The Future of Payments
The future of payments is fast, frictionless, and convenient. There is no longer a need for manual data entry or processes. The way we pay for goods and services is evolving rapidly. And your business needs to be in the know.
Payoneer is here to help you understand the landscape and adapt to the future. It is coming faster than you think!
In this ebook, peel back the layers of what is heading our way in the payment landscape. Uncover the following:
- Predictions for financial services
- The five driving forces behind this transformation
- What do these predictions mean for businesses, buyers, and sellers?
Here is a summary of what to expect.
Why payments, as we know them, are disappearing
It is near impossible to predict the future with accuracy. Yet, enacting change today means staying ahead of the curve tomorrow. Businesses need to recognize and tap into opportunities presented by technological shifts, societal transformations, and economic developments.
We have identified five trends acting as forces to change the payments landscape. Smart companies can use these to prepare to meet the challenges that arise as a result of innovation.
Mobile is the word, with mobile devices adding factors of convenience and speed for people to pay on the go. Apple Pay and other mobile payment methods allow us to pay quickly and conveniently using our phones and biometric authentication. There no longer exists the need for physical cards and wallets.
Use of alternative payments, such as eWallets and mobile payments, is on the rise globally, with many everyday services now accepting digital payments. Everything from paying for Netflix-style streaming to using connected cars and checking goods out of physical Amazon stores is on the table.
From the Ubers we take to the Airbnb’s we book, there is little doubt that the sharing economy has infiltrated countless aspects of our lives.
The result is that people want easy, frictionless access to shared economy commodities worldwide. This has forced companies to adapt their payment infrastructure to account for this style of exchanging goods and services.
The forefront of this has been to accommodate the requirements of performing cross-border transfers and micropayments. Amidst this is the need to adapt to developing legislation, onboard sellers, settle transactions, and accept payments. As a result, demand is on the rise for payment solutions that help businesses navigate this global economy.
Generation Z, comprising over 30% of the global population, has significant buying power (USD 143 billion) and influence over family spending. Approximately 55% use smartphones for over five hours daily, making this cohort most likely to abandon traditional wallets in favor of mobile and online payments.
They demand a personalized shopping experience and a one-click checkout interface. Social media also significantly impacts their purchasing behavior, with 85% using it to browse products. PayPal and Instagram have recognized this opportunity and launched Instagram Checkout in the US. The result is streamlined payments and elimination of redirects to retailers’ websites.
The use of customer data
In the age of Big Data, customer data has become a vital currency in itself. However, with 66% of customers worried about their data security when paying online, companies must take extra care to protect it.
Businesses should develop deeply integrated ecosystems and liquid data exchange solutions to ensure data security and create trust among customers.
Traditional financial institutions and fintech start-ups are converging in a landscape of blurred boundaries, creating interconnected business ecosystems.
These ecosystems provide businesses with synergetic power as they join forces to create innovative products and services that can unlock the full potential of digital payments.
The future of payments
What kind of world awaits us when the dust settles? Will cash remain relevant or become obsolete, replaced by innovations currently in their infancy or unimaginable technologies? Ultimately, this riveting ebook leaves you with thought-provoking scenarios and invaluable insights.
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