Payment trends you need to know right now

trends in payment processing

The traditional way of shopping has undergone rapid change while cash is being phased out, which has led to the emergence of different trends in payment processing to make it easier and more secure for online users.

Payment methods have been transformed by technology, seeking to be more user-friendly, through platforms that let them pay using the payment method of their choice.

The speed at which e-commerce is changing means companies must transform with a view to positioning their brand online and, therefore, it is important to be up to date on the payment trend definition and how we can use them to our advantage.

Some specialized companies provide this service to businesses looking to add a payment gateway to their website to allow direct purchasing. Before the pandemic, contactless shopping was becoming more common, however the pandemic accelerated this process, and now many people only shop that way.

Payment experience as a principal trend for the customer

what people are really after, that’s why:

  1. Payment gateways need to be set up asking for little personal data and increasing the transaction speed.
  2. It has been proven that customers are willing to pay more if their shopping experience is enjoyable, so special attention must be paid to constantly improve it.
  3. To answer the question «what does payment trend mean», one of the most valuable things to learn about is security in electronic transactions, which have increased because industries have focused on customer needs, not only in relation to the product, but also improving the payment experience.

Increase payment conversion and accelerate your business growth

Digital wallets

An e-wallet or digital wallet is a space where banking data can be securely stored, allowing online purchases or transfers to be made using a mobile device.

Its huge popularity in recent years has led to users replacing traditional methods, and the ease of registration allows small businesses to receive payments through transfers via this method.

These platforms allow the user to store credit card or bank account data and many of these digital wallets offer the user extra security, since the data required at the time of payment are minimal.

QR Code

These quick response codes have become a technology that has shaken up payment methods on mobile devices; in addition:

  • During the pandemic, it was a system widely used by restaurants to avoid physical contact, so guests could check the menu on their cell phone and pay directly from a platform. However, this did not stop there, as many companies have been opting for this technology to facilitate payment and access to information about the product by simply scanning the code with their cell phone.
  • Generally, they are placed in the stores to offer relevant information to consumers or lead them directly to the website. With this we can identify what payment trend is most used by the customers.

They work similarly to barcodes in supermarkets, but QR (quick response codes) allow for quick, contactless payments, which in some industries can be appealing to customers.

Payment by link

The links are URLs which:

  • Direct the customer to make a transaction sent by multiple methods such as e-mail, social networks or messages to their cell phone.
  • The process is straightforward and allows companies of all sizes and industries to access online payments without having their own website. 
  • There are many websites to help companies in this process, some at a low cost to reach more people, making paying easier, in particular if it is a purely digital business or a venture that is just getting off the ground.
  • These payment links also benefit freelance professionals who need an electronic payment method.

Pay by Link: Streamline your sales process in Latin America

Biometric authentication

Advances in e-commerce have meant that industries have had to develop new payment methods, as consumers want businesses to be up to date with technological trends.

This is the case of biometric authentication, with which very easy payments can be made just by scanning the fingerprint or taking a photo of the person performing the transaction. The most striking thing about this technology is that those who use it don’t need to remember tons of passwords to access or confirm a payment, speeding up the process.

Smart speaker payments

The use of devices with artificial intelligence has allowed users to employ them in a different way.

With a simple command, they can search for a song or be given information about a place. However, now they can be used to make purchases just by giving the order to these smart systems. By having all the network information, customers can listen to recommendations, compare products and find out the price.

All the new developments in e-commerce and those that will continue to emerge will make paying faster and more secure in the coming years. Undoubtedly, the increase in the use of mobile devices such as smartphones, tablets and computers has encouraged industries to focus on these processes to make them easier to manage.

Shopping on mobile devices is on the rise and, according to the Statista portal, in 2021, 70% of visits to retailer websites were made from a smartphone, generating 57% of total orders.

Consumers in the digital era are increasingly demanding, so we must implement all measures that improve the end customer experience. The key is to seek advice from professionals. 

At PayRetailers we can advise and help you create the right payment gateway for your business. What’s more, although there are many payment trends that we can implement in our companies, we can identify which ones are used by the target audience you are trying to reach.

PayRetailers: the best payment provider to scale your business globally

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