Wednesday, September 22nd, 2021
Payment trends that were just emerging were suddenly hastened due to the COVID-19 pandemic outbreak. The rapidly changing market conditions spurred both merchants and customers to evolve in order to thrive during these uncertain times.
With the massive shifts in payments due to the pandemic, radical changes in consumer buying behavior, and more, there are now 7 digital payment trends that are set to reshape the payment landscape in 2021.
7 Digital Payment Trends Impacting 2021
1. B2B Payments
As more payment technologies provide faster and safer services, this level of performance is now expected within the B2B payments sector.
B2B payment trends in 2021 will see a growing adaptation of integrated digital payments platforms, and “process digitization” in order to streamline operations like invoicing and payment scheduling, and providing total transparency.
2. Real-Time Payments (RTPs)
A highly efficient tool, RTP issues notifications in real-time for every transaction. This includes invoices with payments, messages of confirmation, payment requests, and account statements. These useful features maintain a high level of transparency for both parties.
In 2020, the RTP global market size was valued at $10.64 billion. From 2021 to 2028, the market is set to grow at a compounded annual growth rate or (CAGR) of 33%.
3. Unified Commerce
One of the most sought-after solutions in 2021 is a unified commerce. This would consist of offering e-Commerce, M-Commerce, customer relationship management (CRM), inventory management, catalogue management, point-of-sales features, order fulfillment, and a host of other finance management solutions all within one single software.
By implementing this all-inclusive solution, you will reduce operational costs, eradicate duplication, and offer a higher, more satisfactory customer service experience. By integrating all sales channels, this will greatly enhance efficiency.
4. Cloud-Based Payments
Cloud-based payment technologies utilize a network of remote servers that are hosted on the internet in order to make payments quickly and promptly. The servers store, manage, and process the payment rather than performing a single local service.
Cloud payments are gaining traction due to leveraging the benefits of cloud computing such as flexibility, security, automation, and faster cash flow. This will give your traditional payment system a major upgrade and eradicates the consequences of late payments.
5. The Merging Of FinTech With Banks
Customers want personalization, customization, and speed when it comes to the processing of their transactions. Unfortunately, the banking sector has been sluggish in adopting new, innovative payment technology, making the implementation of such innovation a massive challenge.
Banks have discovered that, in order to stay relevant and competitive, by joining forces with FinTech, they will be equipped to offer more personalized services to their customers.
6. Smart Speaker Payments
According to research conducted by Statista, 35% use smart speakers to purchase groceries, home care items, and clothes. In addition 28% of users utilized home assistants and smart speakers in order to make payments and even send money.
The future looks favorable for this as Big Tech corporations such as Apple, Google, and Amazon, are investing heavily in developing their smart speakers.
7. NFC Payments
According to Market Research Future, the worldwide near field communication (NFC) market is expected to climb at a CAGR of 17%. When it comes to revenue, the NFC market is expected to reach $30 billion by 2023.
Security and ease of use are its super powers. Users simply need to either wave or tap on their smartphones in order to make a payment. NFC is a contactless payment technology that is being used in various countries worldwide.
Final Words
The year 2021 promises to be an exciting year for digital payment innovation. It is in the best interest of businesses to stay ahead of the curve by learning about and implementing the latest digital and mobile payment technologies.
It is vital to continue to provide customers with global, nimble, uninterrupted, and secure payment options.