Payments Industry Comprehensive Guide

This guide provides an extensive overview of the payments industry, detailing its size, history, and key players. It outlines the payments market in North America, highlighting that the U.S. accounts for over 90% of the market, with credit and debit card spending exceeding $11.5 trillion in 2022. The guide explains the role of the ACH Network in digital payments, noting its vast scale and the oversight provided by NACHA. It also discusses the evolution of card payments, tracing back to the introduction of credit cards in 1914 and significant milestones in the industry. The document further examines the growing popularity of digital payments post-COVID-19, emphasizing consumer preferences for convenience and security. It identifies key participants in the payments ecosystem, including merchant acquirers and payment gateways, and describes the processes involved in card transactions and eChecks. Overall, the guide serves as a comprehensive resource for understanding the dynamics of the payments industry.