The demand for contactless, electronic, frictionless, and fast payment transactions is growing worldwide. PSCU data shows that contactless tap-and-go credit transactions account for 22% of the whole card present volume, which is up by 8% from 2021. Moreover, contactless tap-and-go debit transactions represent 24%, which is up by 6% from the same year.
What are the current payment trends to focus on? Who can help you with a reliable and affordable tech support merchant account?
Payment Trends 2022
Innovation in payments is climbing. The enhanced competition in the space results in new payment methods and realities in the industry. Thankfully, there are respectful payment experts that can help you compare payment processing services to find the right deal for your eCommerce business.
No matter you’re interested in a tech support merchant account or any other merchant processing service, turn to a reputable payments comparison company. Make sure it offers an unbiased review of processors.
What should you focus on?
- With eCommerce on the rise, expect more disputes between payment networks and retailers. Both organizations and credit card networks are anticipated to focus on addressing this trend during the upcoming months.
- eCommerce growth, the rise of non-cash payments, and the increase in cyber threats will make companies place more focus on cybersecurity in payments.
- Cross-border payments are growing worldwide. According to MasterCard, about 60% of SMEs increased their use of cross-border payments during COVID-19.
- Real-time payments (RTP) are transforming payments processing making it move from commoditized services to a strategic imperative. The use of RTPs is forecast to accelerate in the U.S. over the next year.
- Buy Now, Pay Later (BNPL) payments are anticipated to make up $995 billion by 2026, as Forrester reports. So, more people are interested in spreading out payments over a defined period.
- Nine countries have already launched central bank digital currencies (CBDCs). 30 countries are working on developing one, as the Atlantic Council reports. In addition, 40 countries are researching the possibility, and the U.S. is one of these 40 countries.
- The focus on digital identity is growing. It’s going to serve as a facilitator of digital payments. The advocates promote the use of digital identity for reducing payment transaction risks and building trust via transaction authentication.
Popular Trends in Payments
Digital payment adoption is accelerating around the globe. This refers to both contactless cards and mobile wallets, and not only. Work with a reputable payment specialist to get the best merchant processing solutions for your business.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of the tech support merchant account. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice cream on his backyard porch, as should all right-thinking people.