7 Digital Payment Trends in 2021
Since the pandemic, the digital payments market has unlocked unparalleled potential. It is estimated that almost 10 years' worth of digital innovation and adoption has been crammed into less than a year. It's expected that most of these shifts are here to stay long after the pandemic. The need for digital payments has surged and contactless payments have practically become a necessity. Let's look at some trends in the Payment industry this year.
Biometric for Mobile Banking: Biometric authentication is a system that relies on the biological characteristics of its users, this adds a layer of security and reliability to the payment process. This saves time and is a more convenient option for both the user and the payment facilitator. This will also offer a relatively more secure and error-free payment method.
Integrated Payments: Integrated Payments aim to offer a seamless and easy payment experience for its users. It simplifies and speeds up the process for both the consumer and merchant while keeping records of all activities. This along with seamless and easy payments offers a more productive overall customer experience.
Mobile Point of Sale (mPOS): Consumers and merchants are becoming mobile, freeing themselves from the limits of physical boundaries. It also adds flexibility and convenience to the customers in their spending experience while making it easier for the merchant to manage. Along with payments mPOS devices also carry multiple features to make the management process easier.
Voice-activated payments: A smarter and easier way to pay is via voice-activated payments, it comes with it a lot of scope. In the future, as the technology is being worked on this has the potential to be a front runner in digital payments. Smart devices attract tech-savvy people making the Voice payment technology one to look out for.
B2B Payments: In a dynamic and fast-paced business environment, the payments industry needs to keep to match up the requirements. B2B payments will soon demand a higher level of efficiency, security and personalisation. This would possibly be a market full of opportunities for digital payments to take over. Digitalising such payment flows will not only benefit the business involved but the ecosystem as a whole.
Wearable payment devices: Wearable payments methods offer an ultra-convenient and flexible mode of payment. The technology involved in such devices can be Near Field Communication Technology (NFC), Radio Frequency Identification (RFID) or QR & Barcode. This is an efficient mode of payment that also keeps you in trend.
Tap and go Payments: Tap payments are contactless and quick, an ideal option in the pandemic-ridden environment. All you need is your card to pay on the go. Tap payments have also seen a considerable increase in the pandemic. Digital natives are encouraging this change and upgrading from the traditional payment modes.
These are some changes that may drive and revolutionise the Payments Industry in the future. Simpler and faster payments are the key forces at work and will help make payments more convenient.
Stay updated with the dynamic Payments industry and learn about the revolutionary trends in the industry in 2022 and the future.
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