by Je Yaranon on May 2021
This is a year that’s quite geared up to generate a ton more changes for everyone, and digital payments are certainly included. Not only is it influenced by the pandemic’s inescapable and unpredictable shift, it’s also practically led by companies who will try to follow trends and shape new ones.
Let’s discuss some that we ought to look out for:
Biometrics are more than a fingerprint scanner in establishments, or a super hi-tech reaching machine we see in movies. It’s all about security, which can’t be more important in this day and age since cyberattacks come in various forms and affect in many dangerous ways.
Biometric authentication has progressed nicely - from fingerprints, it has extended to eyes, cheek bones, voices, and many others. Who’s to say payment cards won’t go through the same?
Buy Now, Pay Later
Though it mirrors the standard process of credit cards, BNPL is simply more affordable. Consumers from everywhere are seeing its many benefits now and are steadily shifting to the newer and friendlier scheme.
As opposed to paying the full price outright, which are the part of the norm in credit and debit payments, BNPL allows customers to cut the purchase into chunks and pay months after, often in varying small amounts and sometimes without interest. Look for BNPL to keep increasing its numbers as the months roll along
Contactless payments are the consumers’ new darling because of the pandemic. It just caters to their needs and preferences, so we can most probably expect this to keep trending over the next months, likely years.
If more countries do decide to transition into a cashless route within the next decade, watch for QR codes to evolve as one of the payment world’s kings.
You’ll keep hearing this from us and basically the entire industry: contactless technology is here to stay and it will likely takeover the payment world soon.
Like its ‘sibling’ QR codes, NFC’s tap-to-pay process is not only fast and easy, it also caters to the new normal. So, as such, it’s blessed with all the characteristics that can instantly endear them to consumers and merchants.
No other payment tech is close to threatening NFC and QR codes as the most advanced (for now, at least). They have all the momentum they can handle.
What are your thoughts on these trends? Are there others that we missed? All hot and up-and-coming trends are sure to generate branches of thoughts from everyone, especially now that the industry is swiftly evolving.
As VeritasPay continues to provide high-quality payment solutions and promote cashless transactions, the company is also dedicated in bringing in fresh and informative content. We’ll be continuing to share new articles about our products, services, and varying subjects within the industry as we move forward.
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