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Trends in Electronic Payment Systems

Trends in Electronic Payment Systems

Visa experts shared forecasts what’s new is expected shortly to payment systems. They are directly related to new technologies and are designed to make online payments the leading tool in the hands of both business and individuals.

And, of course, such forecasts did not ignore all the main trends that are recorded in the behavior of users and customers.

 According to the results of the second annual study “How We Pay” by Visa and PYMNTS.com, about 96% of consumers own an average of four gadgets, which has a significant impact on the world of e-commerce. This is not even about credit cards and certainly not about the cache – both of these methods have long been considered outdated. Instead, they are actively introducing electronic payment systems that do not require physical form at all. With their help, you can pay in real life – for example, using contactless payments, and online. So, what trends should we expect in 2019?

The Growing of Purchases Made by Voice

 Experts predict that assistants on gadgets will occupy a leading position. Already, many people are searching for products on the Internet using Siri, OK Google and other apps of that kind much more often than ever before.

 The study also showed that long lines in stores are pushing users to increasingly buy goods and services online. Higher number of gadgets per person pushes to the same behavior. And voice assistants can significantly expand opportunities in matters of payment for goods and user identification. The simplicity of such a solution is also visible – you do not need to enter passwords, dial card numbers or other identifiers: your voice assistant will do all this for you.

Payment Simplification

 New trends will also affect business. Visa recently announced the company’s new products that contributed to the commercial launch of the B2B Connect platform. A unique blockchain-based platform is designed to provide financial institutions with a quick, easy and secure way to process payments between enterprises around the world. Thus, in 2019, payment systems will focus on simplifying and speeding up the payment process. And this is good news, especially if you need to pay the same loans in which the amount of interest increases every day.

Replacing Traditional Passwords with Biometrics

The damage caused by Visa to cybercriminals is currently estimated at $ 600 billion. A number of measures taken by the company to prevent cybercrime have significantly reduced the level of global fraud in non-card transactions.

Experts believe that biometrics and risk-based behavioural authentication in just five years can eliminate traditional passwords. On the one hand, it is really convenient and reliable, and on the other, biometric data will be available to website owners and security services. And this does not delight many people at all.

Especially, if necessary, make payments anonymously. Here is a simple example: if you regularly play at the casino and you need to put $ 5 deposit bingo, you still have to go through the authentication process on biometric grounds. For example, by fingerprints or face identification.

In addition, tokenization technology, which involves the transfer of information about the account holder in encrypted form, is increasingly spreading in payment systems.

 How to relate to new trends in payment systems? This question remains open. Time will show which of them will gain a foothold for a long time and go into the category of routine procedures, and which will show their failure and give way to new, high-tech solutions. In any case, paying for purchases or services online is becoming more convenient, easier and more natural.

Business

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