Today, around 3,8 billion people have smartphones. Almost 60% of the world’s population have access to the Internet. These figures continue to grow year over year, encouraging the transformation of consumers’ behaviour and triggering businesses worldwide to adapt to those changes.
The ongoing digitalisation received an additional boost from COVID-19 pandemic and long-lasting lockdowns that followed in many countries. New reality cemented online shopping and digital payments as convenient and safe ways to simplify people’s daily lives.
In its turn, the need for scalable and reliable infrastructure to power the online economy increased significantly.
Payment service providers (PSPs) are companies that represent the vascular system of online payments. Thanks to their services, people can shop online, make and accept money transfers, subscribe and pay for services, etc., all of which have already become an integral part of our lives.
Payment service provider market will more than double in the coming years, growing from roughly $40 billion in 2019 to staggering $88 billion in 2027.
You can become a part of these game-changing snowballing market by establishing your own PSP company without significant investments. In this e-book, we’re going to learn how.
How to start a PSP:
10 major steps
Do market research. Decide where you’ll be registering your new business, which legislation is in place there, and would you be able to handle complying with it. It’s better to have a highly qualified lawyer with strong market knowledge to help you set up a company following local regulations. Evaluate the demand level for payment services in your geography and examine competitors’ offerings.
Create a business plan. Without having a thorough plan before starting any business activity, you’re most likely to waste money and take your lumps. So, based on the insights gained after the first step, plan out what your exact offering will be, how much you will charge, how much money you need to start and maintain operations.
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