The world as we know it is changing rapidly and this can be attributed to the advancement in technology. Correspondingly, brands and consumers are gradually embracing cashless and contactless transactions. People now enjoy paying for services and products through digital platforms. This is because digital payment is safer, faster and more convenient.
In this piece, we will enumerate the popular digital payment methods for 2022 and what your business stands to gain from incorporating them. So, what are the trending digital payment methods?
Biometric Authentication Devices
With the world going digital, online security is increasingly needed. And one way to ensure verification of customers is via biometric authentication.
Biometric authentication verifies your identity through facial recognition, heartbeat analysis, iris recognition, vein mapping and fingerprint scanners to circumvent identity fraud and theft. Today, many mobile devices with wallets like Google and Apple Pay use facial and fingerprint recognition.
Furthermore, some companies are working on additional options. For example, Visa is currently working on a biometric payment card. Users of this card can authenticate their transactions by touching the card sensor. This sensor is designed to determine the owner of the fingerprint.
Once upon a time, voice commands were a futuristic idea, but that is no longer the case. Smart speakers, such as Amazon Echo, and Google Home, now give voice commands. Consumers can use this technology to make purchases. About 35% of consumers purchase products, such as clothing, groceries, home care, and electrical appliances are through voice assistants and smart speakers.
Although some people fear that using smart speakers for purchases is not safe, still, it is one of the payment trends that is projected to rise to over 77.9 million end users in 2022. Thus, with this projected increase, it is crucial for every online store to optimize their websites for voice searches.
Mobile Point of Sales
Every business should make having a convenient payment option its top priority. That is why your business needs a mobile POS system. The POS system is similar to smartphones, tablets, or other wireless devices. It uses card readers and apps to process your transactions.
With a POS, your business does not need just one checkout area. Consumers can pay you anywhere in your store and off-site. For instance, you can take your POS to a trade center or other locations without fretting about how consumers will pay you.
Cards are still an extremely popular payment method, and there are 4 different types for you to consider. As cards are still more reliable than electronic methods, they will still be a mainstream option for your business to utilize.
Contactless payment is one of the most popular digital payment trends in 2022. It allows you to pay bills, transfer funds, buy products and conduct all kinds of financial transactions within a twinkle of an eye. All you need to do is create an account and save your payment data on it.
With contactless payment, you can shop online in all industries from computer games to even online casinos. As long as the option is supported by Visa, Mastercard, or Maestro, it’s a convenient payment method that’s also fast.
For example, if you wish to purchase a game through Steam, you are able to do it in seconds, whilst being secure. Moreover, if you want to play real money games at the best online casinos, it’s an option too. To help, comparison sites check operators for the most popular payment methods. In addition, the site compares all the most generous welcome bonuses and provides expert reviews.
Social Media Payment Options
Social media platforms now have payment solutions. With this option, you can transfer funds from one person to another, directly on the platform or from customers to retailers.
Many young people use social media to make purchases. Different studies have shown that the purchasing decisions of millennials are influenced by the different brand presence on social media.
Platforms like Pinterest, Instagram, and Facebook allow brands and companies to create business accounts. With these business accounts, you can sell products to customers and process transactions through digital payment options on the website for a small fee.