- Strong customer demand, regulations and infrastructure improvements will drive payment experiences that are instant and invisible, leading to a complete sector transformation.
- Biometrics, tokenization, sensor fusion and machine learning will lead the way for the application of invisible payments.
- We can already see this trend in action through recurring billing, queueless checkouts and cashierless stores.
AMSTERDAM, the Netherlands, Nov. 08, 2019.
The future of payments is instant and invisible, triggered by the needs and demands of today's modern consumers: millennials and Gen Z. By 2020, the spending power of both consumer groups is projected to reach $1.4 trillion and $44 billion respectively, meaning that the future payments experience will be largely driven by their behavior. These consumers expect digital shopping experiences that are as natural as possible - unconscious, even. Furthermore, in their quest for the best products and services, consumers want a seamless, integrated shopping experience, regardless of touchpoint. For them, the barriers between channels will blur so heavily as to become essentially nonexistent, proving that the payments transformation demands a clear need for omnichannel services.
Consumer behavior, regulatory developments such as PSD2 and modern infrastructure are converging to enhance innovation and growth in the payments ecosystem. As a result, mobile wallets such as Apple Pay, Google Pay and WeChat Pay are growing in popularity. The day will soon come where you'll no longer need to pull out a debit or credit card-in fact, we estimate that 56% of all e-commerce transactions will be paid through mobile wallets by 2023.
The technologies used to deliver frictionless payment experiences include tokenization, sensor fusion, cameras, machine learning and data analytics.
"Tokenization is a must have for all e-commerce businesses as well as any offline merchant that wants to offer a seamless checkout experience," explains Ankur Sharma, Payvision's Omnichannel Product Manager. "Not only does it safeguard sensitive cardholder data, we've also seen evidence in the ecosystem that tokenization can effortlessly raise conversion by up to 6%."
Invisible payments are already happening through recurring billing, queueless checkouts and cashierless checkout. By 2023, invisible payment technologies will power $28 billion in transactions.
Payvision's latest ebook analyzes all factors, practical use cases and technologies fueling the upcoming commerce payments transformation. Next to these, we've included advice for businesses to thrive in the competitive commerce arena. Get your free ebook on the most promising retail payment trends.
About Payvision
Payvision is a global payment processor that's driven by a passion for technology and simplifying payments. With one single, secure platform, we power transactions for businesses across the globe. We know our way around the latest techniques in artificial intelligence, omnichannel strategies and advanced fraud prevention. The dedication to our clients shows - this is where we truly make a difference. By enabling an intuitive and flawless customer experience on all channels, we bring a unique beat to payments.
Headquartered in Amsterdam, the Netherlands, we've grown over the past 17 years into an international team with offices in North America, Europe and Asia. In 2018, ING bought a 75% stake in Payvision, allowing us to offer an unstoppable combo of the fintech and banking worlds put together. This partnership means cutting-edge innovations and a startup mindset backed by ING's expertise and global network.
Learn more about how Payvision takes the hassle out of payments at payvision.com. Get in touch with our PR & Communications team at press@payvision.comor +31 20 794 23 00.
