Before we look at the top payment trends we must understand the history and facts of digital currency. What started with the barter system has now moved to something straight out of a sci-fi movie, Digital currency. In between, the payment industry took several turns around card-based payments, NFC, and even biometric authentication. This complete […]
Updated 22 January 2024
Director at Appventurez
Before we look at the top payment trends we must understand the history and facts of digital currency. What started with the barter system has now moved to something straight out of a sci-fi movie, Digital currency. In between, the payment industry took several turns around card-based payments, NFC, and even biometric authentication.
This complete revolution from what the payment industry started to what it is today is something that has still not reached full circle and is still evolving on a full innovation spectrum.
In this blog, we are going to look at the future of the payment industry from the perspective of the trends that lie in front of it.
But before we move on to those trends that are soon going to hit the payment industry, let us look at how far the domain has come –
Now that we have looked into how technology has transformed the payments industry, the timing is apt to get down to what is there to come as the future of payments.
So, without further delay, let us get to it straight.
Mobile payments have in themselves created a great market in the payment industry. The time when payments were restricted to cash and cards is now slowly passing. The demand for multiple payment modes is how technology has transformed the payments industry with an increase in app development companies that specialize in mPayments but also the global payment market.
This rise in the revenue that the mPayment market is seeing is the doing to the glaring rise in the number of users who are now turning to the convenience and ease that the payment mode offers.
Now, talking specifically about the in-store mobile payments ecosystem, while debit and credit cards seem to continue being the king of the domain, mobile payments which rely on NFC technology, contactless payments, and digital wallet trends have in for a long time.
It is estimated that the in-store mobile payment structure is going to be worth around $503 billion by the time we reach 2022, thus proving itself to be one of the major digital payment trends.
What will continue to propel the whole in-store payment situation and the future of payment methods is the need for convenient modes that are simple, fast, and secure to use.
A device that is all set to redefine the payment structure is a point-of-sale device. Mobile-based devices have made it possible for shops of all sizes to offer ease of debit or credit card-related payment with ease, making it the future of digital payments.
This expected rise in the POS systems has brought in an equally bigger rise in the whole global share of the system’s future of payment gateway methods.
POS is one of the popular options for companies in the payment domain.
It is estimated that by the time we hit 2024, there are going to be around 20 billion biometric payments happening on a year-on-year basis. It’s one of the emerging payment methods in 2022. This estimated figure will rise with more and more devices incorporating biometric technology in how the consumers’ passwords are authenticated.
With more and more frauds happening in the payment industry, a facility like biometric authentication will prove to be a complete game-changer. Instead of depending on debit and credit card payments which verify the identity through PIN or signature, biometrics takes security to an entirely next level, thus securing its position as the future of online payments.
While contactless payments have already been in trend for some time now, the trend will find itself growing into the future of the payment industry in 2022. From the many wearable payment devices to cards that enable customers to pay using a single tap at the terminal, the technology is now defining the future of payment technology.
The fact that contactless payment has found a place in US public transport, the transaction value is poised to rise in the market.
Artificial Intelligence, specifically under its capacity as a powerful voice-based technology is setting a new record in the payment ecosystem, specifically in the commerce and retail space. AI in fintech & payments enables users to shop and then pay for the items without browsing through their devices.
Using artificial intelligence in the payments industry at its more advanced level will help merchants be a part of an evolved digital payment ecosystem. This answers the question of how Ml is improving the payment industry. This answers a general query, how is AI used in payments?
Bitcoins and the whole cryptocurrency domain, in general, need no introduction. While low in adoption value for the past few years, the use cases of cryptocurrency in businesses are only going to increase as payment trends of 2022, especially with more and more retailers now seeing it as a legit payment mode.
So, it’s not just payment that is gonna witness a huge rise from the Blockchain for business domain but the whole Finance industry.
With the finance world now getting interoperable, there is an ever-growing rise in the need for properly engineered and well-tested APIs. While there are already several APIs functional in the industry enabling easy money transfer facilities along with the convenience of putting money in a wallet straight out of the bank account, etc.
The industry is all set to see more and more APIs now entering the payment space, making them one of the biggest trends impacting the future of payment technology. This rise in APIs the payment industry is now seeing is bringing in with it a whole new concept called Open Banking, thus bridging the gap between the traditional and modern banking systems.
A concept that would entirely alter the future of the payment industry. Businesses can experience steep growth in digital banking success like Capital One App – which is a great example of implementing emerging techs for digital payments.
With consumers now demanding similar experiences from every platform they choose, their payment needs are also moving to multiple platforms. One of the PWC annual surveys revealed that 91% of consumers preferred to shop in the stores while 84% preferred shopping online.
These choices when mixed well are leading to the inception of more and more payment devices and applications in the industry, thus bringing omnichannel to the list of the future payment technology trends.
Here’s a graph from a PWC survey highlighting the omnichannel payment module.
These were the payment processing industry trends that are all set to redefine payment technology very shortly. Are you prepared?
The various types of payment methods have been given birth by the question, how is mobile commerce shaping the payment industry? To answer this question, we have seen the growth of various technologies. The top payment trends discussed in brief in the blog will give you an idea.
At Appventurez, we provide mobile wallet app development services for both Android and iOS platforms. We have a dedicated team of experienced mobile app developers who are fully capable of building fully secure and customized, attractive-looking mobile payment apps. Our professionals work constantly to deliver you the best applications for your business and these benefits of our e-wallet development solution will surely strengthen your business.
Q. What's new in the payments industry?
The dynamic power in the payment industry is revolutionizing as businesses and consumers shift dollars from cash and checks to digital payment methods. Cards influence the in-store retail channel, but mobile wallets like Apple Pay are noticing a rapid growth in usage and paving the way for the future of payments.
Q. What are the 5 payment methods?
There are five payment methods, including Cash, Checks, Debit cards, Credit cards, Mobile payments and Electronic bank transfers.
Q. What are the benefits of using a mobile payment app?
Convenient, faster, secure, and reliable are the most important benefits of mobile payment apps.
Director at Appventurez
Director and one of the Co-founders at Appventurez, Chandrapal Singh has 10+ years of experience in iOS app development. He captains client coordination and product delivery management. He also prepares preemptive requisites and guides the team for any possible issues on a given project.
Posted : 29 May 2019
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