The evolution of modern technologies led to a revolutionary adoption of digital wallets in the retail industry. It has been observed that the growing fondness for online payments is not limited to netbanking & debit/credit cards. As per CBA’s report, the value of digital wallet transactions surged at a rate of 90% to reach $2.1 billion which is almost double than the previous one.
Nowadays, nothing is more convenient, faster, & securer than payments done through digital wallets. Not just for day to day payments, millennials count on contactless payments to transact with ultimate immediacy whenever they want to. Besides various banking facilities, the impact of digital payment technology is shaping new-age innovations on the verge of on-demand app development.
Digital wallets must not be confused with closed e-wallets that only allow transactions through a platform issuing that service. If we talk about digital payments, entrepreneurs from varieties of business domains are keen to get familiar with new innovations & trends emerging in their marketplace.
Let’s delve into the latest digital payments trends we observe at present.
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5 Innovative Digital Payment Trends To Watch Out
Ever since the day pandemic hit the global economy, the payment industry has been observing a tremendous inclination towards digital wallets that eventually surged the demand for on-demand app development. More & more ventures & startups are propelling advanced digital payments systems for some good reasons.
If embracing digital payment facility is one of your business requirements & you’re looking forwards to investing in on-demand app development to meet them then you must check out these 5 trends to succeed.
#1 Innovation Of Next-Gen Payment Products
The advent of progressive advancements in digital mobility introduced multifarious methods to make contactless payments in every area.
As per National Retail Federation survey, more than 69% of e-commerce businesses in the US will choose to accept online payments rather than cash. One more research report by Visa interprets that over 75% of in-store payments have turned entirely contactless in Europe.
In fact the digital payments reached a new record with 100% growth in the UAE market as announced in a popular study by Masterclass.
The power of NFC i.e Near-field communication EMV technology complements contactless payments to shape innovation of state-of-art payment solutions driven by on-demand app development. This technology is in talks of the town as users are fascinated by the way it enables them to wave-to-pay on their smartphones in just one tap.
The mode of digital payments using a QR code & contactless card is exceptionally popular among present-day users. Even smart devices are now integrated with such functionalities to complete an online transaction in just a matter of seconds.
#2 More Prominence To Enhanced Security
Cybersecurity threat is always a big concern for every business having a payment system. Hence, security remains the utmost priority for those embracing digital payments to mitigate risks of data breaches.
The majority of payment companies will continue to work on framing a robust cybersecurity structure with on-demand app development service providers to keep cybersecurity risks at bay.
To cope with the potential chances of data breaches, enterprises are leveraging new-age technologies like AI and ML that help them to identify & eliminate security intrusions. The process of customer authentication plays a crucial role in ensuring multi-layer security with added features of voice-based payments, biometric, & much more.
#3 In-App Payments Are On The Top
Gone are those days when banking service providers & merchants had no interest in collaborating for payments. Nowadays, maximum merchants are considering on-demand app development to incorporate digital payments setups on their platforms.
Integrated payments provide uninterrupted checkout experience for shoppers trying to make online transactions through e-wallets or any other payment mode. So there will be no room for keeping payment as a separate part of the procedures defined for online purchases.
A research by Accenture states that 50% of adults are more likely to let third-party initiate payments with their prior approval.
#4 More Power To B2b Payments
FinTech gives a new edge of development for existing methodologies of digital payments. Most entities of the B2B segment are now depending on financial technology driven by different digital modes of payments.
It’s true that the finance & banking segment is steering towards the easy routes to improve personalisation, customization, & accelerated speed in B2B.
#5 Progression Of P2p Payments
The idea of peer-to-peer payments is one of the hottest trends in the digital payment industry. The outbreak of COVID-19 also pushed the interests of tech-savvy users in P2P payments.
In fact a few digital payment platforms such as Razorpay & Paypal witnessed a massive ascendence in the rate of average transactions done by users.
Conclusive Statements
Since the ever-evolving world of digital mobility will keep going with high-tech solutions to boost modern online payment systems, most banking & retail ventures are shifting their focus on full-cycle Android & iOS app development services to garner great results with exponential market growth.