Ingenico, a global leader in seamless payments, have analyzed the disruptive trends likely to transform the payment industry in the future and come up with 5 predictions for payments in 2020:
- Social commerce and voice commerce – both are likely to become part and parcel of our everyday life, making it possible to pay using a chatbot on your favorite social media site or instantly by executing a voice command. Expect more value-added services to be rolled out that supports these payment methods.
- Internet of things – the ways we use things are changing, which likely means that we’ll soon be able to make payments using all sorts of everyday objects, from refrigerators to cars and maybe even mirrors. The possibilities of the internet of things are practically endless.
- Strong security – consumers are aware of data use and tend to ask a lot in terms of security from new solutions on the market. For payment players, these increasingly exacting security standards will require them to have faultless technical knowledge if they’re going to offer cutting-edge solutions that provide both top security and an excellent consumer experience.
- Payment as a key factor in consumer experiences – payment is a core element of commerce and the consumer experience. Consumers only want one thing from payments: to be effortless or totally unobtrusive while still being fully under their control. The players who successfully manage to merge physical and online purchasing systems and create the best multi-channel experiences will ultimately end up as the market leaders.
- Open innovations – to offer the solutions that consumers want and look for new areas of growth, the payment industry must be positioned to scale up trials that redesign uses as well as garner the trust that is so crucial to mass adoption.