Top transaction technology trends for online payment in 2022. Cutting-edge technology is rapidly changing how consumers conduct daily transactions. The digitization of payments has made it more accessible, efficient, and secure to send and receive money. All You Need To Know About FinTech in Nigeria.
Digital payments are the future. In the coming years, we will see payment methods transitioning from physical cash to digital payment methods. Before the transition concludes, many new trends will appear and disappear. Digital transformation trends in Africa to expect in 2022.
In this article, we will closely look at all those digital payment trends that will make it big in the year 2022. Here are six transaction tech trends that will shape the online payment landscape in 2022.
Contactless payments – transaction technology
Contactless payments are another payment method that you’ll see growing rapidly in the year 2022. As the name suggests, the contactless payment allows the customers to simply wave their smartphone across the reader. This method of waving is way faster and more convenient than inserting a card.
Contactless payments are also faster and more secure than PIN technology as it transfers the encrypted data to the point-of-sale device instantaneously. contactless payments is one of the top transaction technology trends for online payment.
Many companies like Samsung, Apple, and Google already have their contactless payment system Samsung Pay, Apple Pay, and Google Pay respectively.
Borderless transactions and cryptocurrencies
National currencies and financial institutions controlled traditional financial payments. With the rise of cryptocurrencies, nations no longer control economic exchanges between individuals of different nationalities. Payments can be completed almost instantaneously on the blockchain and offer anonymity and security.
Payments in real-time
The rise of contactless payment, cryptocurrencies, and mobile wallets have all impacted the speed of financial transactions. In the past, it could take up to a week for funds to be transferred between accounts. Thanks to the advances in payment technology, transfers now occur instantaneously. Top Emerging Trends In Custom Software Development Industry.
Virtual cards for B2B payment
The digitization of financial transactions has had a tremendous impact on B2B payments. Business credit cards have been digitized in the last ten years, allowing immediate B2B payments. Virtual cards for B2B payment is one of the top transaction technology trends for online payment.
Providers like Divvy use this technology to create faster and more secure transactions for their users. For example, Divvy technology tracks and updates your financial records in real-time, allowing users to take control of their budgets. These future-forward brands are also pivoting towards single-use virtual cards, so client data is always safe and sound regardless of third-party data breaches.
Mobile wallets are rapidly replacing physical wallets. 32% of mobile wallet users now have multiple mobile wallets for everyday life. This growth is a jump of 11% from the previous year. Additionally, some Millenials use as many as nine mobile wallets.
There are no signs of mobile wallets slowing down as their ease of use appeals to consumers and vendors. Mobile wallets allow direct access to consumers and easy integration of loyalty programs, coupons, and gift cards for businesses.
Messaging platform payment
Messaging platforms are rapidly overtaking traditional e-mail and SMS messages. Billions of people use WeChat, WhatsApp, Facebook & Instagram Messenger, and Slack each day. These platforms have integrated payment directly into their messaging apps, and consumers no longer have to leave the app to make a purchase.
Integrating payments into messaging platforms has profoundly impacted e-commerce and peer-to-peer financial transactions. It provides additional convenience and ease for both businesses and consumers. Messaging platform payment is one of the top transaction technology trends for online payment.