EVERTEC, Inc. (EVTC) is based in San Juan, Puerto Rico. The company provides a range of merchant acquiring, payment processing, and business process management services. The company operates through three segments: Merchant Acquiring, Payment Processing, and Business Solutions. In comparison, Usio, Inc. (USIO) in San Antonio, Tex., is a payment processing company that provides integrated payment processing services to merchants and businesses, including automated clearinghouses, processing, credit, prepaid card, and debit card-based processing services.
Digital payments were picking up pace with the widespread use of smartphones and the growing popularity of e-commerce, but the COVID-19 pandemic accelerated the adoption of contactless and digital payments due to restriction-driven changes in the economy. Digital payments can be categorized under browser-based payments, in-app purchases, and in-store checkout using a mobile phone or QR code. According to a ResearchandMarkets.com report, the global digital payment market is projected to grow at a 10.9% CAGR to $12.55 trillion by 2027. The rapid growth in digital payments will benefit digital payment companies such as EVTC and USIO.
