Technologies such as voice assistants, the Internet of Things or new biometric solutions are gaining strength and next year we will begin to see how they crystallize in forms of payment that will gradually spread and become something everyday, as now I It is paying with a credit card. This will also infect all the actors in the sector, who will not have to lose the train of innovation.
In this post, we will talk about the five trends that will transform the payment industry in 2020
- Social commerce and voice commerce. In 2020, “Social Commerce” and “Voice Commerce” are likely to be fully integrated into our lives, allowing payments to be made with a social media chatbot or instantly through voice. It will be increasingly common to see the “Value Added Services” or “VAS” implemented, complementing transactions in payment terminals and offering extras for retailers and consumers, including loyalty offers and coupons that will be perfectly integrated into the transactions.
- IoT objects as a single payment platform. The way we use things is changing. Thanks to the Internet of Things, everyday objects such as refrigerators, televisions and even cars will be connected to each other, which may mean that future payments can be made using this type of device, without having to intervene the computer or mobile .. The possibilities offered by the Internet of things are endless when you know how to integrate a secure payment system into its integration into our homes, products and daily needs.
- Emerging technologies at the service of security. Consumers are aware of the use made of their data, so they are extremely aware of security and will continue to demand new security solutions from the market for maximum security. Years ago it was common for the only security measure to be a PIN number, but it is something that is currently falling short. The new technological developments focus on the use of biometric authentication or the integration of payments through mobile phones, and next year we will not only see that they become more everyday, but also extend the adaptation to cryptocurrencies or the use of Artificial Intelligence and Machine Learning to ensure fully secure payments.
- Total integration of physical and online sales. Payment is the central element of commerce and customer experience. Consumers only want one thing when it comes to payment management: they shouldn’t involve any effort or be totally discreet, but still be under their control and be totally safe. In 2020 we will see how more and more suppliers manage to successfully merge physical and online purchasing systems, creating the best multichannel experience, which will allow them to become market leaders.
- Influence of startups and fintech. When it comes to payments, the experience of use and the new services are decisive factors. To offer the solutions that consumers are demanding and look for new areas of growth, the payment industry must rely on the best corporate and institutional organizations, venture capital funds, start-ups and fintechs. And be willing to do tests that allow them to find new products and formulas. During this process you have to work with both consumers and consumers, so that you can offer the right products and gain customer confidence.
In the past five years, consumer behavior and expectations have radically changed the way we make and receive payments. Until recently, consumers still had to pay when asked. Now they can pay whenever they want, where they want and how they want
This change in behavior, largely driven by the change from cash to non-cash, has led to new uses and payment methods that are created at a rate we would never have imagined just one or two years ago. And this process of change will not only not stop, but will accelerate next year under the cover of new technologies.