Do you remember the days of silver and gold coins? Where are they now?
Each passing year is revolutionizing the method of payments and daily consumer transactions. The days of solid coins and paper money is gradually subsiding into non-existence.
Thus, it is essential for every businessman to know about latest payment trends. Otherwise, their business will drastically suffer.
Moreover, you must remember that these ‘new age’ trends aren’t restricted to the e-commerce business. They are important for anyone who owns a shop and is planning on making a sale.
Think about it. How can you cater to your consumers if you can’t accept their payments?
Here are some of the latest trends that are creating a big bang in the market avenue:
1. Mobile Payments
It has been predicted that at the end of 2020, generation Z will become the largest population of consumers. This means that you will be dealing with an audience that was raised on smartphones since the screens are their life. That is why they are most likely to pay you through virtual means.
How do you get ready for them? You will have to revamp your payment systems and go digital. Moreover, affiliating yourself with an online payment service, mobile app or creating one of your own is a good idea. The main aim is to be available to the customers via mobile.
2. APIs and Open Payments
As we said, mobile payments are the It-thing in this millennium. That is why it is essential that your business has an open banking system or an API (Application Program Interface) that gives your customer’s access to pay their bills.
Therefore, we aren’t surprised to see banks running off to be associated with the best digital payment services available. They are well aware of the fact that traditional banking will gradually diminish as the pillar of an active commercial society. And all transactions will be done online.
3. Peer-to-Peer Practice
Who needs hard cash when you can perform virtual transactions?
You can pay your babysitter, carpool with friends and ask for a small loan through P2P transactions. This virtual money sharing has made money transfers quick and easy. Due to its high demand, businesses are making it their priority.
And you know that the investment is worth it if Mark Zuckerberg is involved!
Yes, we know that the industry is seeing a constant fluctuation in the appeal of this trend. While some call it a ‘stinking cesspool’ that is sucking our revenues, others are still humming in its support. So what is the truth?
To simply put it, you never know how the cryptocurrency evolves in the next decade. We believe that it has ‘potential’ and backing out might not be right.
The payment industry is churning out new trends every year. Thus, if you want to stay on top of the game, you will have to set eyes on every new arrival entering the payment arena. So make sure that you upgrade your technology!
Which trend are you rooting for?