In the previous 24 months, COVID-19 has caused a tremor in the retail industry, as merchants have had to adjust to a new reality in which they risk infecting themselves or their staff whenever they handle credit cards or cash to execute a purchase. While the shutdowns have ended and life has returned to a semblance of normal, the ghost of COVID continues to haunt most of the country as new variations arise and continue to have an impact on business. The fashions that emerged during the epidemic are now the norm and will continue to lead the way through 2022. Five payment-related developments that we anticipate will have a lasting effect on enterprises and drive revenue growth through 2022 are discussed in this article.
eCommerce is a development to watch in 2022, even though most consumers buy online at least once a week. In 2021, 19.6% of worldwide retail sales will be eCommerce. Almost one four business segment does not have a site, so eCommerce can increase as web applications are built and current websites add online storefronts and payment pages. Business owners who previously resisted establishing an online store are realizing that consumers demand a quick option to shop & purchase items without leaving their homes or dealing with crowds.
2. Mobile Payments (MPOS Technology)
There was a dramatic increase in the number of new clients seeking to implement mobile payments in the field of technicians and personalized service industries in 2021. As the number of companies providing in-home services, individual services, and work for independent contractors continues to rise, we anticipate that need for mobile payment services will also rise in 2022. So the hustle of being physically present at any card terminal has come to an end, especially for small business owners.
3. Contactless Payments
Contactless payments increased throughout the epidemic and will remain a safe and easy way to pay for food or services in 2022. Visa’s Return To Business Study found that 54% of respondents would move to a new store with tap-to-pay or QR barcodes, giving businesses good motivation to embrace them.
Because the credit card doesn’t really touch the payment device, the magnetic line on the card’s reverse side cannot be corrupted.
In addition to that, trade analysis systems like bitcoin loophole pro enable users to easily transact with secure transactional suggestions.
4. AI Against Fraud
For developers of constantly targeted platforms, the fight against fraud including credit card thefts is indeed a daily, often silent struggle. Thank goodness, AI is here to help ease the struggle against fraudsters. As of recently, Mastercard has been using AI to assign a risk score to every credit card transaction and then share that information with acquirers so they can more effectively reject fraudulent ones.
5. Versatile Payment Modes
Considering that 50% of all purchases are made on a mobile device, it is important to provide many payment options at checkout, including credit card, wire transfer, Apple Pay, or Google Pay. Customers prefer to pay with the method with which they are most familiar, therefore accepting a variety of payment options at checkout reduces the risk of a stalled transaction.
Keeping up with customer preferences in a dynamic market is essential for business owners in the quickly developing field of digital payments. Especially in the event of a global pandemic that forces a shift in how we shop for and consume food, the ability to quickly adapt to new norms and be a forerunner can be highly useful. You probably shouldn’t be the trend’s unwitting poster child, but you also shouldn’t be its reluctant follower.