A Peek Into The Future of Digital Payments 2020

Currency exchange in the digital sector has been revolutionaries over the past few years. Now people have countless secured digital payment methods at their disposal. Transaction among various sectors has a significant increase in the past year. Today, I will help you take a look at a potential future of digital payments and its trends.

Increase in Cross-Country Transaction: Cross-country transaction has been increasing ever since the launch of cross-country digital payment method such as PayPal, Skrill, etc. The number of users using these digital payments will go on increasing. At least for the next five years easily.

B2B Billing Even For Small & Medium Business Using Digital Payments:

A lot of digital payment systems have set up B2B transaction where the seller sells his good, and the consumer buys the service. Anyone of them set up the invoice and send it to the together, this process was largely used by big companies, but in the near future, even small and medium size business will use B2B billing to avoid missing or filling the paperwork with wrong information. These would be done using a digital payment service.

Limit to fraud chargeback in digital merchant:

With schemes of heavy cashback in digital payment, many users create a virtual card. Use them to login in these digital payments and apply for fraudulent chargeback where they buy a product with cashback and then later refute the buy, Earlier merchant had no voice in these, however new VISA rule has given the merchant the opportunity to counteract such claims and provide evidence of their own. Hence Fraudulent chargeback will decrease with time.

UPI –3.0:

With business leaders like Google and Facebook entering the digital payment in various countries. Be ready to see them launch a new unified payment interface very soon with more endless features and more schemes.

Card to Cloud Transaction:

As many technologies have shifted their database to cloud data management for faster and smooth operations. It is just a matter of time when our credit/debit cards will be upload to a cloud. We can process our payment without using a card. Instead, they will use a smart device or smart account while paying digitally.

Voice Commerce:

Many have suggested voice commerce as the future in many sectors and primarily in digital payment sectors. As it would be a top identity theft protection system as Voice commerce involved in digital shopping and digital payment, have increased significantly and will continue so in the future. Hence expect a voice recognition test during digital payment very soon.

Biometric Payment:

Similar to voice commerce, many digital payment companies are trying to integrate biometric during digital payment to avoid fraud from hackers. Hence, companies might include any type of biometric in payment which can’t be stolen.

These are a few things that you might see in digital payment in 2020 and beyond.

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