Over the past few years, the online shopping industry has not just brought a change in the way people buy products but also helped move the payment technology as well. With the ability to make online payments, consumers are provided with a convenient and streamlined payment experience. But, what is the next in online payment industry? Let’s have a glance at the future of payment trends in Europe.
Mobile Devices Drive the Change
It’s no secret that mobile devices are leading the secured digital payment industry, supporting global brands to grow. People these days rely on mobile devices to communicate, purchase, work and to do a lot more activities.
Mobile devices allow secure payment facility, offering consumers to make payments with ease. Here are a few interesting facts supporting the future of payment trends:
- 79% of shoppers prefer to receive vouchers on their mobile devices
- Mobile Phones Account for 17% of Global Web Usage
- More shoppers prefer paying via mobile devices
- On average, a smartphone user checks it on average 150 times per day
Banks and Fintech’s Collaborate
Market regulation is enabling the growth of the FinTech industry. More banks in the future are planning to build relationships with FinTech industry, which results in a “powerful mutual dependency”. The growth of online banks and payment gateways enforces a transformational impact on financial services. The collaboration also serves as one of the best ways to prevent credit card fraud.
Payments will be Accepted Everywhere
Online secured digital payment technology and the development of POS devices make it possible to receive payments easily and securely. In the year 2020, online and mobile payments become a trend everywhere and the universal acceptance of online payments will change traditional relationships.
More Awareness Against Digital Payment Frauds
We see more people taking care of the best ways to prevent credit card fraud and utilizing every method possible to stay secure and keep their identities secure while making mobile payments. The future is even better with more people focusing on their security and technology solutions emerging as their support in the mission. Of course, fraudsters will grow in the future, but the consumers’ acceptance of better ways to stay secure is expected to be more rigorous.
Legacy Payment Systems Need to be Replaced
Survival in the ever-changing industry requires a complete overhaul of existing legacy systems. The platforms utilizing the same online payment methods face drawbacks in the highly competitive industry with more consumers moving towards the competitors. Real-time payments, secure payment methods, tokenization, API integration, agile, all require modern payments systems in the future. Consumers will want their payments to be processed securely with no option of financial details theft incident.
By 2020, consumers across Europe can expect a whole lot more. Businesses become more aware and the alliance between fintech and banks support a better secure online payment environment resulting a better tomorrow. Consumers may be able to process payments online in a secure and faster way.