Payment trend 1: Automatic payment
The number one global payment trend is the rise of automatic payments and subscription-based sales. An important thing to keep in mind is that for a transaction to be successful and approved, payment flows need to be reliable and secure from start to finish. With a payment management platform like Uelz, these collections are automated in an easy and secure way for both the payment issuer and the customer. Can you imagine the increase in revenue this could mean for your business?
Payment trend 2: Alternative payment methods
In today's world, with the rise of the digital revolution and easy access to the Internet through mobile devices, tablets and computers, brands cannot afford to miss the opportunity of not having alternative payment methods in line with the needs of their consumers.
Examples of alternative payment methods, such as PayPal and Bizum, are becoming more and more popular with consumers. The world has become mobile-centric, and what is at stake is having at least the main mobile payment options available. Faster and more secure online payments, convenience for consumers, a place for receipts, etc. The benefits are endless. However, there are some barriers to implementing these alternative payment methods.
From Uelz, with integrations like Klarna and Google Pay, and other ways to shop on mobile devices, the strategy should be focused on the use and capacity that your own business will have and the needs of your customers. You will be able to offer what your consumers choose, according to their type of business, interests, regions, among others.
Payment trend 3: Cashless
The year 2022 is here and cash is being used less and less. We are getting closer and closer to a world without coins and banknotes. Fintechs such as Uelz, and those technologies applied to financial and investment activities, have experienced exponential growth. The current (and future) market is more flexible and faster and even more convenient for users every day. The trend is not having to go to physical stores to make your purchases. Uelz will help your online business open many doors in the field of online payments.
Payment trend 4: Biometrics systems
Security is an important starting point. It seems obvious, but with the huge increase in the electronic market and the digitization of online payments, banks, and data, biometric identification has positioned itself as the best tool to authenticate the identity of all users.
The technology is based on recognizing a physical, non-transferable and irreplaceable characteristic of people. Fingerprint, facial recognition, face scanner or even voice recognition mechanisms are already commonly used for online payment methods.
Payment trend 5: Cryptocurrency
You've heard about cryptocurrencies as a payment trend, and mostly likely even as an online payment . It started with Bitcoin and every day there are more virtual currencies. The main difference is that the cryptocurrency security system is one of the safest and most sophisticated in the world, and more and more online businesses are offering payment with them.
We know that it is not yet in widespread use, but it will soon be the talk of the blockchain because it already has many followers who use cryptocurrencies in their daily lives and its adoption will increase every day.
Payment trend 6: Contactless
Contactless payment methods will continue to rise and become more popular, whether from cell phones or customers' wearable devices (watches or other devices). QR codes, payment links, P2P, and the use of virtual cards in wallets will break new records in 2022.
90% of the banks in Spain have already implemented solutions for instant online payments between people. Bizum is the one that has grown the most so far in Spain, but it is projected to be extended to all payment methods available in the market. Easy, fast and secure payments are what today's contactless consumers demand.
Payment trend 7: Payment Installments
Buy now and pay later, the new boom among young people who are paying customers and use Klarna and other tools to split payments. More and more people are choosing online payment methods in installments (usually 3 installments and no interest) and if you haven't thought about implementing such a solution for your business yet, now is the time. For today's consumers, it is very convenient to split payments, and for your business, it would even help to have more reach and new business opportunities.
Top trends: online payment for your customers, increase in automatic payments, and contactless payment methods