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Digital payments: situation and trends for the second half of the year

The consultancy, Baufest, reviews five specific trends that will be revealed with special force in digital payments during the second half of 2022.

The first one has to do with the expansion of the use of digital payments (mainly used until now in retail, hotels and restaurants) to new industries, in combination with new hybrid forms of relationship. This will affect, for example, food delivery, the tourism, insurance and telecommunications industries, where greater use of the subscription model will also begin to be seen.

Second, in-store shopping is expected to return with greater force, albeit with a twist. basically it will combine online and offline flows in a more flexible way, and the brands that offer personalization and convenience in the store will be the ones that take the lead in improving the customer experience.

In this context, the use of payment data to learn more and obtain insights of customers can be essential to retain them.

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Social commerce and superapps

A third trend will be the advance of social media trading, since currently every news feed through these channels, and every story can be a sales channel. In fact, the major social media platforms are already offering integrated shopping options, and this will spread to others. The technology of electronic means of payment will play a key role in making it easier for content creators to obtain financial compensation or commissions on advertising revenue.

Another key point will be the rise of super apps (superapps) powered by payment methods such as digital wallets, under the concept of “buy now, pay later”. The superapps will not only be electronic payment methods, but comprehensive applications that will allow, for example, to buy tickets, book hotels, pay online, carry a driving license, etc. Something that will probably bring more regulatory oversight to this space.

Finally, the fifth trend that is expected for the sector is that platforms will incorporate integrated payments to better serve SME users.

Everything seems to indicate that 2022 will be another promising year for digital payments. And in this sense, as in others, companies will have to listen to consumers, who are the ones who will finally determine which innovations are really here to stay.

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