The manner in which we pay for things has changed drastically since the turn of the millennium 16 years ago and increasingly, customers are looking for better, alternative digital payment methods which are modern, faster, more convenient and available on mobile devices. Recent trends and innovation across the industry suggest this market demand is being met. Here are some examples of how the payments industry is evolving.
One of the largest front-end innovation that has taken place in the payments industry is the introduction of digital wallets and ongoing moves towards digital based transactions without the requirement for cash.
It is now easy to store your money in an online account by signing up for providers of this service. You can then make transactions on the move using your preferred device.
Contactless payments are also growing fast and becoming increasingly popular across the retail industry — you can now shop on the high street and even pay for public transport just by tapping your card onto a reader. Faster, easier and no PIN verification needed.
Security and Authentication
Cyber security is in the news a lot more and the bigger companies are investing heavily in the latest and most robust online security technology.
Fingerprint identification is the latest innovation — previously, this had been exclusive to high-profile forensic organisations and top-end security for celebrities.
However, mainstream devices are now clever enough to recognise your unique fingerprint pattern — allowing all of us to benefit from additional security.
This links the previous two points together — payments are now much quicker than they used to be, whether they are on the internet or in the local supermarket.
As well as contactless, lots of online merchants now offer one-click payments, where you simply enter your payment and personal details on one occasion and never need to do so again. It is also now possible to buy things through adding your debit or credit card to your mobile device.
Sending money has also become much faster as alternative to traditional bank wire transfers and are now more common.
While still important, physical wallets are becoming less and less influential — rather than taking large amounts of money around with them, most people use them simply as card carriers.
Instead, more and more people are using their smartphones to spend and receive money as technological advances continue to influence the payments industry.
Almost every bank and payments system has their own mobile app, which makes it easy for customers to manage their cash on the go rather than waiting until they have access to a laptop.
This type of quick and secure access to funds is helpful for consumers, but it also allows small businesses to more quickly meet demands and accelerate business growth. Taking advantage of all new features without any doubts will lead to better conversion and expand your customer base.
Skrill’s Services Can Offer You All
Skrill is an acknowledged world-leader in developing global payment solutions for consumers and businesses around the world. Now part of the wider Paysafe group, Skrill is trusted by merchants across the globe as the number 1 digital wallet provider and process more than 150 million online transactions a year. Skrill meet the needs of more than 156,000 businesses worldwide providing a convenient and secure way to send and receive money in nearly 200 countries and 40 currencies.
About the author
We thank Stanislava Todorova, Channel Executive at Skrill for this insight into the ever changing world of digital payments.