With the entire world getting transformed into a digital platform, there is a high chance that every business section will be digitalized. Starting from the introduction of chatbots to a digital newsletter, businesses worldwide are following the digital trend.
In 2020, a new business section has commenced the transformation from the manual processes to the digital ones. And you will be delighted to hear that this new business section to go digital is nothing but the payment part.
TOP 7 DIGITAL PAYMENT TRENDS TO CONSIDER FOR 2020
Today, we will be discussing only the top seven digital payment trends that are getting more and more popular with passing days.
- Biometric Verification Of Payment Accounts
The very first 2020 digital payment trend is the introduction of biometric verification for payment gateway portals. Biometrics are always secured and provides greater efficiency compared to anything else. This is why payment software companies are trying to integrate the technology into the payment systems to secure the transactions and also hide the customer data from frauds. For example, a payment portal can be opened via your smartphone only when you provide a fingerprint scan.
Cryptocurrency has become the talk of the decade without a doubt. All around the world, businessmen are trying to make the transactions using the cryptocurrency wallets, which are secured by two important keys. The public key will always be available on the blockchain ledger- made from a series of algorithms that are updated by the data miners. Another one is the private key, which is a series of numbers exclusive to each user. Thus making transactions through cryptocurrency will provide more security to the end-users and also to the concerned business.
- Smart Speaker Automated Payments
You have automated home security systems that can be accessed using your voice or anyone else’s whose voice has been put into the security system. Car locks are now being voice modulated, making it more secure. On a similar note, patents have been submitted based on smart speaker payment systems. Here the payment network will be locked using the user’s voice, thereby making it more secure and vigilant.
- Machine Learning-Based Payments
Machine learning is one of the trendiest technologies, which is indeed helping in digitalizing many sectors of the online market. And in combination with AI, machine learning has become the best in providing proper security, data privacy, and top-notch user experience. If machine learning is completely integrated into the payment systems, the businesses will have a higher chance of making the transactions secure and safe.
- Contactless Payments
Contactless payments are nothing but the different applications which act as a third party platform between the payer and the payee. Amazon has invented the AmazonPay; Google has introduced the GooglePay, and Airtel has introduced AirtelPay- all of which are contactless payment systems. Once you link your bank account with the application, you will have direct access to your account balance, and hence you won’t have to fill in your card details during every payment.
- Seamless Customer Payments
Businesses are trying to introduce the concept of encapsulated payments for customers. Here, one won’t be able to see how the transactions are made. A user won’t have to put in the payment details whenever he or she initiates a transaction.
- E-Commerce Cross Payments
The last digital payment trend for 2020 is e-commerce platforms. Establishing a global retail business needs proper international payment authentication, which is now being done by the e-commerce cross payments.
Businesses are adapting themselves to the digital payment methods, which provide more data privacy, security, faster payment transactions, and so on. Many different payment methods have been introduced to the world.