When it is about the seemingly insignificant area of payment, the evolution of technology has been quite the opposite. These changes have been huge. It is due to these huge advancements that being constantly aware has become critical to stay ahead of the curve.
While payments of any kind are financial in nature, the implications span far and wide from the finance sector. As payments keep getting enhanced in their digital identity, more and more companies are brainstorming to monetize and optimize their digital payment system and the overall customer experience in the payment process.
As far as trends for 2020 go, digital payments are moving in a more consumer-focused direction, trying to look into newer ways of making payments as convenient as possible. Some of the trends that will be more visible than ever in the area of digital payments in 2020 are here below-
· Reduction in the Number of Cash Payments
Given the present social distancing norms in place all over the world, the number of cash transactions has seen a considerably large dip. And this is something that is bound to continue for a long time ahead, where digital payments will keep on taking more share from the cash payments in terms of frequency.
New payment options and e-commerce growth will further encourage this trend.
· Lesser Visibility for an Enhanced Customer Experience
Whenever the topic of digital payment comes up, the experience of customers has been an important aspect of every discussion. And rightly so, as it is the customer experience that differentiates between different payment contemporaries.
This overall process is heading to a new route, where the payments are almost invisible. Made possible with a digital wallet app integrated in a mobile application, say an on-demand cab booking service, where the digital cash gets automatically uploaded into the wallet.
The efforts to make digital payments almost invisible and completely hassle-free is going to be a trend that is going to redefine payments, and some big evolutions can be rightly expected in 2020.
· Small and Medium Enterprises Will Go the Digital Invoicing Route
With payments undergoing constant change with every passing day, payment related activities too are taking the digital route. Digital invoices and many other related areas are also becoming digital, which is nothing short of a healthy trend in the year of 2020.
The trend is showing its presence mainly in the B2B sector, where it was the preference for manual entries in accounts and databases that ruled the rooster. The current situation, however, establishes the need for a more agile process to sort this out, and digitization of a firm’s accounting system is the best bet.
· Ushering in the Era of Contactless Payments
With more and more preference for mobile payment apps, banks too are not looking to stay behind. After all, they are the primary financial institutions and they need to keep up too. There are quite a few banks who are giving out contactless payment cards now, where a card user just needs to wave or tap on a card reader to make a purchase.
If the merchants are able to harness this technology, they will also be able to accept payment from mobile wallets like Google Pay and Apple Pay too, and this again is nothing but the encouragement of contactless payments.
· More Convenience, More Security
It is unanimous that digital payments increase the overall convenience for customers, but it is also crucial to take care of their security as well. This is why it is a popular opinion that with every step in boosting the payments technology will be complemented by a more stringent security protocol too.
As far as merchants go, they already have some security measures embedded that help payment companies keep a track of transactions, and also keep the data safe and secure. 2020 can witness the utilization of supremely advanced technologies like Artificial Intelligence (AI) to prevent any kind of fraudulent activity.
To put it in a nutshell, as a company it has become vital to provide every kind of payment solution possible to the customers. Enabling increased functionality will help in the retention of customers, thanks to increased convenience. With better digital payment solutions, loyalty is bound to have a multi-fold consolidation.
For the most sophisticated mobile payment apps, Consagous Technologies can be a great choice for you. Backed by an experienced and professional team, it’s just what you need!