5 Latest Digital Payment Methods & Trends Happening This Year You Must Watch For
Here’s a summary of the latest digital payment trends and their implications on tech businesses regarding pandemic reimagining payment methods.
The pandemic has caused a shift to pretty much everything, especially by the change of decisions in digital payments. The digital payment industry had a 16% YOY growth before Covid-19 hit us. However, now, the industry is exceeded over 22%. Reaching 10.5trn in value for the next four years, the digital payment industry is set for enormous growth. Here are some trends in the digital payment industry that you must be aware of.
A survey by NRF showed that 69% of retailers had seen a growth in frictionless payments as they are fast and one click away. They are thought to be good for business, especially e-commerce. Frictionless payments make the process of purchasing smooth and quick by decreasing the number of steps.
AI and ML
To enhance fraud management and protect sensitive data, Artificial Intelligence in payments is a new way forward. Cyber-attacks are increasing day by day, and your data is at threat; ML helps to help detect and block harmful breaches to security. AL and ML are said to work a Swiss army knife of digital payments.
Redefined B2B Payments
For a higher degree of customization and personalization demand from the customers, the B2B payments will see it in the future. B2B payment services offer us integrated payment methods such as scheduling or invoicing.
Providing a seamless checkout experience is the main goal of integrated payments. Accenture has reported that 50% of individuals are happy to let third parties initiate payments on their behalf. From CRM to POS, everything included in this category can reduce errors and streamline communications. Sales channel integration is another method that can upscale your business growth.
If we talk about the convenience of the users, there are no rivals of mobile payments. There are many advantages of mobile payments, such as unified revenue, track of payment history, and access to receipts of payments. Moreover, making your transactions quick, scalable, low-cost, and secure, cloud-based payments are a win-win. In the future, privacy concerns will hit mobile payments, with data being more secure through private communities.
By consulting payment technology and partnering with process improvement consultants, you can stay ahead in your digital payments curve.
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