With new digital solutions aimed at enhancing the consumer experience, the payments sector is becoming increasingly sophisticated. Let’s take a look at some of the key payments technology developments predicted to affect the market moving forward:
11 Payment Tech Trends to Track This Year
1. Stronger Security Defenses
Payment systems will prioritize cybersecurity and build new frameworks to counter the mounting fraud risks in payments.
2. Integrated Payments
Shoppers will benefit from a more streamlined checkout experience thanks to integrated payments.
3. Application Programming Interface (API)
APIs will lead to increased efficiency and cost savings. It will also enhance risk mitigation.
4. Innovative Payment Solutions
Creative solutions like NFC (near-field communication) will expand and enable contactless payments. Swipe QR codes and contactless cards will become more common.
5. Digital Ledgers
The digital ledger will increase decentralization and scalability while assisting you with contingency planning and risk mitigation.
6. Cloud Computing
Cloud computing cuts spending on infrastructure, increases agility, and leads to greater flexibility and improved service offerings. The evolution of the cloud will assist you in better adapting to the rapidly evolving digital world.
7. Artificial Intelligence, Internet of Things, Smart Devices & Deep Learning
Artificial Intelligence, the Internet of Things, Smart Devices & Deep Learning are all examples of emerging technologies.
Together they will simplify payment processing, improve fraud safety, and enhance risk management. Data sets will help businesses understand their audiences better.
8. High-speed 5G Connectivity
5G will continue speeding up data transfer and enhance data access in isolated parts of the world.
9. Machine Learning and Data Analytics (ML)
A stronger emphasis on data analytics and machine learning will allow you to understand your customers better and create more personalized product options.
10 Peer-to-Peer Payments are Evolving
Several payment systems already provide premium features such as investing & trading, digital currencies, and debit card options.
11. Rethinking Business-to-Business Payments
New B2B avenues prioritize increased customization and modification. The goal is to encourage faster business-to-business payments.
Blair Thomas has been a music producer, bouncer, screenwriter and, for over a decade, has been the Co-Founder of eMerchantBroker, the highest-rated high-risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favourite books.