The market for digital payments is anticipated to make up $7.6 trillion by 2024 around the globe. The average CAGR is estimated to account for 13.7% between 2019–2024. What major trends will you face in the industry? Who can help you with a reliable and cheap high risk merchant account?
Digital Payments Market
Finance and investment company Finaria reports that the global digital payments industry is forecast to reach $6.6 trillion in value this year. The upcoming four years are going to witness a jump to $10.5trn in value in the market.
Are you using advanced payment processing services for your eCommerce business? If you’re on the lookout for sophisticated, secure and low-cost merchant processing services, such as a high risk merchant account, take the time to find a respectable company in the field. Otherwise, you won’t be able to take your business to the next level in this ever-evolving world of payments.
Payments Technology Trends
The payments world is getting richer and richer with new digital solutions aimed at improving customer experience. Let’s see what major payments technology trends are expected to shape the market in 2021 and beyond:
- Innovative Solutions
NFC (near-field communication) will further grow and empower contactless payments. There will be more widespread use of tap-and-go QR codes and contactless cards.
- Digital Ledger Technology
This will result in a higher level of decentralization and scalability, as well as help you with disaster recovery and risk management.
- Cloud Tech
Cloud accounts for reduced infrastructure costs, improves scalability, as well as leads to a higher level of flexibility and better services offerings. Cloud evolution will help you better adapt to the rapidly changing digital environment.
- AI, IoT, Smart Devices, and Deep Learning
This is how you can expect ease of payment processing, better fraud detection, improved risk management and compliance. Data will help you know your customer more thoroughly.
- Improved Connectivity Through 5G
5G provides speedier data transmission and enables data to reach remote areas of the world.
- More Robust Security
There will be more focus on improving the cybersecurity framework to better combat the growing threat in payments.
- Integrated Payments
Integrated payments will help customers enjoy more seamless checkout experience.
- Application Programming Interface (API)
This will allow companies to operate with improved efficiency and enjoy a higher level of cost-effectiveness. Also, this will improve risk management.
- Data Analytics and Machine Learning (ML)
A greater focus on data analytics and ML will help you get a deeper customer insight and provide more diverse product/service offerings.
- A New Look at B2B Payments
This will result in a higher level of personalization, customization, and faster B2B payments.
- P2P Payments Evolution
You can already find lots of payment platforms offering additional services such as investment and trading, cryptocurrency transactions, and debit card offerings.
Growing Trends in Payments Technology
The financial services industry is transforming and moving towards digitalization. The growing payments trends are going to play a dominant role in the industry in 2021 and lead to a higher level of growth.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.