According to the latest research, the global payments industry previously was about $5.4trillion in 2020 and is likely to touch $6.6trillion by 2021. It is expected to reach up to $10.5trillion in value within four years. Here are the top 5 digital payment trends to keep an eye on in 2021.
With the pandemic's hit, people across the globe are shifting towards contactless transactions in every possible area. Digital payments allow the user to keep tapping on their smartphones to make payments using QR codes making the tasks simple. Many companies like Apple, Samsung, and Google already have made their respective contactless payments.
With increasing cyberattacks, it brings the need for cybersecurity to overcome threats. And these digital payments can go forward ensuring security. Payment companies are improving their existing cybersecurity framework preventing securities, intrusions. Facial recognition, biometrics, and voice-enabled payments being essential factors in ensuring safety and security purposes.
Integrated payments offer a seamless checkout experience for prospective customers. As they do not expect payment to be a separate part of the exchange but as a part of the trade heading towards extra steps for its completion. This allows them to interact with the customers directly.
With increasing FinTech companies, payments have become more central to make B2B experiences much better. The payments industry is to shift gears and bring about the same level of quality, security, and speed to B2B payments. With integrated payments, B2B companies can connect with payment facilitators directly cutting the transaction cost.
The number of users of P2P payments has been increasing day by day. The platforms such as PayPal, Razorpay have gained popularity over the years. And many platforms already provide additional services like investments and trading, cryptocurrency transactions, and debit card offerings. They are leading to become like banks of today.
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