The Developing Horizon of Transaction Technologies Looking Ahead

The payment technology landscape is changing quickly, guided by changing buyer tendencies and business needs. According to insights shared by Ingenico, a leading global payment provider, there are various key trends that are revolutionizing how payments are made and conducted around the world.

One of the most obvious shifts has been the growing adoption of mobile wallets across numerous markets. Platforms like Apple Pay, Google Pay, and Samsung Pay are providing convenience to consumers for both online purchases as well as in-store payments. A 2020 report from Juniper Research predicts that over one-third of global smartphone users will use a mobile wallet by 2024. The widespread presence of smartphones and the simplicity offered by mobile wallets is boosting this trend.

Another significant trend is the steady growth of e-commerce and ensuing increase in demand for online payment capabilities. As the pandemic required digital shopping, many businesses had to swiftly change and offer uninterrupted online checkout and payment collection. This was not limited only to B2C companies but also extended to B2B firms who then had to facilitate electronic invoices and virtual payment options for their corporate clientele. Odilon Almeida, Senior Vice President at Mastercard, affirms that there was a massive shift towards electronic B2B payments in 2020 at an internationally unprecedented scale.

In conjunction with e-commerce growth, embedded payment capabilities are also achieving popularity across industries. Payment integration is permitting businesses to collect payments through their own applications and software systems. Companies like odilon almeida CEO Almeida’s Mastercard are actively promoting embedded finance solutions to help firms safeguard their payment infrastructure.

Contactless payments are all set to become widespread as well due to increased adoption of “Tap to Phone” tech. This allows contactless transactions directly through NFC-enabled smartphones, without having a separate payment terminal. Mastercard has been advancing Tap to Phone technology globally in partnership with prominent device manufacturers and financial institutions. Such innovations are dramatically reducing hardware costs associated with contactless payments.