Payment Processors Will Fail In 2022 And How To Adapt

Credit cards on points of sale, some of the payment processors that will fail

Earlier this week, Chamath Palihapitiya predicted the failure of Visa and Mastercard. The billionaire stated that the two will be the biggest 2022 failures. Of course, that doesn’t mean all payment processors will fail.

But, it’s still an earth-shaking development.

Today, we’ll look at why the former Facebook executive and venture capitalist thinks that. Of course, you’ll also learn what you can do about it.

What do experts think about why payment processors will fail?

Now, there are countless payment processors. We have PayPal, Neteller, Skrill, cryptos, and debit/credit cards. The last one of those is the one in trouble.

As many know, Visa and Mastercard handle a duopoly of these methods. Simultaneously, it gives them a unique edge and the failure’s reason.

Below, you’ll find out why.

Centralization becomes a concern

The first disadvantage is also that “unique edge”: centralization. Owning the majority of financial transactions around the world is enviable. But, consumers are getting tired of that. That’s why crypto has been a major force worldwide.

Web3 projects are revolutionizing finances

Speaking of crypto, we can’t forget about Web3. The metaverse, DeFi, and other developments have attracted attention. That means plenty of investors flocking to these new companies.

In many cases, they’re more efficient than traditional solutions.

The Web3 movement is boosting developing countries

Finally, Web3 has been a godsend for many countries—the expert mentions Nigeria. That means a much wider reach. Think of developing countries. These are largely-untouched markets for many reasons. Web3 is opening these frontiers.

What can you do if traditional payment processors will fail?

Thankfully, this news isn’t bad at all. If you’ve followed our advice, you’d know that. For instance, we already talked about how ERP has grown. Many of the reasons relate to these developments.

All these innovations are almost synonymous with ERP’s advantages. So, here you have a few tips:

Embrace new technologies

Don’t fear change. Even today, many companies oppose these developments. It can be scary or costly, but adapting to change is vital.

Invest in expert consultancy and implementation

Thus, having access to expert resources and experience is critical. Prioritize hiring field experts on blockchain, crypto, decentralization, and more.

Nurture a change culture that embraces innovation

Finally, a change culture is a must for any company. It’ll help shareholders, managers, and employees at all levels. Moreover, it’s a requisite for integrating these new technologies.

So, payment processors will fail in 2022: Now what?

Well, the final step would be to contact an expert to help you implement these technologies. Luckily, that’s why Zero Point exists.

We’re currently giving new clients a free consultation. Use that to assess your challenges, goals, and needs. We’ll develop an in-depth plan for success.

For more information, book your meeting here!

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