From innovative technological advancements to the COVID-19 pandemic and the need for safer contactless solutions, the digital payment sector is continuously evolving and attempting to adapt to the changing environment. While cashless payments have already become quite prominent, these recent shifts have forced the industry to come up with new solutions that will equally satisfy the needs of companies and consumers alike. As a result, new digital payment trends emerged, and here are some of the most notable ones we are seeing the most come 2022:
Electronic online payments
Electronic online payment systems work by digitally transferring funds from one account to another, and are mostly utilized in e-commerce. As the popularity of online shopping increased significantly during the last few years due to the emergence of COVID-19, so has the use and the ease of electronic transactions. Online payment options such as electronic checks and bank transfers are now more common than ever, and businesses all around the globe can expect an increase in these types of transactions in the following years, as consumers continue to move from in-store purchases to online shopping.
Apps and mobile wallets
Special payment apps and mobile wallets have truly revolutionized the way we interact with money. By providing us with the opportunity to effortlessly transfer money from our smartphones and wearable devices, this form of payment is incredibly quick, safe, and much more convenient both for the consumer and the business. Customers don’t even have to retrieve their cards in order to make a payment any longer; simply tapping their smart device on a suitable payment terminal is enough to make a purchase. Being contactless and entirely secure, this payment option became especially popular during the pandemic, likely due to the increased safety it provides.
Blockchain-based cryptocurrencies are slowly becoming the new normal and for a great reason. Blockchain is a highly secure and incredibly swift technology that can easily accelerate payments and transfers while preventing fraud and other legal issues, which is why it’s such a quickly growing trend among businesses of all types and sizes. However, the use of crypto among individuals is expanding as well. Nowadays, many individuals decide to download the best online crypto wallet available on the market in an effort to experience the blockchain lifestyle. Offering safe storage of cryptocurrencies, supporting various main chains and crypto assets, and enabling the trading of various assets, this digital asset wallet is easy to master even for beginners, thus giving everyone the opportunity to experience the beauty of blockchain.
Mobile point of sale
Mobile point of sale (mPOS) systems enable any smartphone or other portable device to receive payments. This is quite an interesting trend in payment that is only expected to rise in popularity in the years to come, as it provides more flexibility and adaptability, especially when it comes to brick-and-mortar stores. However, mPOS systems might turn out to be even more beneficial for sellers with stalls in concerts, food trucks, trade shows, farmer’s markets, and other similar events, since they don’t require a traditional internet connection in order to receive payments.
Biometric verified payments
Biometric verified payments are another growing trend to watch out for in the following years. Rather than allowing customers to make payments only by using their cards, biometric verification uses a strong two-factor authentication method such as a face scan or a matching fingerprint to process and accept payments. Clearly, this technology significantly increases the safety of transactions for both consumers and companies, and it might even reduce opportunities for fraud as well, which might be especially helpful to stores selling higher-priced goods like luxury and designer items, gold and gemstones, electronics, etc.
Buy now, pay later
“Buy now, pay later” or BNPL is among the most widely-used industry innovations. Usually, in the form of a specialized app or service, a BNPL option allows consumers to purchase a product and receive it immediately, while paying it off later in monthly increments. As the rates tend to be lower and the terms more favorable than traditional credit cards, many customers decide on this solution for financing purchases they wouldn’t have been able to afford otherwise, such as apparel, home goods, auto parts, etc. While the use of BNPL options has increased significantly since 2020, it’s only expected to rise in the near future.
Evidently, the digital payment industry is constantly coming up with new solutions that will make transactions quicker, safer, and more convenient for all. And while new innovations in this sector are continuously appearing, the trends mentioned above are the most prominent ones to focus on in 2022.