Top 4 Digital Payment Trends to Look for in 2021
The Covid-19 pandemic has popularized e-commerce. Many business people have turned their sales of the product to an online platform. While online shopping seems to be a safe option during this lockdown period, on the other hand, the payment method for these purchases still needs to be updated.
Digital payment methods normalized during the Covid-19 pandemic to ensure safe and secure transactions for several businesses. Not only this, due to several new payment methods, digital currency has also come to the attention.
Due to Covid-19 pandemic, people had to confront a ton of difficulties and troubles while doing transactions. To perform safe transactions keeping hygiene protocols in check was one of the biggest challenges during this period. That’s why people shifted towards digital payment methods rather than traditional transaction systems. Mobile banking and contactless payments among the payment methods that people are starting to use.
Keeping the statement mentioned above in mind, it is safe to say that the business environment has started to change already in terms of transactions. With the advancing technology, there will be further ways of proceeding with the payments.
Let’s have a look at the potential top 4 digital payment trends this year:
1. Diversified Payment Options
As more businesses are seeming to adopt e-commerce, the number of customers shopping online is also increasing. Covid-19 pandemic was the main catalyst of normalizing online shopping. Every company needs to introduce diversification of payment methods. There will be more customers for e-commerce sites in 2021 than ever before; that’s why there should be digital payment methods for new customers who will purchase things from the business person they have never met before.
These new digital payments should be safe and secure to avoid any financial scams. Payment methods like pay on delivery, biometric cards, phone-to-phone payments, and upgrades in traditional card payments should be introduced. Knowing the current status of the e-commerce market, these payments can be among the top in 2021.
2. QR Code Payment
QR Code payment can already be seen in the various market today. This payment method is a true contactless payment method. Although QR code payments currently require separate apps to proceed. But the flexibility and easy implementation of this method can be improved this year, making it a more popular option. Google Pay, Samsung Pay, and Apple Pay are already providing a platform to use QR Code payment integrated with several different e-wallets.
3. Voice Activated Payment Methods
Today we have already seen the use of Artificial Intelligence in several fields of life, and it’s also making its way in payment methods. We have been introduced to voice-activated payment methods already. This payment method is used to confirm payments on other apps like food delivery apps. Many business people are integrating this technology with other purchasing methods to ensure more security.
As we are familiar with bots that can do text-to-speech and speech-to-text tasks, these bots will help perform a transaction through mobile applications. There are digital banking applications that allow customers to prepare invoices on voice commands (Meyer Saavedra). In 2021, the voice-activated payment method will be among the main protagonists of the digital payment industry.
4. Contactless Payment Methods
The ongoing situation of Covid-19 is restricting people to maintain social distance from one another as much as they can. This brings in the use of cash payments in daily life. As we all know, currency papers are transferred from one person to another, and we don’t even know who is even in contact with the currency paper before us. Contactless payment methods are recommended by almost every government around the globe to reduce the risk of viruses.
Major cities have already adopted contactless payment methods, and it’s not far that we will be able to pay in our nearest markets without touching. This will be soon normalized in smaller cities and towns around the globe. Contactless payment methods will be among the top payment methods in 2021 as it is a safer method to use, especially in current circumstances.
Digital payment methods have already become a part of our lives as more and more people are shifting their focus towards online shopping. There will be a further advancement in this area that can ensure more safety and security of transactions. QR Code Payments, Diversified Payment Options, Voice-Activated Payment System, and Contactless payments can be the top digital payment methods this year. The reason for adopting these methods is their security and safety. Additionally, customers want to use payment methods that are safe from any financial fraud.