Navigating the future of payment solutions: Key macroeconomic trends every business leader needs to know
The global economy has seen some positive signs of growth and recovery, despite rumors of a potential recession since last February. The latest economic data has outperformed expectations, with GDP projected to increase by approximately 2% globally and 1.3% in Lithuania. Furthermore, labor markets are still strong, with low unemployment rates in most countries. However, the main challenge facing investors today is the high inflation rate, which currently stands at 5-6% YoY globally and 18.9% in Lithuania with a further projected increase of 9.5% in 2023. But there’s some good news – it’s not getting worse and public expectations regarding inflation are gradually declining. The two major factors contributing to the stability of the global economy are lower energy prices and robust private-sector finances (Central bank of Lithuania, 2023).
Families in the G7 countries are sitting on a considerable amount of excess savings, estimated at around $3 trillion, and businesses are also holding substantial cash reserves. Despite the continuing negative outlook for a potential recession, there are reasons for optimism as central banks work to control inflation and China’s economy continues to recover. Thus, the current macroeconomic landscape poses a challenge that requires adapting to advances in payment technology to streamline your operations and cut costs.
One of the key ways EPS LT is transforming the market is through the use of data. EPS LT can gain insights into patterns and trends by analysing customer transaction and behaviour data, informing targeted promotions and loyalty management strategies, thus increasing sales and customer retention for EPS LT clients. Similarly, by tracking and analysing corporate card usage data, EPS LT can provide valuable insights to businesses on managing expenses and streamlining payment processes. By monitoring gift card usage data, EPS LT can identify popular products, track redemption rates, and adjust promotions accordingly to drive more sales. EPS LT also leverages data to improve its health insurance payment solutions and offer customised solutions to its clients, meeting their unique needs and helping them stay competitive in the market.
A significant trend is the rapidly growing adoption of digital and contactless payment methods. Consumers are increasingly shifting away from traditional payment methods and cash, which has led to a surge in demand for card readers and other payment technology. This growth in demand has been further fueled by the increasing number of small businesses and entrepreneurs entering the market, leading to an increased demand for mobile card readers and mobile point-of-sale systems.
EPS LT, a payment service provider that is poised to revolutionise the market with its cutting-edge solutions. They offer a wide range of solutions, including bank card payments, contactless mobile payments, loyalty management services, corporate card solutions, gift card solutions, health insurance payment solutions, and customized solutions tailored to meet the specific needs of businesses.
As the trend toward digital and contactless payments continues to accelerate, and the number of small businesses and entrepreneurs in the market grows, demand for payment technology will continue to rise. Businesses that adopt the latest payment technology and partner with innovative payment service providers like EPS LT will benefit from increased security, efficiency, and convenience in their payment processes.