One of the most interesting parts of being a payment service provider is identifying future trend. We work to help the businesses we work with evolve their offerings not just to keep up, but to better align with their customers’ spending habits and streamline the overall payments process.
Already, 2020 is just around the corner, and the new year will bring further development of existing payment trends and the introduction of new ones. Artificial intelligence, big data and cybersecurity concerns are all contributing to the changing face of commerce today, and businesses could already be missing out by ignoring these developments.
Working with a consultative payment services provider can help you to discover more about how your customers are paying for products now, throughout 2020 and beyond.
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So, what do we believe the future holds as a payment service provider, and what trends should businesses be looking out for in? We believe there will be:
- A greater emphasis on voice: The annual value of voice-based payments is set to rise from $2 billion in 2018 to $40 billion by 2022, according to global consulting firm OC&C Strategy Consultants. As more customers use devices such as Google Home, Amazon Echo and Apple's Siri as part of their purchasing habits, consumer behaviour will evolve and cybersecurity will become even more essential.
- Chatbots will be embraced: Artificial intelligence is improving fast, and can now automate many everyday customer interactions, including payments. Many brands and online retailers are already using chatbots to take care of basic mobile payment transactions with the approval of customers. For instance, hungry customers can order pizzas through Domino’s Facebook Messenger bot! However, efficient and reliable payment processing is crucial to the success of any transactional chatbot.
- More diversity in mobile wallets: It’s interesting as a payment service provider to watch mobile trends continue to develop. According to Worldpay, mobile payments will be the second most common payment method by 2022, beaten only by debit cards. As a result, we expect to see fintech providers embrace more diverse digital wallets to make people’s lives easier than ever before.
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On the surface, some businesses may be scared by the prospects of some of them. Will AI chatbots and voice-activated sales mean a total overhaul of their operations?
Not at all, and for some they may just need a couple of changes to their online presence to see greater customer traction. Most importantly, your business must offer secure transactions, be transparent in its dealings and work with customers to ascertain what payment methods are easiest for them and how you can improve as a business.
Fibonatix is an experienced payment service provider, working with businesses of all shapes and sizes across all industries to better serve their customers, streamline their internal financial systems and take the weight of financial regulations and compliance from their shoulders.
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