From Pin and Chip to contactless and beyond, payments have changed drastically. These innovative payment solutions powered by cutting-edge technology flaunt today’s technological achievements.
Moreover, digitizing payments is a massive step towards achieving a fast, easy, convenient, and secure payment method. Therefore, it is fascinating to see what 2022 has in store for us in these exciting times. In this article, we’ll take a close look at all the payment trends that have the potential to make it big today and tomorrow.
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Let’s get started:
1. Going Contactless
The practice of contactless payments is escalating all around the world. As a matter of fact, in March 2020, it was reported that the contactless payments growth rate had doubled in the Nordic nations during the first quarter of the year.
Similarly, an AMEX survey also found a substantial shift in the U.S. customer mindsets and technology. The number of people using contactless payment methods in stores increased by 11 percent in April 2020 compared to August 2019.
More than ever, in the wake of COVID19, customers are trying to find ways to minimize physical contact at the point of sale (POS) for health and safety purposes. On the other hand, contactless payments allow consumers to purchase products without physically entering their PIN into a card reader machine.
And when it comes to e-commerce, innovators of the HPS payment solution believe that contactless payment is the key to their business success. Be it through a mobile or computer, availing your customers with the benefit of fast and secure payment methods is a great way to earn more customers and revenue for your business.
2. Mobile Payments
Starbucks, an American international chain of coffeehouses and roastery reserves, hopped on the mobile payment bandwagon early, developing its barcode-based app to let consumers make payments via mobiles back in 2011.
Now, several food chains have adopted the same technology. As a result, customers don’t have to stand in long queues to make orders. On the contrary, they can make orders and payments for their food while sitting comfortably at their tables.
3. Fewer Leather Wallets More E-Wallets
The e-wallet was once entitled to the world of crypto traders. Today, the e-wallet has replaced the leather wallet sitting in your pocket or handbag. PayPal, Apple Pay, and WhatsApp pay offer e-wallets, allowing consumers to make fast and secure P2P payments. For insurance, utility, and top-up bills, book tickets for entertainment and holidays, international remittances, and make all sorts of payments online.
And the good news is that they all are fast catching up with the trend. Not only do they provide convenience over traditional methods of payment, but they also offer customers tempting cashback offers and reward points. Consequently, customers now prefer making payments via an e-wallet rather than the old conventional way. So, if you are a business owner, keep in mind that your customers are also becoming more digital with payment innovations.
To Sum it Up
To stay relevant and profitable, a company must offer an innovative payment solution that supports omnichannel payment solutions to their customers. The more pleased your customers are with your businesses, the more they will trust your brand, which will act as a foundation of a successful enterprise.