The payments industry is an evolving industry. It is being driven by a lot of innovations as well as a number of financial technology firms. With an ever-growing interest in digital payments, the entire industry is being reshaped and interrupted. Customers now become more familiar with using payment gateways to help ease out the burden of going to physical stores, and following the long queues when making payment. For 2019, expect the following trends:
The Rise of Generation Z
The Generation Z may just be teens or young adults by this time but once the year 2020 comes, they will already form part of the buying population. As consumers, they will become fully aware of their consumer rights. Their ‘growing-up’ will massively influence not just fellow Generation Z individuals but consumers of all ages and sizes.
Together with the rise of Generation Z comes the importance of emphasizing on user experience as well. What your users say about your company will dictate whether or not you will gain more consumers to come and do business with you in the future. You need to focus on capturing their attention, the right way. Otherwise, your business will disappear, just like that.
Mobile Payments Continue to Flourish
Mobile payment solutions have been popular nowadays especially for people in the corporate world. It can provide them with an easier time getting the things that they need without having to spend hours in a department store, buying their stuff. It also eliminates the hassle of carrying cold cash around to get their commodities. The rise of open banking and APIs will continue to shape the landscape of digital payments with this trend. Not to forget that unified mobile payments has already reached ground zero for the consumer.
Rewards to Meet Consumer Demands
Returning customers are considered the lifeblood of any business. Once they come to do business with you over and over again, it means that you are doing things right. For 2019, laying down your cards and gambling your assets to provide customer rewards will continue to be part of the digital payments trend. Always make sure that these rewards meet consumer demands as well as their lifestyle needs. On the dot delivery of such business solution must be done the right away.
Power from the FinTech and Bank Fusion
FinTech, also known as financial technology, will soon leverage the way banks provide a better payment experience to all consumers out there. This fusion is so powerful that it can transform the future of payments for a lot of industries. With disruptive technologies expected from FinTechs and the brand recognition associated with banks, the digital payment solutions world will continue to evolve.
Reinvented Software Code for Credit Card Payments
Credit card accounts will still be part of the growing trends in digital payment. For the year 2019, the whole setup will change in such a way that every credit card account will already have its corresponding software code. Apart from being a solution that is coherent with security measures, this trend will influence credit card processing regulations, and will reinvent every customer’s purchasing experience.
Keep up with these trends and your business will continue to prosper for the years to come. At Nationwide Merchant Solutions, we have the right product and service that will help you go with the flow of your industry’s ever-changing world.