The payments industry has been evolving with technology speeding up the process and changing how businesses and consumers make payments for goods and services. This year already shows the promise of significant advancement in online and mobile payments.
We’ve created an infographic that provides a crystal ball analysis of what we believe are the five major predictions related to integrated payments in 2017:
- Small companies will get big data insights thanks to available tools that allow them to cull the information they receive through online and mobile payment processes so they can learn more about their customers in terms of purchase habits and expectations. In turn, this data can lead to vast improvements in the overall customer experience beyond just the transaction process. In this way, it levels the playing field for small business owners because these types of insights were only previously available to larger companies.
- Merchants will make the move to EMV after a slow acceptance rate over the past year. While only 32% admit that they have switched over to chip card readers, the majority plan to make 2017 the year in which they upgrade to EMV terminals. Beyond just EMV, these retailers also know that they will need to add further security measures to prevent fraud and data hacking in the coming months.
- Fraudsters will start on mobile payment systems to see if they can break in and take valuable information and run fraudulent charges. With more people than ever preferring to use their mobile phones to shop or leverage the growing available of on-demand transactional services where they can pay by phone and pick up in the store, fraudsters see incredible opportunity where security measures may not have been enacted like the online and in-store payment systems. That’s why the payment security industry is estimated to be $3.11 billion by 2020.
- NFC payments will soar in 2017. As contactless payment systems improve, there will be more competition among mobile wallet developers, mobile providers, and card issuers. NFC-enabled handsets are thought to be with $240 billion by 2021. Customers will appreciate the growing convenience and ease of these types of payments that literally just take seconds to complete.
- Payments will become seamless, offering a world of opportunity for businesses and consumers to enjoy making and receiving payments everywhere. That’s because there will be considerable growth in global cloud traffic as complexity is removed from the existing technology thanks to cloud-based APIs that are accessible to nearly all software available.
These changes in the way we pay as consumers and businesses will then drive further opportunities for businesses and service providers to expand their target audience to reach those around the world and appeal to a wider demographic that will become increasingly comfortable with the new types of payment methods available.
It’s an exciting year to be part of the payments industry as well as to be on the receiving end of the new payment options and level of security now being developed.
To learn more about how this year is when payments will change, download our infographic below.