The evolution of payment methods is reshaping the way we pay, but how do merchants handle this constant change on a global scale?
The recent surge in alternative payment methods (APMs) is a result of technological advancements, heightened consumer desire for smooth transaction experiences, and increased consciousness about data security and privacy.
As digital wallets, cryptocurrencies, and mobile apps gain traction, consumers demand diverse payment options.
Large businesses might find navigating this multifaceted payment world challenging.
Yet, there are ways to simplify the integration and management of these systems for an optimal customer experience:
1️⃣ Collaborate with a dependable payment service providers and/or orchestration provider:
Such platforms can oversee numerous APMs worldwide, giving businesses a singular platform for streamlined management, lessening operational challenges, and ensuring location-based security protocols.
2️⃣ Focus on dominant APMs:
Incorporate the most prevalent APMs in your demographic, and monitor budding trends to outpace rivals.
3️⃣ Enhance user experience:
Ensure APMs integrate flawlessly into your checkout system. Craft user-friendly interfaces suitable for different devices and tastes, guaranteeing a smooth payment journey.
4️⃣ Maintain robust security and adherence:
When incorporating new payment avenues, uphold rigorous security norms and remain in line with pertinent rules to safeguard both your enterprise and clientele.
5️⃣ Remain flexible and ready for change:
As the payment realm shifts, be proactive in updating payment strategies and embracing novel innovations to maintain market relevance and edge.
The way we pay for things has changed tremendously in recent years, and the advent of #digital payment methods is just accelerating their increase in numbers. Starting from the first mobile payment via SMS in 1994 until today's onset of #digitalwallets and #cryptocurrencies, now we've had a great succession of #innovations.
Illustration show the progress we have made over the years, moving from face-to-face credit cards and cash payments to online transactions, mobile wallets, and even biometric authentication. And the growth is staggering: the digital payments market is estimated to reach $10 trillion by 2025 and 60% of the global population is expected to have digital wallets by 2026.
So what's next? Here are a few predictions for what we might see in 2024:
- Even more seamless payments: Your image of paying for items is that a smile or a wave of your hand can do the job. #biometric authentication is already used in several places, and it’s set to become much more popular in the coming year.
- The rise of the connected wallet: That is why our pockets are already more than just places to store money. They’re linked to other parts of our lives, for instance, loyalty programs and health insurance plans This tendency may prevail in 2024 too, as wallets will become much more personalized and user-friendly.
- The continued growth of cryptocurrencies: Cryptocurrencies can still 'be called' in their infancy, but they are capable of disrupting the way we pay. In 2024, may see more businesses taking crypto and we could watch the rise of these fresh and new ways to use cryptocurrencies.
However, the aforementioned ones are just some of the more probable options. I can't even describe how great it is to be in this sector right now, and I am impatient to know what the next year will bring.
Source: Marc Van Oost & Victor Yaromin's LinkedIn post.
#payments #paytech #digitalpayments #paymentservices #paymentsolutions #fintech #fintechindustry #paymentindustry #financialtechnology #paymentmethods
