In the payments industry, there are always new trends, and if you want to stay ahead of the curve, it’s important to be aware of these trends and understand how they could impact your business. In this post, we will discuss five of the most important payments trends that you need to know about.
The Rise of Mobile Payments
According to a report from Juniper Research, global mobile payment users are expected to reach 1.31 billion in 2023 up from 980 million users by 2019. This represents a compound annual growth rate of 54% from 2019 to 2023. If you aren’t already accepting mobile payments, now is the time to start. If you are, make sure that your checkout process is as smooth and user-friendly as possible.
Contactless Payment Transactions
Another trend that is on the rise in contactless payments. This is where customers can make payments by simply waving their card or smartphone near a payment terminal, without the need to insert their card or enter a PIN. A credit card scanner can be used at the point of sale to read the card information.
This trend is being driven by the increasing adoption of NFC (Near Field Communication) technology, which enables contactless payments. NFC-enabled smartphones are becoming more common, and as a result, we are seeing a corresponding increase in the number of contactless payment terminals.
Digital Wallets and Digital Banks Continue to Grow
A digital wallet is a smartphone app that stores your credit card information, so you can make payments with just a few taps. A digital bank is an online-only bank that offers all the same services as a traditional bank, but without any physical branches. There are a number of reasons why these types of payments are gaining popularity. For one, they are convenient and easy to use, and they offer lower fees than traditional banks.
Increased Focus On Fraud Prevention
As payments go digital, businesses face multiple threats from cyberspace. This has led to a renewed focus on fraud prevention strategies, including biometric authentication and machine learning. Businesses need to be aware of this trend and take steps to protect themselves from fraud. One way to do this is with a payment provider that offers advanced security features and takes advantage of a reputable credit monitoring service.
The Internet of Things
The internet of things (IoT) refers to the growing network of physical objects that are connected to the internet. These objects include everything from cars and appliances to door locks and lightbulbs. As more devices get connected, we are seeing an increasing number of opportunities for payments integration.
For example, there are now a number of IoT devices that allow you to make payments with just a few taps. As the number of connected devices grows, we can expect to see even more innovative payment solutions emerging.
IoT has also fuelled data-driven finance, which is the idea that financial decisions can be made based on insights gleaned from data analytics. This trend is still in its early days, but it has the potential to revolutionize the payments industry.
These are just a few of the most important payment trends that you need to know about. Keep these trends in mind as you develop your payments strategy for the year ahead.
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