There are many trends in the payments processing industry that are leading us into the future. By exploring the payments ecosystem, your business can continue to move down the path of success.
The payments ecosystem has many different elements to it, including acquirers/processors, card networks, issuers, gateways, ISOs/MSPs, and non-card payments. This overview of the payment processing industry highlights how the dynamics in the payments world are moving along. Both consumers and businesses are moving to digital payments at a fast rate. Numerous mobile wallets are making upticks, and as a business, you need to be aware.
People are using their smartphones, tablets, and computers at higher rates every year. This is affecting brick-and-mortar retailers and increasing the speed at which people are adopting digital peer-to-peer apps. As people increase the use of P2P payments, businesses need to be conscious of where the future is going and whether they need to update their own payments ecosystem to take advantage.
The Demand for New Offerings
MobiusPay can provide interested parties payment service offerings and educational opportunities to help companies in your industry. Adapting to change is essential for any organization, and the team at MobiusPay is happy to answer questions that you have. Knowing where the industry is headed, providers in the payments ecosystem can keep you knowledgeable about which services you need.
Trends in The Payment Industry
One of the things that is increasing in the United States is the number and use of in-store payment methods. 89% of retail volume fits into this category, and while credit and debit cards are still the leaders here, contactless payments are coming more into the picture even in-store.
It is not just retail that is utilizing digitalized payments, however. Digital business payments are also moving along, as well as mobile P2P payments and more. These changes are affecting the entire payments industry. Knowing the emerging alternatives to card payments can help you in finding the best options for you.
Also, e-commerce and mobile payments will continue to chip away at the share that in-store payments have. Most people still order goods from their desktop computers and laptops, but smart devices such as smartphones and tablets continue to be gaining a larger percentage of the total payments share overall. With even more convenience in terms of making payments, it is easier than ever for consumers to purchase retail items, videos, apps, programs, services, and more.
With the addition of new payment tools, such as wearables, voice assistance, and even options to purchase things built into vehicles, the ease at which people can pay for goods is continuing to rise. Your business can benefit from the shifting roles and increased services many providers are offering, including MobiusPay. The payments ecosystem is continuing to digitalize.
Other Notable Trends
Companies are looking to create a customer experience that is practically invisible for consumers. By embedding software into applications and using other methods, so customers do not need to input information to pay, these invisible payment methods are now blending with other consumer experiences.
Businesses should also take note that for the first time, digital-first generations will hit their prime spending years. With hundreds of billions of dollars of spending power, new generations will account for a much higher percentage of global consumers. To keep up with the demands of this demographic, your company will need to innovate their use of payments and move towards becoming more accessible in the digital payments world.
Invoicing is another thing that is moving into the digital realm at a faster pace than ever before. While it is not new, with the increasing popularity of digital payments and other places throughout the payments ecosystem, people will start to use B2B digital invoicing much more.
Outside of internal payments processing, cross-border payments and cross-border e-commerce are likely to continue to grow. This means more opportunities for your business to attract customers from all over the world. Becoming a global retailer is not easy, but the team at MobiusPay can give you information crucial to moving that direction.
Keep an Eye On Fraud
With many positives happening in payments ecosystems, it is important to note that increasing technology leads to both smarter fraudsters and smarter fraud prevention services. Making sure you have a fraud prevention program in place that will monitor the use of AI and use fraud prevention tools to analyze broad data to give more insight into business decisions, working with companies that are not only aware of these, but successful in dealing with them, is essential.
People are moving to digital payments at a high rate, and businesses using outdated technology could see less profit overall. MobiusPay is an industry leader and will help you get the right collection of tools and services to suit your needs. If you have any questions about these technologies, reach out and talk to one of our highly qualified asssociates today!
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