Over the past few decades, we’ve seen many changes in the way we conduct payments. Payment trends and the payment industry are continually evolving to make payments easier for both parties. Cutting-edge and evolving technology drives most of the current payment trends as of today.
To put it simply, in the past making payments was very complicated and involved a lot of processes and external parties. It was either an exchange of cash which caused a lot of hassle or technology that required a lot of processes to complete a simple payment.
As technology advanced many businesses and industries took need of their consumers’ and markets’ wants and adapted payments that can be fast, easy and convenient while being safe & secure.
Why did digital/technology take over payment trends?
Due to advancements in technology, there were many inventions and technologies that gave businesses the opportunities to make payments as easy as a process of one card tap and the payment is accepted. As a result of this improvement, many industries adapted contactless payments and payments involving technology, which led to a growth of payment trends. According to Fintech Futures, the real-time payment market growth is expected to reach a CAGR of 32% from 2022 to 2028.
Let’s take a look at some of the arising payment trends which have continuously been growing in the past few years:
Mobile point of sales (mPOS)
mPOS solutions came in as a revolutionary technology because many businesses could avoid the heavy external hardware payment systems and in store payments. mPOS solutions gave them the liberty to go to external places such as concerts, food trucks, outdoor markets etc and still collect payments in a more accessible and easier manner. mPOS payments enable faster, secure, efficient payments for B2B, which will continue to grow throughout the year.
Customers today value convenience more than anything else. The increase in digital devices has spurred the e-commerce market to keep growing and payments to be carried out through online payment platforms. According to the E-Commerce Foundation, in the past few years more than 25% of consumers purchase via e-commerce rather than in-store.
Since the pandemic, contactless payments have seen a huge growth. Due to safety reasons many consumers have preferred contactless payments where there is no requirement of inserting the card and touching the terminals. It simply allows them to tap their card and pay on the reader with NFC enablement. These payments have seen a 92% growth in the past few years and will continue to grow.
A mobile wallet is a digital mobile solution which can essentially act as a physical wallet. You do not need to carry your bank cards etc and can receive, pay and store money in that waller digitally. Since mobile wallets are company specific and have been rapidly growing, many more companies will come up with their own mobile wallets. This option allows the consumers to conduct easy and contactless payments.
Learn more about Tidypay´s PSP services in contactless payments
TidypayGO SoftPOS is also our upcoming launch which will simplify and offer the services of contactless payment journey furthermore.