The world has experienced a major transformation in all walks of life with the global pandemic. And as the world is now coming out of this pandemic to get back to their lives in the new normal, people everywhere are looking for the best ways to protect themselves from any kind of viruses. And, making contactless payments is at the top of the list of protecting oneself from any kind of touch.
Even the United States is beginning to adopt ways such as phone wallet or contactless bank cards. Of course, the one and only Coronavirus is the primary force behind this sudden change. Amidst these times, it is appealing to know what 2021 has in store for us apart from the most-awaited Corona vaccine. Here, we will closely look at the top 5 digital payment trends for 2021 amidst the growing demand for contactless payments apps.
- The GenZ - GenZ or Generation-Z is the term is used for individuals born between 1999 to 2012. Gen Z also happens to be popularly known as the digital world generation. Gen Z population might surpass the millennial population by year end, which indicates that world’s total population will see a shift towards a tech-savvy generation. This is the generation that has a higher dependency on pioneer and automated technologies and services. Therefore, the coming years will see an increased demand for digital payment methods.
- Mobile Point Of Sale (mPOS) - mPOS or Mobile Point-of-sale is a state-of-the-art technology that has made a big difference in the in-store payment process. mPOS is certainly a trending digital payment technology making the whole process more streamlined and flexible. mPOS has liberated the merchants from their brick-and-mortar locations to central checkout areas with staff equipped with mPOS devices.
- Mobile Wallets - A mobile wallet is a mobile application that mimics an actual physical wallet. With this, we can send and receive money to pay bills, buy tickets, do online shopping and receive rewards too. Companies can access the consumer usage easily with a mobile wallet. And, there can be many merchants using the same wallet for example Google wallet. A mobile wallet renders easy, quick and cashless payment services.
- Cryptocurrency - Blockchain is taking electronic payments further with its financial applications such as cryptocurrency. A cryptocurrency is a decentralized currency built on the blockchain network. With its ease of access and safety measures, cryptocurrencies now seem suitable to be used with retail payments. As cryptocurrencies are available on mobile devices and transactions are in a very short time with very less transaction fees which makes it especially viable for small transactions in the retail sector.
- Adoption of wearables - It is just a matter of time when wearable devices become a ecommerce. As wearable technology gains acceptance and importance with consumers, innovative minds in the retail sector have begun to come up with technology ideas to boost their customers’ retail experience. The endorsement by the retailers on use of mPOS devices in store has created an elevated push for consumers to adopt wearables in experiencing the benefits of all-digital wallet.
Digital payments is the way of life in the new normal. The future will see payment methods in the form of contactless apps. The transformation journey of retail marketplaces towards digitalisation will indeed be an exciting one. As this transition happens from cash to digital payment, more new trends will emerge. Contactless Payment trends will revolutionise our future payment methods intensely. This market is expected to grow more than double in size from $8.3 billion to $19.3 by 2026. Analysts predict contactless payments will be a prerequisite for companies to enable their customers to ease low-value purchases, make pandemic-friendly transactions to consequently support their revenue.
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