Top Trends That Will Transform Payment Industry in 2022
This “Top Trends That Will Transform Payment Industry in 2022” originally published Feb 21, 2022 by Scott Dickens.
Today, the advent of QR codes has offered a whole new world of contactless payment possibilities to the global economy. The codes allow you to make instant payments by scanning them with your smartphone, making virtual payments even faster.
No wonder the speed of digital payment methods adoption saw massive growth in the last few years, especially after the COVID-19 outbreak, and we will witness even more payment technology revolutions in the coming years.
In this article, we have outlined payment industry trends for 2022 that are too good to ignore.
Computer-Vision Powered Payments
Facial recognition technology is one of the revolutionary trends in the digital landscape, as it can expand payment processing capabilities in the digital payment industry.
With machine-vision AI, debit and credit card details can be added with your facial ID and allow you to make payment with it.
Another advanced digital solution is Amazon’s Deepens Technology, which lets cameras scan your grocery items without going via a cashier. It launched its cashier-less grocery store. While it’s in its initial stages, it will disrupt payment processing platforms soon.
Voice-Activated Payments
Biometric secured payments can easily integrate with most smartphones.
But advanced use cases are putting efforts to make it fully integrate AI-powered smart assistants with voice-recognition technologies.
Smart assistants will access your accounts for the transaction using voice-activated payments.
Moreover, voice-activated payments won’t be integrated with assistants or other biometric securities devices for verification in the coming years.
Mobile Point of Sale
Mobile POS is defined as a portable point of sale on a device such as a smartphone or a tablet that works as a register.
With a mobile POS system, many businesses, from food trucks to cab services providers, can take credit card payments on the go.
To implement mPOS software in your payment process, you need to download the POS app, integrate your reader to the digital device, and take payments instantly.
However, when looking for a mobile POS for your business, consider a secure, reliable, and easy-to-use platform.
Contactless Payments
Contactless payments allow customers to enjoy the ease, speed, and convenience of recurring transaction processing. It is faster, secure, and reliable that frequently sends encrypted data to the point-of-sale device.
The credit card details on file are encrypted and frequently changing in contactless payment. So even if hackers succeeded in hacking a system, the data they hacked would be useless.
Many big giants like Apple, and Google have already introduced their contactless payment systems in the digital payment industry.
To make payments via contactless payment platforms, all you need to do is download their application, feed card details, and then wave your smartphone across any reader.
Security Powered by Artificial Intelligence
Security and reliability are critical aspects to consider while adopting digital payment solutions. Customers will always prefer using a payment method that is foolproof and secure. That’s the reason why the payment processing industry won’t be able to expand its capabilities without developing top-grade security. And this is possible by integrating artificial intelligence solutions into your existing payment processes.
No doubt, the payment industry receives a vast amount of customer details and their payment data each day that uses for everyday transactions.
Therefore, to detect all the possible threats related to such transactions, enterprises in the payment processing sector are now integrating artificial intelligence and machine learning into their processes.
Cross Border Transactions
Today’s enterprises are expanding their businesses globally to gain a competitive advantage in the digital landscape. Payments, purchases, and remittances often require an exchange of funds across borders.
As the name suggests, cross-border payments imply making payments or receiving funds across different countries, so the country where the merchant is registered is different from the country where the customer’s card was issued.
Simply put, payment gateways integrate multiple payment methods and platforms to make transactions fast, seamless, secure, and easy to enhance your customer’s experience.
Mobile Wallets
A mobile wallet or mobile application is a digital payment solution that works as an actual physical wallet.
It enables you to make or receive payments to or from other users and store the remaining funds inside the wallet.
It has made our lives easier in recent years by allowing us to pay buy tickets, pay utility bills, do grocery shopping, and many other perks.
Many big brands such as Samsung, Apple, and Google, have created perfect competition in the market by providing mobile wallets to encash this transaction.
However, all those wallets are leading brand-specific. Therefore, more small and mid-scale enterprises will create their brand-specific wallet in the coming years.
What’s Next?
The evolving digital payment solutions in the payment industry influence businesses to adopt digital methods and stay ahead in the global market.
These trends are shaping our future payment methods, from credit card processing to mobile wallets solutions.
Moreover, many merchants offer reward points along with purchases that have been made via digital payment solutions to boost brand engagement and retention, which can be considered as a trend in the digital payment industry to be set in 2022.
So, if you want to expand your business in the global market, you must look into the above-mentioned trends.
