- On May 6, 2020
Vendors trying to keep up with the latest trends in payment processing have a few more innovations to adopt in 2020 to evolve with the ever-changing consumer payment habits. Whether their customers want to pay with their phone or bank with their voice, businesses not only need to keep up with various payment methods, including paying by default with an invisible payment, but they also need to keep pace with the security risks associated with payment information embedded in platforms across the digital marketplace. While some merchants still require a signature when accepting payment, others have transcended signatures, as well as transcended credit cards themselves. Here are the top five payment processing trends to watch in 2020:
1. Invisible Payments
Embedded into applications, invisible payments allow consumers to make purchases without pressing a “buy” button. By keeping customers’ information on file, businesses are able to charge them automatically. With a focus on customer experience as a differentiator, businesses want to provide a seamless transaction. Loaded from eWallets, customer information can automatically populate for purchases.
2. Security Compliance
With embedded payments on the rise, security will keep up with the frictionless payment options for customers. Software vendors building the applications that embed consumer information will be held to a higher set of standards issued by the Payment Card Industry (PCI) Security Standards Council in 2019.
3. Digital Wallet
With 1 billion users each, China’s Alipay, a result of Alibaba’s online platform, and WeChat Pay, the purchasing arm of the social media platform, are examples of the popular digital wallets enjoy. By offering customers a variety of payment processing options to accommodate digital wallets, payment providers intend to be a part of the mix in the wallet-less payment trend.
4. Voice Activated Banking
Beyond voice-activated commands via smart speakers and voice-activated inquiries via smartphones, voice activation is now a method for use in two-factor authentication for secure banking. Banks are even making it possible for customers to bank by voice for use in reporting a lost card or fraudulent activity, as well as for use in transferring money.
5. Signature Not Required
Relying instead on security technology like EMV, credit card brands transitioned to no signature required for credit card processing. Although not all merchants removed the requirement, 2020 may be the year payment processing leaves the signature behind for everyone.
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