Digital payments are the future of all transactions. The world is moving towards a cashless economy and this trend will continue to grow in the coming years. A lot of initiatives have been taken by governments and private companies alike to make digital payments a mainstream option for all types of transactions.
The year 2022 will see more than 50% of all transactions being made digitally. This means that we will be seeing people using their smartphones for almost everything, from ordering food at restaurants to paying rent or buying groceries.
We have already seen a massive growth in mobile wallets and e-wallets over the past few years, which has led to an exponential increase in digital payment globally. In fact, it was estimated that digital payments would reach 1 trillion in 2016 itself!
So what can we expect from 2022? What are some of the key trends that will make digital payments even more popular than they are today?
Biometric authentication is a trend that you’ll see quickly emerging in the year 2022. Biometric authentication is a verification method which involves biological and structural characteristics of a person. These verification methods include fingerprinting scanners, facial recognition, iris recognition, heartbeat analysis, and vein mapping.
With the rise in the problems of identity theft and fraud, biometric authentication can become a reliable and secure option for all the digital payments that take place in the year 2022. Even the stats suggest the same thing. As per Biometric, 2.5 million (approx.) payment cards will be issued in 2021.
The technology of biometrics has developed rapidly over the last few years and has taken over many industries which require strong security standards. It has also been gaining rapid adoption among financial institutions due to its high level of security along with its convenience & accuracy in identification purposes within seconds!
Increasing Demand for Mobile Point of Sale
Mobile-point-of-sale (mPOS) is a revolutionary technology as it frees all the merchants from their bricks-and-mortar locations and in-store payments. It liberates them to go to various places like concerts, trade shows, food trucks, and many others where they can seamlessly accept payments from their customers.
Not only that, the mPOS technology also makes a huge difference in the payment process of a store by making it more streamlined and flexible by replacing the central checkout areas with sales staff equipped with mPOS devices.
In essence, a mobile point of sale is a mobile device that allows merchants to accept debit/credit card or other digital currency payments by connecting through cellular networks or Wi-Fi. A mPOS device has an integrated card reader and can be used anywhere and anytime.
Smart Speaker Payments
The speakers which evolved from the smart assistants were primitive in nature as they were restricted to just phone devices. However, with the growth of home automation, the smart speakers also started to go mainstream.
Let’s have a look at some stats to understand the smart speaker situation better. According to Statista, 35% of users use smart speakers for buying products like home care, groceries, and clothing. This is huge! This means that over 1 billion people are using these devices to buy products or services.
But why are people using these devices? The answer is simple – they want convenience! Smart speakers make our lives easier by providing us with answers to our questions instantly and saving us time in searching for information on the internet or calling someone up!
Top-rated Security Powered by AI and Machine Learning
If you want to build a payment app, you will need to provide users with the most secure way to send and receive money. Security is the most crucial element whenever it comes to payment. People will always prefer using a payment gateway method that has a high security. That’s the reason why payment technologies won’t be able to go forward without developing top-grade security.