One of the most dynamic sectors, the Payments Industry continues to grow and is being constantly propelled by technological and operational innovations. There are a number of individual, near-term trends that are reshaping the way payments gateway works and disrupting this technology as we knew it. Data-driven options for how to pay and receive payment, technology innovation with supporting infrastructure including differentiated services or experiences; all these and more will collectively have huge impacts for the payments organizations for over the next few years.
Simplify Payment Track: Simplifying the payment processing trend in on the horizon, As it happens, businesses, on average, have over five gateway processes. It is a possibility that their original gateway did not support a particular payment method, so they added one. Then, neither offered cross-border support so added another. All this is done in the name of improving the process but in reality, does the complete opposite. These have left businesses struggling with multiple accounts, payment data, payouts, and integrations.
Cross- Border E-commerce Will Rise: The popularity of digital cross-border shopping statistics are surprising. eMarketer Retail states that almost 70% of online buyers shopped from foreign sites in the year 2017. Merchants and e-commerce business owners are now realizing the possibility of huge growth they can get by giving buyers in every market and ease to access their preferred payment option.
Mobile Payments: The upcoming generation will be different. The millennials are said to be changing the way banking works. And with the availability of advanced smart handheld devices powered by fast networks.
Security Is Paramount: When online, customers do have legitimate concerns about the safety of transactions. With news about fraud and personal info being misused on the rise, it will definitely make them nervous while doing such transactions. Hence, enhancing and building strong privacy and data security infrastructure will be a pivotal trend in this industry.
To conclude, this year seems to be an exciting year for the online payment segment. With interesting trends and technologies making headlines, time will only tell on what sustains and makes a profitable impact on both, the retailers and the customers.