Recently visa experts named three trends that are likely to redefine the world of electronic payment systems and make online payments the leading mode of payment for both businesses and individuals.
It is no surprise that the grand-scale innovations in commerce and consumer technology demand no room for errors in the electronic payment systems world. With consumers spending more time online than in real-world and e-commerce, bringing the entire retail market right at the consumers’ fingertips, a seamless payment experience is only an essential requirement.
In fact, according to the “How we will pay” study conducted by Visa, in collaboration with PYMNTS.com, more than ninety-six percent (96%) of today’s consumers possess an average of four electronic gadgets, thereby impacting the world of e-commerce significantly. The results indicate that both credit card and cache are gradually becoming obsolete and following new trends in electronic payment systems, that boast of no physical form at all, are gaining traction in 2019.
Electronic payment systems simplified by blockchain
Visa recently joined the blockchain bandwagon in June and busted the myth that payment facilitating companies are unwilling to catch up with new trends. The launch of its new B2B Connect platform, an innovative blockchain-based platform that enables financial institutions with the instant settlement process and a secure and efficient way to facilitate cross-border payments. With that, Visa officially marked its entry into the market that is otherwise dominated by the payments giant Ripple.
Libra, the permissioned blockchain digital currency proposed by social media giant Facebook, is also touted to be game-changing for the payments industry as it is expected to introduce millions of consumers across the globe, many of them who do not possess a bank account, fastest and convenient way of making payments. Whether it is also the most reliable and secure way is yet to established.
Voice assistants to poise for massive ramp-up
Visa experts find that more and more consumers these days are embracing voice-activated assistants while buying items online. The idea of convenient shopping has been introduced by products like Siri and Alexa and enabled consumers to check off shopping lists while traveling, eating meals, or looking after kids. These connected devices are making the idea of “let’s go shopping” more outdated than ever.
Traditional passwords out, biometrics in
Experts claim that cybercriminals have cost this payment facilitator a massive loss of around six hundred billion US dollars ($600 billion) until now. Thus it is only indispensable that something is done about it and soon. Biometrics, face-recognition software, and risk-based behavioral verification systems will eventually see a growing demand, and traditional passwords are expected to fade out in merely five years.
Last but not least, besides being fast and convenient, electronic payment systems need to have a robust and reliable infrastructure. As a result, tokenization technology, which consists of account holder information in an encrypted form, is expected to witness a surge in demand, making the entire process payments as anonymous as possible.
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