The expansion of all kinds of businesses to e-commerce platforms has undoubtedly been revolutionary. The pandemic-propelled digital growth in the past two years has enhanced the online payment ecosystem. The system has matured with new capabilities and refined features to meet consumer needs. There is a considerable spike in digital payments with contactless, frictionless and faster transactions. This remarkable growth compels us to wonder and look out for the digital payment trends that 2022 has in store!
The concentrated efforts and regulatory actions of the government to reduce our dependency on cash has contributed largely to the surge of digital payments. From increased contactless payments limit to card tokenisation, a lot of things have happened in the past couple of years. A role of a reliable payment gateway is also worth paying attention to in this journey. With online payment service providers coming up with new offers, better infrastructure and cost-efficient features, online businesses have multiple opportunities this year! Let us follow all these digital payment trends that online businesses should watch out for in 2022!
Contactless and cardless payments using QR codes and links have been the talk of the town!
Major Digital Payment Trends: What Will We Catch In 2022?
The digital payment trends that we can expect to witness in 2022 are discussed below. Every business owner must consider these facts to understand what to expect from a payment gateway service provider.
Advanced Infrastructure Enhancement
First, the infrastructure enhancement of digital platforms is worth all the attention. The increasing demand for online payments is a sequence of smart, fast and easy online payment methods.
Payment SaaS Taking The Way Forward
The SaaS (Software as a Service) model helps connect and access different payment methods. This system helps meet the payment compliance required to maintain smooth online transactions. The maintenance costs of this platform are also lower than others.
Increased Use of Blockchain Technology
Blockchain technology has come in excessive use in recent times due to its efficiency and effectiveness. Since this technology has enabled completing fund transfers in seconds, a business can rely upon it with utmost faith. Also, if the payment gateway makes the most of it, the costs are efficient.
Introduction To CBDC
The introduction to CDBC (Central Bank Digital Currency) has emerged globally in recent times. This service has improved and secured cross-border payments to a great extent. Customers can rely upon the features and benefits offered by payment gateways for this service.
Enhanced Payment Gateway Features
The enhanced features of payment gateways that complement the payment requirements of all businesses are yet to see new heights in recent times. Businesses can utilise advanced features to make easy payments and secure transactions without any hassle. All one has to do is trust a credible payment gateway.
Development In Payment Options
The payment gateway services offered in recent times feature advanced tools and services to meet consumer needs. Here are the digital payment trends that have taken over the world in the past few years!
Surge In UPI Payments
The increase in UPI payments is a direct result of online businesses accepting advanced online payments. From small tea stalls to huge shopping malls, every business owner has started accepting online payments using UPI scans.
“Buy Now, Pay Later” Trends
A few of the leading online payment gateways offer the “Buy Now, Pay Later” facilities in coordination with businesses hosting this service. In most cases, there are no hidden charges or payments that may increase the costs,-says Slava Vaniukov, business expert of Softermii.
Payments Employing Reward Points
Every payment gateway is setting new service standards to meet the market demand. Nowadays, consumers can pay a part of their outstanding amount using reward points collected in their online payment portals. A portion of payment becomes deductible using reward points!
Open APIs Fueling Technology Revolution
The technological revolution in the country that we are witnessing in recent times is also a result of APIs (Application Programming Interface). The enriching transactional experiences have become a part of the online payment services!
Online payment methods have enhanced considerably in the past couple of years!
New Means of Security Enhancement
The leading payment gateway platforms have resulted in the development of security enhancement. Every service provider is doing its best to enhance the security protocols and standards of digital payments.
Biometric Payments Authentication
Payment authentication methods have improved with physical and behavioural biometric security checks. Although the use of this service is yet to be a part of payment gateways, one can find this system available in the case of banking services. This development is worth all the appreciation online payment methods have received recently!
Use of Artificial Intelligence
The use of artificial intelligence and machine learning in increasing the security protocols of online payments is also something to look out for this year! Digital fraud and cybercrime had become serious online business problems earlier. The smart use of AI authentication has transformed the picture!
Massive Movement of Offline Businesses To Online Platforms
In 2022, we can expect to see more offline businesses shifting to online platforms. From small retail stores to large corporations, every goods and service provider is taking the online route to expand its operations. This expansion has to increase the demand for payment gateway services. The increased acceptance of digital payments is compelling more offline industries to migrate to online platforms.
All the digital listed trends are yet to go through better upgrades and modifications that await future transformation. The transition to digital payments from cash has become the primary source of online development. Contemporary innovations are in waiting to lead us to a more comfortable world. Digital Payments have become customer-centric from both ends with the help of intermediaries like Payment gateway service providers. So, businesses should look forward to reaping these benefits and utilising the best payment services available.
A business can utilise these digital trends only with the help of credible payment gateway services. One must analyse every detail meticulously before making the final deal. Integrate an advanced payment portal to the online store to enjoy all the services!