In the past few decades, digital payments have become a seamless, fast, and simple way of making payments. These new technologies help business owners to improve efficiency and stay competitive in the fast-paced world.
Businesses must choose a payment provider so that it becomes easier for both entrepreneurs and the customers to be on the same page i.e., a formal financial system.
Suppose, you run an eCommerce business. In that case, you must leverage the power of modern payment methods to streamline the checkout process which can benefit you as well as the customers. It will help you enhance the customers’ experience in online shopping.
Research states that digital payments are set to account for 70% of all transactions by the year 2025. Therefore, it becomes imperative for businesses to embrace digital payment methods.
With that in mind, let’s delve into a few payment trends to watch out for 2022.
1. eWallet And Mobile Payments
The pandemic has urged business owners to adopt a digital payment ecosystem to avoid intermediaries. With the need for social distancing, businesses took up the mantle and adapted modern payment modes to streamline the process.
Through modern payment techniques, organizations can improve brand loyalty by offering their customers discount coupons, online rewards, etc. Studies show that businesses that still overlook digital payment modes may experience a drastic downfall in their business.
Still not convinced? Industry tech experts at HPS-Worldwide.com say that more and more card issuers and retailers are launching mobile payment services for their customers. So, 2022 will be the year of digital payment provider apps, such as Google Pay, Apple Pay, Samsung Pay, etc.
2. Affordability/ Buy Now, Pay Later
Buy Now, Pay Later is one of the affordable payment solutions which has revolutionized the eCommerce industry. With this solution, you can offer a seamless online shopping experience to your customers by allowing them to place an order and pay interest-free installments.
So, why should you embrace the affordability payment mode? This digital payment solution is expected to grow 20x in the next five years. Many big industry leaders worldwide are already offering these payment methods to their customers.
You might have heard about blockchain a lot, it is all set to show its true potential in the coming years. It is one of the largest and successful technologies to make international payments. Blockchain introduced bitcoin and other cryptocurrencies worldwide.
Hence, engaging with digital currencies can help your business enter the new world of payments by catering to your customers, both locally and globally.
4. Single-Click Payments
The eCommerce industry totally relies on single-click payment methods. The idea is that by holding your card details, you can easily pay for your order immediately- with a single click.
For all your further purchases, it will automatically fill in your card details, resulting in saving time by entering the card details for every purchase. It is also known as “card tokenization” which allows users to make single-click payments if they have previously made a transaction on the website.
The Bottom Line
Digital transactions are the future. Hence, enterprises need to choose the right payment provider app to streamline the checkout process for their customers.
For organizations, it is crucial to adapt to digital transformation in finance to remain competitive.