How are online payments changing these days?

 8 June 2022

Today it is challenging to imagine a company that operates without online payments. This industry is developing at a tremendous speed, so constantly monitoring trends is needed. It will allow you to continually improve and be competitive because if your company offers an inefficient payment system, this can lead to the loss of customers.

Main trends in online payments

There are several main trends:

• More payment options;
• Temporary security code;
• Contactless payment;
• Biometric authentication;
• Voice payments;
• Convenient mobile POS;
• Advanced security.

Each of these trends has its characteristics, so it is worth talking about them in more detail.

A large number of payment options

Modern companies tend to cooperate with a large number of payment systems. It allows us to offer customers more opportunities for convenient cooperation.

If earlier online stores accepted only bank cards, today, many offer to pay through e-wallets or cryptocurrencies.

So, the more payment systems, the better because it increases loyalty and allows you to provide goods and services to people from different countries and regions. As previously published the list of payment gateways in this article.

Temporary security code

Many people do not want to pay for purchases with a credit card, as scammers can use the received data. Today this is becoming impossible due to temporary security codes. It allows you to significantly increase security because no one else can use your card without your knowledge.

Contactless payment

Contactless payment is viral today. According to some reports, more than 300,000 contactless cards work in the US alone. In addition, there are several additional services, such as Google Pay or Apple Pay, that allow you to make such payments.

So, it allows you to make payments much faster and easier.

Biometric authentication

If earlier payments were confirmed using various codes, biometric authentication is increasingly used today. So, to double-check all the data, you can use a fingerprint. It is much faster, easier, and allows you to make sure that no one has stolen your card or smartphone.

Voice payments

According to some reports, more than 30% of people now regularly use smart speakers to buy things like groceries and household goods. This method is trendy today, so you should pay attention to it.

Convenient Mobile POS

With the best mobile point of sale (mPOS) solution, you can make payments faster, easier, and more secure for your customers, no matter where you choose to serve them.

Today, many providers provide such services, and you can easily choose several suitable options.

Improved security

Safety is a top priority for many customers these days. The better you protect your transactions, the better. It should be understood that in the United States alone, people lose more than 10 billion dollars annually due to illegal transactions. You should use additional gateways and innovative systems to avoid problems to improve security.

How to follow current trends?

There are a few simple recommendations on how to follow current trends. Among the most important of them are:

• Subscribe to top publics. Many large brands and providers maintain their social networks, where they often announce the projects they are working on. If you visit them regularly, you will not miss the release of new technology.
• Follow influencers on social media. Today, there are quite a few experts in online payments who share their observations on social networks. Of course, following such publications are not as exciting as following travel bloggers, but sometimes it can be beneficial.
• Study the work of competitors. For your company to be competitive, you need to keep a close eye on everything your direct competitors do. It allows you to identify their strengths and weaknesses to solve internal problems.
• Pay attention to digital payment providers. Most likely, you are already cooperating with various providers, and you just need to keep track of what new services they offer.

If earlier, most providers worked to speed up the transaction process; most of the trends aim to improve security. To not fall into the hands of scammers, you need to be aware of new technologies.