Electronic Payment System Growth for Transportation Market
The growth of electronic payments in the transportation sector is more than vivid. The demand for a seamless customer experience is on the rise, which means there’ll be a surge in the use of online payment processing solutions in the market. Let’s see what you should expect in the near future and how merchant processing companies like eMerchantBroker can help you with successful online payment processing.
Electronic Payments in Transportation: eMerchantBroker
The move to an integrated mobility landscape is accelerated. Electronic payments in public transport have become inevitable. Recent research in the field shows that more companies in the field are focused on a more seamless customer experience in public transport.
This means there is a greater need for a large variety of payment solutions in public transport. Otherwise, you, as a merchant in the transportation industry, won’t be able to service future travelers in the best way possible.
What is meant by electronic payments? Well, these include more than one option, such as open-end credit, MasterCard, e-wallet, smart card, etc.
According to Global Market Insights Inc., the further rise of the infrastructure in North America would result in greater growth opportunities to the Intelligent Transportation System (ITS) market through 2027.
Did you know that the federal government is planning to provide $905.25 million to some 24 projects in 18 states? Moreover, the government also intends to rebuild the nation’s infrastructure by providing funds for railway and highway projects aimed at further economic growth.
With all that being said, it’s more critical than ever for you, as a merchant, to use the most advanced and safest online payment processing services for your business. Otherwise, you won’t be able to keep up with the latest development trends in your industry.
Reputable processors like eMerchantBroker, voted the #1 high risk merchant services provider in the U.S., can be the best helping hand for merchants like you. When applying, all you need is to provide the minimum amount of paperwork and there is no need to have a stellar credit score to get approved for merchant services, including business funding. The rates are among the cheapest. The approval is among the quickest.
What to Expect in the Transportation Market
The demand for an intelligent transportation system is growing fast. There is more need to walk long with the latest technology and avoid staying behind the current era of digitization. So, it’s no wonder that the ITS market revenue is forecast to make up USD 70 billion by 2027, as Global Market Insights Inc. reports.
Based on the data by Market Research Future (MRFR), the market is anticipated to grow to USD 44.885.8 million by 2026 (at a CAGR of 17.5%). Last year, it was USD 18.520 million.
Electronic Payment System in Transportation Market
The intelligent transportation system market is on the rise. The need for electronic payments in the transportation market is growing fast. Find a respectable online payment processing company to move your business forward successfully.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.