BPC Banking Technologies, a company that offers smart digital solutions and works with banking institutions and neobanks, has analyzed global markets and determined that the following 4 trends will define the payment space in 2021:
- Retailer diversification in payment offerings – most retailers have already gone digital, especially as a response to the COVID-19 pandemic. But as consumers continue to embrace e-commerce, they have expectations of new ways of interacting with businesses (including how to pay for goods and services). Consumers are in the driver’s seat, and businesses need to make sure they offer them what they expect.
- A boom for QR code-based payments – the pandemic has shown how convenient QR code-based payments can be. Their popularity is likely to increase, especially given the relatively cheap cost of implementing them, their ease of use and the possibility of integrating QR code payments with digital wallets.
- Greater momentum for voice-activated payments – the application of artificial intelligence (AI) in payments is only at its very beginning. We are seeing how some merchants have integrated purchasing models that are activated by voice. As the technology becomes better, more popular and trusted, expect voice-activated payments to pick up even more steam.
- Digital transportation payments – COVID-19 has been the catalyst for governments around the world to adopt digital services. This is becoming particularly visible in transportation, where we are beginning to see systems with fragmented approaches incorporating digitizing elements to offer end-to-end, streamlined services.