The train of technology is rushing faster than ever, and if you miss hopping on when there’s a chance, you’ll regret it deeply as waving to your competitors who are going towards success. Technology has ultimately revolutionized payment by introducing and developing online payment. Rarely do any of us carry much cash in our pockets, and it’s hard to remember when was the last time we bought something serious with cash. Credit cards have perfectly swooped in and redefined who we buy and sell.
But technology doesn’t just stop there, as there are more areas to improve and make online payments simpler, faster, and more secure than ever before. This blog discusses 4 upcoming major changes for digital payment that reshape our experience and impression.
1- Go Contactless, Or Go Home!
After the Covid-19 pandemic, customers now expect contactless service, which includes payment as well. The number of online purchases skyrocketed in 2020, mainly due to the social distancing protocols. Authorities and governments advise people to stay at home and leave the house only if necessary. That made everybody reform their lifestyle, including their and shopping habits. This blessing in disguise had people discover the comfort of online payment.
The statistics claim that online payment has grown by 36% annually in the second quarter of 2020. Plus, there were 800,000 more e-shoppers in the same period.
85 million online purchases were made in the second quarter alone, with expectations increasing even more due to stricter Covid-19 protocols and the upcoming holiday season.
In the third quarter, online stores witnessed annual revenue growth of 21.6% on average. Companies that don’t yet have online shops should roll up their sleeves, or they’ll miss the train of business growth while their online peers are waving to them!
Another consequence of the Covid-19 pandemic is that customers avoid using cash. That’s because cash is now a medium for spreading the virus. We are now opting for contactless payments, for example, credit cards, mobile phones, or wearable.
According to Mastercard, contactless payments have increased by 78%, of which 14% were via smartphone or wearable gadgets.
2- Mobile Payments Have Become Unstoppable
Mobile payments are snowballing around the world. Mordor Intelligence estimates that the global market value of mobile payments will increase from $1,139.43 billion in 2019 to $4,690.65 billion by 2025. Market experts expect mobile payments and online payment will become the most commonly used payment method.
RMPro’s innovative payment solution is integrated to work on mobile devices as well. Instead of asking for customers’ credit card info, now they receive a private payment link in their email inbox, which can be simply completed on a mobile device.
3- Tokenization Defines The Future of Online Payment.
The Only Constant In Life Is Change, so we’ll witness changes in the payment process. Payments are becoming more intuitive and faster, but security remains a top priority.
One of the solutions to improve security in online payment is tokenization. This pioneering technology replaces the number on a physical payment card with an alternate code, a so-called token.
Therefore, credit and debit cards get digitized and fit into mobile wallets. That includes Google Pay and Apple Pay for making a physical and online payment on wearables and other smart devices.
For example, due to tokenization, it will be possible to pay online with your debit card. You can also link a token to a company where you repeatedly purchase products or services, such as Amazon or eBay.
4- Real-Time Process Is They Key To Success
Thanks to RMPro’s latest solution, real-time ordering and payments are now available for you and your customers. For example, it’s possible to get your order online and get paid instantly by sending a secure payment link to your customer. This minimizes the moments of contact between visitors and employees and makes the order process much more manageable.