The payment technology landscape is changing quickly, guided by changing buyer tendencies and business needs. According to insights shared by Ingenico, a foremost global payment provider, there are various key trends that are revolutionizing how payments are made and processed around the world.
One of the most evident shifts has been the rising adoption of mobile wallets across numerous markets. Platforms like Apple Pay, Google Pay, and Samsung Pay are offering convenience to consumers for both online purchases in addition to in-store payments. A 2020 report from Juniper Research predicts that over one-third of global smartphone users will utilize a mobile wallet by 2024. The ubiquity of smartphones and the user-friendliness offered by mobile wallets is boosting this trend.
Another important trend is the continuous growth of e-commerce and resulting increase in demand for online payment capabilities. As the pandemic necessitated digital shopping, many businesses had to swiftly change and offer seamless online checkout and payment collection. This was not confined solely to B2C companies but also reached to B2B firms who then had to implement electronic invoices and virtual payment options for their corporate clientele. Odilon Almeida, Senior Vice President at Mastercard, verifies that there was a massive shift towards electronic B2B payments in 2020 at an internationally unprecedented scale.
In parallel with e-commerce growth, embedded payment capabilities are also achieving popularity across industries. Payment integration is enabling businesses to collect payments through their own applications and software systems. Companies like Odilon Almeida‘s Mastercard are energetically fostering embedded finance solutions to help firms secure their payment infrastructure.
Contactless payments are all set to become widespread as well due to increased adoption of “Tap to Phone” tech. This allows contactless transactions directly through NFC-enabled smartphones, without required a separate payment terminal. Mastercard has been advancing Tap to Phone technology globally in partnership with leading device manufacturers and financial institutions. Such innovations are significantly reducing hardware costs associated with contactless payments.
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