The world is rapidly advancing towards a lifestyle of maximum convenience. The technology boom is bringing considerable changes to almost every industry across the world and is even wholly revolutionizing several sectors. Technological advances have also paved the way for a major shift in the way people pay for products and services. Almost every business, be it a physical store or an online retailer, is accepting cashless payments, adding ease to the lives of their consumers.
Since the time credit and debit card payments have been introduced, consumers have become more and more dependent on this payment method. Today, a vast majority of the world’s population has opted for a “cashless” shopping experience. According to the Huffington Post, by 2015, 25% of stores and companies stopped accepting cash. Due to this, several credit card processing methods have been introduced to make things easier for consumers.
The introduction of POS credit card processing, the integration of virtual terminals and payment gateways, compatibility with mobile payment processing, and EMV chip credit readers are all payment processing methods that organizations are fully embracing today.
Rapid growth and continuous innovation.
Taking into consideration the rapid growth of the credit card processing industry, the Business Insider's premium research service, BI Intelligence, estimated back in 2016 that the online processing market in the U.S. would grow to $17.5 billion this year. Having said that, the actual figure is expected to be much higher due to the outbreak of COVID-19. While it has of course negatively impacted the global economy as a whole, COVID-19 has boosted ecommerce sales as many consumers are unable to leave their homes due to strict lockdowns. As a result, businesses have been forced to pivot to offer payment gateways on their website and make use of mobile payment processors for curbside pickups and deliveries.
An ongoing quest for maximum speed and efficiency.
These two factors are crucial in the payments ecosystem, as more and more consumers have come to expect a fast and frictionless checkout experience. The world is being dominated by a highly tech-savvy generation. These individuals are restless and are always in search of ways that can add convenience in their lives. They value speed and efficiency. They evaluate companies and their services based on these two factors. Therefore savvy business owners will have to place an emphasis on offering credit card processing services that align with these requirements.
A continued emphasis on mobile solutions.
There is no denying that mobile payments such as Apple Pay, Samsung Pay, Android Pay, Microsoft Wallet, Kohl’s Pay, and several others will be the “wave of the future.” As per BI Intelligence, “mobile payments growth will be slower than anticipated, but volume will pick up significantly by 2020 to hit $503 billion.”
Merchants will also continue to invest in NFC contactless credit card readers, as mobile payments are frictionless and provide rapid payment processing.