ISmall-Business.net

Intelligent Business Solutions

  • Home
  • Strategy
    • Small Business Strategy
      • Combining Niches to Maximize Profit Potential
      • High Ticket Versus Volume Niche Selection
      • How to Know When to Cut a Business or Niche Loose
      • Never Put All Your Eggs in One Basket
    • Sales Strategy
      • Facebook Networking Versus Paid Advertising
      • Brainstorming a Successful Sales Funnel
      • Best Practices for Profitable List Building
      • Backend Sales Strategy Tips
      • A Better Way to Use Webinars for Profits
      • Creating a Welcome Email That Makes Money
    • Production Strategy
    • Human resource strategy
  • Management
    • Business action plan
      • 7 Things to Send JVs to Get Them Onboard
      • Don’t Make JV Promises You Can’t Keep
      • How to Host a Challenge and Maximize Profits
    • Small Business Management
      • Putting Profit Tasks First During Time Management
      • How Self Doubt Sabotages Your Financial Success
      • Repurpose Your Content to Save and Make Money
    • Business Management Topics
      • Fighting the Stigma of Failure
      • Figuring Out the Perfect Launch Date and Time
      • Bonus Creation That Catapults You to Leaderboard Domination
      • Do Customers Prefer Video or Text Courses
      • Minimize Your Risk of Refunds with These 5 Tips
      • How Often Should You Email Promo Material
      • Narrow Niche Domination
      • Perfecting the Launch Process for Increased Profits
    • Business Management Blogs
      • Nobody Expects a Perfect Expert
  • Ideas
    • Find business ideas
      • 5 Lucrative Non IM Niches
      • 6 Niches That Are Hot on Social Networks
      • Are PLR Stores a Viable Way to Make Money
      • How to Know If a Membership Site Is Right for You
    • Idea feasibility
      • How to Make Money Off a $7 Product
      • Recurring Income Options
    • 10 top business ideas
      • Could Coaching Bring in More Money Than Products
      • Individual Coaching Versus Group Coaching Profits
      • Building a Reputation as a Powerful Affiliate
      • Pinterest Profit Niches
    • Low cost business ideas
      • Making Money Off eBooks and Reports
  • Valuation
    • Business Valuation
    • Increase business valuation
      • Making Wise Investments in Tools to Further Your Business
    • Business Valuation Methods
    • Understand business valuation
  • About
    • About Me
    • Blog
    • Contact Us
    • Sitemap
    • Privacy Policy
  • Strategy
  • Supply Chain
  • Customer Focus
  • Entrepreneur
  • Biz Opportunities
You are here: Home / Entrepreneur / 4 digital payment trends for 2021

4 digital payment trends for 2021

January 22, 2021 by Asif Nazeer Leave a Comment


COVID-19 promoted the adoption of technological models that generate alternatives to the use of physical money and that this new year will be consolidated as a real alternative in people’s daily lives.


January
22, 2021

6 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.


By: BPC Banking Technologies.

  • Retailers went digital, now they must diversify their payment offerings.
  • Payments with QR Code will grow.
  • Voice activated payments will pick up momentum.
  • Contactless payments: COVID-19 will be the great catalyst to digitize the transportation payments infrastructure around the world.

BPC Banking Technologies , a company that offers smart digital solutions and works with banking institutions and neobanks, presented its projections for the digital payments market for 2021.

“It cannot be denied that COVID-19 presented the greatest challenge for cash transactions. The industry has never before seen such a drastic change in payment options with the replacement of cash payments to digital media. Mobile and contactless payments were the protagonists of last year, offering solutions that go beyond the hygiene issue linked to the use of cash ”, comments Santiago Egas, senior vice president and general manager of BPC Banking Technologies.

The adoption of new means of payment allowed people and businesses around the world to access the digital economy. But we are only at the beginning of what will be the reinvention of payment experiences.

Image: Unsplash.

According to BPC Banking Technologies, these will be the four trends that will define the way payments will be made in 2021:

1. Retailers went digital, now they must diversify their payment offerings

Merchants responded very well to the pandemic by moving to e-commerce, but the work is just beginning. Diversification of payment methods will be the crucial step in 2021. As consumers continue to embrace e-commerce, often interacting with merchants they have not purchased from before, we will see growing demand for new digital payment methods. capable of meeting the safety and security concerns of customers.

“The ability to pay on delivery, ‘tokenization’, biometric fingerprint cards, phone-to-phone payments, along with a variety of more traditional card payment options, will help create a landscape where the consumer can take decisions based on convenience, personal preferences and knowing that you are protected against financial fraud, ”explains Egas.

2. Payments with QR Code will grow

In the quest for truly contactless payments during the pandemic, these methods will continue to prove their flexibility, especially in emerging markets, primarily because they are easy to use and inexpensive to implement. For next year, this type of payment is expected to be even easier to use, thanks to integrations with digital wallets.

“Today’s QR code payment solutions require an application that only allows it to be used in one establishment. In developed markets, leveraging popular digital wallets already on consumer smartphones, such as Apple Pay, Samsung Pay, and Google Pay, make them more accessible. Customers will no longer need to download separate applications, but will be able to use their favorite wallet to make a purchase, “says Meyer Saavedra, sales manager and Latin America solutions consultant at BPC Banking Technologies.

3. Voice-activated payments will gain momentum

Although Artificial Intelligence has had important advances in other aspects of life; its application in the world of payments is only beginning to be seen. Voice-activated payments could be used to confirm transactions in other apps, such as food delivery providers. We are seeing how some merchants have integrated purchasing models that are activated by voice.

“Chatbots with speech-to-text and text-to-speech conversion are the functions that have become more accessible to the industry so far, and they will be protagonists of the transformation in the way we make payments within applications. Digital banking applications that offer this function allow their clients to give instructions on transactions and initiate invoice payments using only their voice, ”explains Meyer Saavedra.

4. Contactless payments: COVID-19 will be the great catalyst to digitize the transportation payment infrastructure around the world

COVID-19 has been the catalyst for governments around the world to adopt digital services. This is becoming particularly visible in transportation, where we are beginning to see that individual ticket sales systems with a fragmented approach are already digitizing elements of the infrastructure and being replaced by end-to-end services.

“Its implementation will be seen mainly in the smaller cities of developed countries, as well as in emerging markets, where the use of cash is massive. The benefits of paying with a simple touch will go far beyond maintaining social distancing, as we hope to see a greater willingness of citizens to use cashless payment methods in other settings, ”concludes Santiago Egas.



Source link

Filed Under: Entrepreneur

About Asif Nazeer

My current sphere of interest is Internet Marketing - Worked for many years in finance and banking. I now consult for small businesses and starts ups. Also involved in venture capital for new companies.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign up for our newsletter and receive a free EBook on how to boost productivity






Find it

Blog By

Small Business Consultant and Accountant helping grow your small business Read More…

Follow us online

  • Email
  • LinkedIn
  • Twitter

Recent Posts

The Benefits of Buying an Apartment in a Gated Community

Featured image from damacproperties.com Especially if you own a home-based … [Read More...]

  • 4 Steps to Take When You Quit Your Job – Careers
  • How to Find the Best Auto Insurance for Your Needs – Business
  • The Key Differences Between a Virtual Mailbox and a PO Box – Business

Archives

  • March 2023 (4)
  • February 2023 (2)
  • January 2023 (5)
  • December 2022 (5)
  • November 2022 (8)
  • October 2022 (7)
  • September 2022 (6)
  • August 2022 (6)
  • July 2022 (13)
  • June 2022 (11)
  • May 2022 (7)
  • April 2022 (8)
  • March 2022 (12)
  • February 2022 (8)
  • January 2022 (11)
  • December 2021 (9)
  • November 2021 (10)
  • October 2021 (11)
  • September 2021 (3)
  • August 2021 (10)
  • July 2021 (12)
  • June 2021 (5)
  • May 2021 (10)
  • April 2021 (17)
  • March 2021 (40)
  • February 2021 (39)
  • January 2021 (58)
  • December 2020 (66)
  • November 2020 (59)
  • October 2020 (34)
  • September 2020 (47)
  • August 2020 (37)
  • July 2020 (2)
  • May 2020 (1)
  • April 2020 (1)
  • March 2020 (33)
  • February 2020 (25)
  • January 2020 (20)
  • December 2019 (27)
  • November 2019 (28)
  • October 2019 (34)
  • September 2019 (38)
  • August 2019 (13)
  • July 2019 (44)
  • June 2019 (40)
  • May 2019 (58)
  • April 2019 (51)
  • March 2019 (43)
  • February 2019 (44)
  • January 2019 (43)
  • December 2018 (47)
  • November 2018 (43)
  • October 2018 (58)
  • September 2018 (44)
  • August 2018 (60)
  • July 2018 (49)
  • June 2018 (58)
  • May 2018 (54)
  • April 2018 (39)
  • March 2018 (46)
  • February 2018 (48)

Biz Opps

Featured image from … [Read More...]

Featured image by Andrea Piacquadio via … [Read More...]

Featured image by Jacob Morch via … [Read More...]

Customer Focus

First published in Exchange, the magazine of the … [Read More...]

Entrepreneurs

Uptown Cheapskate is a resale store for young … [Read More...]

A team of neuroscientists in the United States … [Read More...]

This article was translated from our Spanish … [Read More...]

Strategy

If you buy something through our links, we may … [Read More...]

In helping celebrate Black History Month, Facebook … [Read More...]

ZOHO started its current Email Marketing Basics … [Read More...]

Supply Chain

Although managing inbound shipping can be … [Read More...]

© Copyright 2015 iSmall-Business.net · All Rights Reserved · Powered by ISmall-Business.net · Admin