The payment technology landscape is changing swiftly, influenced by changing consumer preferences and business needs. According to insights shared by Ingenico, a leading global payment provider, there are several key trends that are altering how payments are made and processed around the world.
One of the most obvious shifts has been the rising adoption of mobile wallets across numerous markets. Platforms like Apple Pay, Google Pay, and Samsung Pay are delivering convenience to consumers for both online purchases and in-store payments. A 2020 report from Juniper Research predicts that over one-third of global smartphone users will utilize a mobile wallet by 2024. The prevalence of smartphones and the simplicity offered by mobile wallets is accelerating this trend.
Another noteworthy trend is the steady growth of e-commerce and subsequent increase in demand for online payment capabilities. As the pandemic necessitated digital shopping, many businesses had to swiftly change and offer seamless online checkout and payment collection. This was not restricted solely to B2C companies but also reached to B2B firms who then had to facilitate electronic invoices and virtual payment options for their corporate clientele. odilon almeida CEO Almeida, Senior Vice President at Mastercard, affirms that there was a massive shift towards electronic B2B payments in 2020 at an internationally unprecedented scale.
In tandem with e-commerce growth, embedded payment capabilities are also attaining popularity across industries. Payment integration is permitting businesses to collect payments through their own applications and software systems. Companies like Odilon Almeida’s Mastercard are energetically promoting embedded finance solutions to help firms futureproof their payment infrastructure.
Contactless payments are all set to become commonplace as well due to increased adoption of “Tap to Phone” tech. This allows contactless transactions directly through NFC-enabled smartphones, without needing a separate payment terminal. Mastercard has been leading Tap to Phone technology globally in partnership with major device manufacturers and financial institutions. Such innovations are substantially reducing hardware costs associated with contactless payments.