2019 was a great year for the payments industry, headlined by mergers, new technologies, big announcements, and shifting consumer preferences. These payment trends had major implications not only on the financial industry but also on other markets. In 2020, experts predict that payment companies will be making huge bets on cloud computing, mergers & acquisitions, modernization, and collaboration with other players in the industry.
Here are five payment trends you’ll want to explore before making another purchase online. Many sites like the https://apuestas-caballos.com/apuestas-de-caballos-en-nueva-jersey/ are embracing the most advanced payment methods when it comes to the greatest horse racing sites. These trends will drive change in 2020 and create new opportunities.
Top 5 Payments Trends Shaping 2020
- Contactless Payments to offer Seamless Customer experience
In the payments industry, customer experience has become a major topic of discussion over the last three years. This experience will reach a new stage in 2020, thanks to contactless payments, which is a big shift in the market.
In the past, you either bought commodities in a physical shop or online, though you’d need to enter your information on the checkout page. However, contactless and embedded payments are changing all that in 2020. In most cases, customers will not need to put their information while paying, as mobile payments become a major trend in 2020.
- Invoicing for SMEs to go digital
As the payments industry continues evolving, all the activities surrounding it are also changing. Today, we’re witnessing the digitization of different payment aspects, including accounts receivables and invoicing. In fact, we are on the verge of B2B digital billing revolution, with organizations looking to simplify the way they bill their customers and also get paid.
- Cross-border eCommerce to grow exponentially
With global eCommerce on the rise, this payment trend has continued growing over the last few years. According to industry experts, eCommerce accounted for over 16% of 2019’s global retail sales, and it’s expected to grow at 20% annually. In fact, the global eCommerce sector is expected to surpass the traditional retail sector by 2036.
- Increased regulation
In a bid to protect the consumers and local businesses, regulations will continue increasing in 2020, and the affected businesses will need to devise ways to adapt. For instance, regulations like PSD2 and GDPR in the EU have been on the horizon, having huge implications on payment usage and data protection. These regulations will take full effect in 2020, and companies will have no option than to increase transparency and protection for their customers.
- Fraudsters are getting sophisticated
As fraud prevention experts continue developing smarter ways of stopping fraudulent activities, fraudsters are also getting sophisticated thanks to new technologies. As such, balancing the customer experience with the security of their data will become a huge challenge in the financial sector. Nonetheless, innovation in fraud prevention will continue being a major trend in the payments industry this year.
According to industry experts, AI will play a major role in fraud prevention, helping digital businesses to make better decisions when approving transactions, and rejecting fraudulent activities. Companies will also use fraud data to get key business insight on how to improve their systems.
