The Future Of Payments

August 10, 2022
Photo by Towfiqu barbhuiya on Unsplash

As technology evolves, the payment industry is changing as well. But, this sector saw significant changes in 2020. The pandemic speeded up the process, as cash was avoided mainly due to safety.

Businesses adopted online or contactless payment options to reduce the chances of spreading the virus. Many companies were closed, so the only thing they were left with was to provide their products and services online. With this, there was a surge in online payments.

Many businesses struggled with obtaining suitable payment methods for their operations. Payment systems like exactly.com can be easily integrated within your eCommerce business, allowing payments in different currencies.

Knowing about the current trends, what will be the future of payments? This post shares all you need to know.

The popularity of contactless payment

Contactless payments are already present in some countries. However, this payment method became mainstream in 2020. For example, Germany relied on using cash for payments. In 2020, they saw a surge in contactless payments. The industry has had a rise in demand for contactless payments and digital wallets since the pandemic.

These payments will get further tweaks and updates, such as increasing the limit per transaction. In addition, the safety methods will be improved. The users can control the amount they wish to have as a limit.

Biometrics

When the payment moves online, the risk of fraud is higher. Knowing this, the industry will get enhanced security options. One of them is implementing biometrics as a form of confronting identity.

Biometrics are already used to authenticate mobile payments. Users no longer have to remember a password, as all they need to do is get their fingerprint scanned by their phone.

Straightforward process

The customers are annoyed by the process of entering their card details every time they wish to make a purchase, as this takes them time and effort. With mobile wallets, the user can pay with one tap on their device. This will be a primarily accepted practice, as a long payment process can make customers give up their purchase. Abandoned baskets might be considered a result of extended payment options. As this is a threat to businesses, the payment options will be straightforward and simple.

QR codes

The QR code isn’t a new technology and was already present. However, it will get new implementations. The consumers needed to scan a QR code to enter a shop or other business. But, this technology can be implemented to maintain customer loyalty. Companies can give out coupons and promotional codes to their customers. This is a low-cost and easy-to-implement option, so businesses will consider the endless possibilities available.

Omnichannel will also become a popular topic as businesses struggle to provide a straightforward customer experience. During the pandemic, the customers wished to reduce the time spent in stores. Therefore, the click and collect orders were prominent and will still remain a popular option for busy people that don’t wish to spend their time around the store looking for the things they need.

For the ones that still enjoy shopping in stores, the brands will offer a personalized experience that embraces technology. A new payment method similar to the one that Amazon One uses will be popular. This option allows consumers to purchase the goods by having their palms scanned by a device.

Digital currencies

Digital currencies bring many benefits, such as low operational costs and enhanced security. An excellent example of this is the Swedish e krona. However, there are a total of 60 projects worldwide. With this, digital currencies are expected to become a massive thing in the future.

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