The age of digitalization has made it convenient for users to make payments as they prefer. Gone soon are those days when consumers have no choice as to the rails directing their payments and even in some instances having to pay immediately. Buy now pay later options were just announced at retailer Target who has affiliated with Sezzle and Affirm as installment payment options for shoppers.
Nowadays technology has made it possible and simple to make payments when we want, how we want, and from anywhere in the world. The innovations in the money transaction and payments system have witnessed a huge revolution in the last few years.
The transition from cash to cashless payments is yet another validation of innovative payment methods used worldwide.
innovative payment trends
Industry experts say that innovation has accelerated dramatically in the payment sector improving both convenience and security. Experts believe that the instant payment method is and will remain a major trend in the payment industry.
According to Abdeslam Alaoui Smaili, of Hightech Payment Solutions, the industry is currently dominated by two major trends. One is instant payments and the other is the role of artificial intelligence.
Smaili states s that “AI increasingly underlines everything we do, not only at HPS but with our clients and partners too. There is huge potential for its application, and … will prove to be pivotal to its widespread implementation.”
Ralf Gladis, of Computop believes that biometrics and omnichannel are the two key innovative trends in the e-commerce sector.
In the coming years fingerprints, face scans, and voice recognition will increasingly become more common and noticeable in e-commerce transactions. The advances will usher in an unprecedented level of payment security and convenience. Customers and retailers will be better protected against fraud than ever before, and they will soon no longer be required to use passwords that are notoriously easy to guess.
Retailers can and will in some cases utilize biometrics for payment authentication, a process that was previously only available to banks, thanks to Secure Customer Authentication Delegation. As a result, payment authentication will soon be seamlessly integrated with login, resulting in one fewer step in the purchasing process, and one fewer point at which the customer can abandon their purchase.
Online and offline commerce is rapidly merging to improve the shopping experience for online shoppers as well as those who like to shop in person. At the physical point of sale, large touch-screen screens will bring the online store to life. Customers may immediately select things that are not in stock on site, order them, and have them delivered to their homes at a time that is convenient for them.
conclusion
New technologies and how users embrace them are continuing to impact the payments industry. Examples include the rapid growth of mobile usage which prompted the expansion of Open Banking, further sparking a wave of payments innovation. It appears that as always, user adoption is the driving element or determinator of payment innovation acceptance.
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