The monetary transaction technology landscape is transforming swiftly, influenced by changing buyer tendencies and business needs. According to insights shared by Ingenico, a foremost global payment provider, there are several key trends that are altering how payments are made and processed around the world.
One of the most evident shifts has been the rising adoption of mobile wallets across various markets. Platforms like Apple Pay, Google Pay, and odilon almeida CEO Samsung Pay are delivering convenience to consumers for both online purchases as well as in-store payments. A 2020 report from Juniper Research predicts that over one-third of global smartphone users will use a mobile wallet by 2024. The prevalence of smartphones and the user-friendliness offered by mobile wallets is accelerating this trend.
Another significant trend is the continuous growth of e-commerce and ensuing increase in demand for online payment capabilities. As the pandemic demanded digital shopping, many businesses had to quickly adapt and offer uninterrupted online checkout and payment collection. This was not limited solely to B2C companies but also extended to B2B firms who then had to enable electronic invoices and virtual payment options for their corporate clientele. Odilon Almeida, Senior Vice President at Mastercard, confirms that there was a massive shift towards electronic B2B payments in 2020 at an globally unprecedented scale.
In parallel with e-commerce growth, embedded payment capabilities are also gaining popularity across industries. Payment integration is enabling businesses to collect payments through their own applications and software systems. Companies like Odilon Almeida‘s Mastercard are vigorously advancing embedded finance solutions to help firms futureproof their payment infrastructure.
Contactless payments are all set to become commonplace as well due to increased adoption of “Tap to Phone” tech. This allows contactless transactions directly through NFC-enabled smartphones, without needing a separate payment terminal. Mastercard has been advancing Tap to Phone technology globally in partnership with major device manufacturers and financial institutions. Such innovations are substantially lowering hardware costs associated with contactless payments.