When PayPal, Amazon, and other online payment firms are no longer the dominant players, how will the industry evolve?
Payments companies such as PayPal, Visa, and Mastercard have been hit by a wave of cyberattacks that have crippled their networks.
As a result, it has become increasingly difficult for them to accept transactions online.
In the US, a group of US-based payment processors, including PayPal, Bank of America, and Capital One, announced on Tuesday that they will no longer accept payments from the companies they partner with.
The move is likely to affect customers of many of these companies, who are already paying more than $US1bn in fees every month, according to industry figures.
In some cases, the companies have been forced to shut down operations altogether.
PayPal has shut down more than 50 branches in the US in the last month, while Bank of American has shut almost 1,000 branches in a few months.
It is likely that the disruption will continue as a result of these attacks, which have hit banks like HSBC, American Express, and Target, as well as payment processors like Paypal and Venmo.
PayPal says that the closure of its US network will allow it to focus on expanding the business and building out its global network.
“Our customers and partners rely on PayPal for payments and for our payment processing and money transmission services,” PayPal chief executive officer Matt Jurczyk said in a statement.
“We are committed to helping them continue to thrive, and we are working to provide our customers with the best possible service.”
Visa has also reported its first losses, as the number of fraudulent transactions on its system rose by more than a quarter in the second quarter of 2017.
It says it is working with banks to improve the speed of payments to improve its ability to process payments.
The payment processor’s business has also been affected by other online payments companies.
Last month, Square, the payment platform of Square, said it would stop accepting payments from companies including PayPal and Visa.