4 payment forecasts you don’t want to miss in 2020

Will there be another revolution in the way payments are made in 2020?

Well, if we look around we’ll notice that the revolution is actually already here and it is as fast-paced as ever.

The consumer mentality has changed drastically over the years, thanks to the significant influence of the digital world and all the opportunities it affords.

While years ago it was difficult to imagine paying for a product or service with anything but cash, today it is a habit to take out our credit cards to complete a payment. And that’s not all.

Technology is evolving at the speed of light, changing the culture of payments the way.

We can now use digital or e-wallets to make payments via our smartphones and other gadgets.

And who knows, maybe in the near future we’ll be able to pay for our coffee with our cars!

The fact is, consumers are increasingly searching for convenience, comfort, and flexibility when it comes to making payments.

To be able to offer customers this experience as a small or medium-sized business, we’ve prepared a list of four payment forecasts for 2020 that are worth taking into consideration.

1. Consumers will look for even smarter and more convenient ways of making payments

Fintech is pushing towards innovation and consumers are following by raising their expectations.

In 2020, it will be a must for businesses to quickly adapt and offer seamless payment methods.

In-app payments are expected to grow in popularity, along with mobile. It is a growing trend to pay directly with your phone and SMEs can take advantage of this by preparing in advance.

An all-in-one payment solution like myPOS offers a multi-channel approach to payments and can support any business with its growth objectives and their adaptation to the future of payments.

2. E-wallets on the rise

E-wallets are among the fastest developing trends in the future of payments technology. And it is easy to see why.

These digital wallets offer everything consumers are after – speed, accessibility, and security.

You can make in-store or online purchases with ease, withdraw cash from ATM machines, or send money when necessary.

Forecasts reveal that in 2020, more locations and websites will start to acknowledge the benefits of e-wallets, encouraging consumers to take advantage of the opportunity.

3. Security – a vital element

Considering that all data related to financial services is extremely sensitive, it is only natural that in 2020 security will remain a highly-stressed factor.

Consumer awareness has increased and they will most certainly require detailed information regarding security when they are introduced to a new solution.

For SMEs, this means that offering innovative and cutting-edge payment solutions will require sound technical understanding and knowledge.

Biometric authentication, mobile wallet integration, and the increased use of AI and Machine Learning are all areas we are expecting to see more of in the payments arena next year.

4. Payments will become an essential part of the customer experience

Customer experience will no longer be limited to the way customers are greeted in physical locations, the way an e-commerce site is organised, or how easy it is to find the best product or service according to interest and consumer behavior.

Payments will take a central part of the customer experience and can literally make or break a long-lasting relationship with clients.

With the dynamic lifestyle of people around the world, consumers will increasingly be looking for a quick, reliable, secure way to pay.

The future of payments in 2020

The future of payments has a lot in store and it will be exciting the see how the potential of this dynamic field unfolds.

The best advice for businesses looking to ride the wave of innovation is to wisely choose a partner in payments that is able to provide payment solutions, expert knowledge, and offers answers based on a futuristic mindset.