies are collaborating with payment facilitators (PayFacs), independent software vendors (ISVs), or marketplaces to integrate financial services into their business models.
According to research from PYMNTS Intelligence titled “The Embedded Finance Ecosystem: Media and Telecom Edition,” these three entities are poised to assist, with marketplaces potentially leading the way in driving innovation within the media and telecom sectors. A significant 92% of marketplaces are concentrating on developing innovations in loyalty and rewards programs, as well as advancing digital wallet technologies.
In contrast, the study reveals that 33% of PayFacs operating in the media and telecom field are prioritizing the development of installment plans. Nearly half of ISVs engaged with media and telecom clients are focusing on operational improvements, such as expediting transaction processing and enhancing profitability. However, 36% of ISVs identified adhering to regulatory and compliance requirements as their primary challenge in navigating innovation.
These insights are gleaned from surveys involving close to 300 executives representing PayFacs, ISVs, and marketplaces in the industry.
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A more thorough analysis of the data indicates that within the media and telecom sectors, as well as among PayFacs, ISVs, and marketplaces, there are distinct priorities in terms of features offered to clients. This results in variations in the services provided by each entity, tailored to meet their respective preferences.
For instance, the majority of PayFacs, more than 80%, prioritize chargeback and dispute management capabilities, with nearly 42% now providing this feature. However, while three-quarters of PayFacs acknowledge the importance of “single reconciliation of transactions,” only a quarter of them currently offer it, suggesting potential for expansion in this area.
On the other hand, around three-quarters of ISVs offer training support to their clients, reflecting the common challenge of adapting to new software. Additionally, 92% of marketplaces provide a means for capturing buyer feedback and displaying user ratings, a crucial feature especially for platforms offering diverse products.
Despite these differences, there is unanimous agreement among all three entities regarding the importance of customer service, with each offering 24/7 support to their clients.
Source: PYMNTS
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