It is no surprise digital payments have become increasing popular over the past five years. However, the pandemic accelerated their use not only by company but also by payment methods. E-Commerce has been a leader in digital payment systems, yet now businesses (business-to-business) are catching up. Today, digital payments are part of the new “normal” in purchasing and selling services. Let’s take a look at the top three payment trends for next year.
1. Real-Time Payments (RTP) – RTP provides speed, security and accuracy since payments are made in real time. This means companies that use this payment method work with fintech companies to create payment models. This also means that companies can integrate financing in their payment systems.
2. Streamlined Payment Process – With this system, there will be a reduction in the number of steps and waiting time in the checkout process. It is also known as a frictionless experience where customers will have more choices for payment, such as mobile payments, digital wallets, and one-click payments.
3. Business Apps – These apps allow customers to pay directly to the business. In building an app, a company can offer loyalty tools to entice use, including coupons, points, and rewards.
Technology is changing the world at a rapid pace. Payment systems are part of this revolution and will provide more convenience and security in 2022. They will make purchasing easier without any intermediaries. At Empire Group, we are always looking for ways to improve the customer experience, from comprehensive services to specialized equipment.