2021 was full of innovations and transformations. In the payments industry as well, everything changed! Most of the people have now started using digital payment now. COVID-19 pandemic had cut a deadly path across the globe and unexpectedly set off a revolution in the payment processing system. In 2022, the demand for online contactless and speedier payments will increase as the pandemic innovates the whole industry. This shift in digital adoption has shaped how customers buy and pay. Retailers need to adopt modern payments methods this year. Today, they have many new opportunities to prioritize strategic and innovative approaches to the payment system to stand out from others and serve customers the best.
Worldwide Adoption of Real-Time Payments
Merchants are adopting RTP (real-time payments) all around the world. This efficiency enables them to send and receive money in seconds. But do you know what this force behind digital payments is? The real motive is the need to change and meet the growing demands of customers! The increase in smartphones, social pay, digital currencies, biometrics, and real-time payments has contributed to the growth of digital adoption. Competition from new players with fast-growing business models has increased expectations, regulatory pressure, and globalization.
So, this guide will help you give ideas for growing business with digital payment processing system. Keep reading!!
Explore New Digital Payment Options
The whole industry has grown now, and customers expect a fast, convenient experience. Adopt QR codes and contactless and digital currency payments to grow your business. Recently, card re-issuance from major banks contributed significantly in seeding the market with new contactless capabilities. There are more than 200 million contactless Visa credit cards. There is an explosion of demand for more acceptance of digital currencies. Across 60% of customers choose to shop things on the merchant where digital payment options are available. When alternative payment options are included, retailers reap benefits by creating a streamlined and frictionless customer experience.
Offer Seamless and Fast Payments Capabilities
Customer expectations evolve, and retailers need visibility into buying habits across the digital landscape. For instance, BOPIS (buy online pick up in stores) system has maximized over the past few years. Two-thirds of customers tried these services, and shoppers continued using BOPIS to curbside after the pandemic. Successful execution of such services ensures the checkout payment processing system experience is fast and seamless across all channels. Offering these easy returns and purchases is necessary when a b customer is prompted to save their card information. So, by creating the account, they now have access to a portal with their card, including an online mobile app.
Whenever they check it out next, the process gets even faster. On the back end, retailers get payments information at the time of pickup as well as returns. Customers just need to provide proof of purchase, and the store associate can seamlessly complete the pickup or return.
Adoption of Mobile Wallets
Using our phones for payment has become a bigger part of our routines. It’s important to go digital and grow your business through contactless apps. Deadly Covid-19 enticed consumers to try digital payment processing system. Watching someone enjoy morning coffee by just paying through a phone makes others want to get on board! Moreover, who doesn’t want to be updated with the latest tech? In a recent survey, a mega payments processor documented the growing affinity for mobile wallets. When it comes to the adoption of mobile wallets, it becomes a bigger opportunity cost. The shift done by merchants moving away from card “swipe” and younger consumers opting for alternatives is quite commendable. Municipalities and businesses have driven changes with payment possibilities. For example, Walmart announced a contactless payment option in 2020 through which customers paid for their shopping using a Walmart payment app.
Prioritize Encryption and Tokenization Requirements
Substituting sensitive data with unique identification symbols offer a more secure way to accept payments. This has grown the importance of making the payment process seamless for customers across multiple channels. Retailers need to meet strict encryption requirements. The PCI Security Council designed the PCI PIN that enhances the protection of symmetric PIN keys shared among payment processing system participants. Organizations should implement key blocks for external connections and networks as well. For those who haven’t done so, 2022 is going to be a race for you!
Cross-Border Transactions
Now, another main aspect of growing your business is cross-border transactions. No doubt, they are slow, expensive, and time-consuming but have an impact on every business. In some developing countries, even opening a bank account causes a lot of difficulties. Therefore, spurred businesses are reconsidering the future of cross border payments and finding alternative methods to streamline international sales. The most successful and largest technology making international payments today is blockchain. This technology has introduced more than 4,000 cryptocurrencies in the world. It is basically a ledger where a network records and approves every transaction. This transparent nature of blockchain has changed marketing trends and is considered ideal for international cashless currency. Stay amongst your competitors through such a surefire way and B2B payment trends.
The Urgent Need for Cybersecurity
While consumers are now becoming comfortable making payments online, scammers have geared up exploiting the whole complacency. 2022 will be the year where cybersecurity companies are advanced with technologies designed to prevent digital crimes. The rise of non-cash payments and a jump in cyber threats will be taken as notice for increasing cybersecurity in the payment processing system. Scams and frauds have plagued businesses! The private sectors, along with businesses, are also facing issues. Nearly two-thirds of businesses plan is focused on fraud detection budget.
Online mobile payments are becoming more popular now; that is why federal officials have warned of risks. According to industry research firm Nilson Report, Fraud is expected to cost the credit and debit card industry a loss of more than $400 billion. Financial institutions are turning their ways to artificial intelligence and machine learning, data analytics, etc. Such techs strengthen government regulations on cybersecurity and digital identity. Tracking customers’ swipe, typing, and phone holding patterns will also be detected om 2022. It’s an arms race, and everyone has to put several layers to combat fraud. Frictionless experiences are crucial, but security is a top priority for consumers. Validate your client’s identity with digital IDs for payment security to manage the information safely.
This New Year Is Full of Opportunities: Grab Them and Update Your Business Strategy
Whether you include upgrading the payment processing system in your new year’s resolutions or not, it’s evident that innovative payments are a great way of serving consumers so that their way of shopping and paying continues to change! To make this year more successful, retailers can equip themselves with the latest and righteous technology. Introduce digital payments options and services to meet evolving security requirements to grow your business effectively. You can use apps such as Square, Shopify Lite, PayPal Zettle, and much more. The best payment processing app will be the one that makes your life simpler and increases your leads as well.
So, what are your future plans? Let us know in the comment section.
Author Bio:
Scorpion offers top-notch technology and marketing services to local businesses that want to grow and accelerate their sales. Scorpion has a team specialized in various marketing areas such as SEO, Reviews, Advertising, Email Marketing, Chat and Messaging, social media, Websites, Lead Management, Appointment Scheduling, and more
