Digital payments, particularly via digital wallets are becoming the new modern standard in payment systems. China in particular, has led the way in terms of living cashless with most urban regions normalizing not paying with physical cash or a plastic card. Taps or scans with a phone are becoming the everyday form of payment.
America has been slower to adopt things like smartphone payments, yet, apps like Venmo and the Apple Pay feature are normalizing not carrying cards or cash around with you at all times. Although, as earlier stated, cash and cards will always be something that is easily accepted.
Digital payment just opens up more avenues when it comes to being able to pay for something at a cafe, a boutique or out on a shopping spree. Let’s have a look at digital payment trends your customers are likely to follow in 2020
Many people have installed Google Home or Amazon Alexa in their homes. Furthermore, anyone with an iPhone already knows that Siri is a useful app that listens to your commands. Since voice command assistants are becoming all the more ubiquitous, companies are starting to accommodate customers making complete transactions through voice commands.
Bank of America is using Erica, their digital voice assistant to help customers in handling their accounts and making payments and transactions. Voice commands are becoming more of a tool that busy people rely on. Automated call center bots that have been previously used were clunky, inefficient and sometimes a pain to try and use. The improved voice command assistant technology will be innovative and efficient.
Fingerprint technology and facial recognition technology is something that is already well in place when it comes to device security. These features are used to streamline the payment process. Instead of manually entering seemingly endless credit card numbers and remembering passwords, face or fingerprint scanning is becoming the new norm. The technology when it comes to privacy and safety are still being improved upon as time goes by, and this is a legitimate concern for those that don’t want to participate in facial scanning or fingerprint scanning.
Social media apps are streamlining the payment process in that they will take care of the payments directly. Facebook, which also owns Instagram, allows users to make direct payments to registered vendors on their site. WeChat also has rebranded from a messaging app to a “lifestyle hub” when it comes to taking care of calendar planning, rideshare hailing, online shopping, and online payments.
These technological advances in the retail experience and the payment options available to consumers point to one end: making life easier for customers. Innovation in the retail sector makes it easier to make a payment, easier to find clothes that fit, easier to find what it is you’re looking for and easier to go about your day without having to worry.