Cardless payment trends, increased mobile wallet usage and pay by link are some of the major trends in the card payment industry.
FREMONT, CA: Emerging technologies simplify how people pay for goods and services. Whether buying in-store or online, customers want prompt assistance.
Cardless payment trends: Physical credit and debit cards may be used less frequently in the future. Merchants who embrace technological improvements can offer quick response codes for cardless purchases. Customers can then pay for items by scanning a QR code on their smartphone. For instance, Walmart customers can use a mobile payment application to scan a QR code and pay for items. The option to purchase without a branded store card or major credit card is a popular payment trend that marketers should keep an eye on. For consumers who worry that their credit or debit cards may be lost, stolen, or otherwise compromised, cardless payment technology is fantastic. Cardless transactions may also appeal to consumers who prefer to avoid carrying their wallets or handbags when shopping.
Smart speakers provide buyers with more cardless payment choices. Customers can utilize voice-activated devices like Amazon's Alexa or Google's Next to make purchases and payments.
Increased utilization of mobile wallets: Following the COVID-19 pandemic, trends revealed a 50 percent decline in cash payments for goods and services. Mobile applications enable cardholders to go considerably faster through the checkout area. Mobile wallet payments are expected to exceed $80 billion by 2026.
Real-time payments: The requirement for faster and safer payment processing has resulted in real-time payments (RTP), enabling merchants to access their payments immediately. Standard electronic payments may take several days to clear.
The real-time payment network sends and receives money using tokens rather than account numbers for added security. RTP networks benefit both merchants and consumers. They utilize peer-to-peer platforms to transfer money in seconds. Some transactions may incur a service fee.
Pay by link: Successful merchants who provide customers with a selection of secure payment methods may also see increased revenue. Pay by link will be an essential trend to watch since customers prefer fast payment processing, enabling them to easily switch between various tasks. Even without a website or a storefront, a retailer can provide a link to facilitate payment for a purchase. Links can be sent to a customer's smartphone by text message, email, or social media account. Pay-by-link is an excellent strategy for businesses of all sizes.
