Payment Trends to Watch for in 2024
As a new year begins, there are payment trends that are predicted to make an impact in 2024. These trends will likely influence how merchants run their business and how consumers choose to buy products and services.
Here are the some of the top trends that experts are predicting will continue to evolve in the payments industry in 2024.
Top Payment Trends for 2024
Artificial Intelligence (AI)
AI has the potential to transform the payments industry by gradually being integrated into operations and products of financial institutions and merchants across the globe. This technology can help overcome challenges with data privacy, information accuracy, personalized customer service, and more. AI has the potential to make payments safer and more efficient in the future.
Innovation of Retail Payments
Innovation has driven the evolution of retail transactions via integrated payment systems across customer-facing channels in recent years. The retail industry has provided consumers with many more options than previously imagined – buy online/pick-up at store; tap-to-phone purchases, Buy Now Pay Later options, in-store QR codes, enhanced biometric checkouts, and more. Merchants will continue to leverage omni-channel shopping experiences that drive innovation and boost loyalty from customers.
Rise of Interoperability
Interoperability is defined as the ability of computer systems or software to exchange and make use of information. This technology should see a surge in 2024 as it is critical in meeting the demands of consumers who want to make payments that are truly frictionless, flexible, and inclusive. Customers not only want seamless payments between themselves and merchants, but also between themselves and their family and friends (aka P2P payments).
Digital Wallets That Work Beyond Payments
Consumers have adapted to the use of digital wallets over the past few years as more purchases have taken place online. The use of mobile wallets has dramatically increased in daily payment transactions, and now users want their wallets to include additional features that go beyond payments – including identification, health insurance cards, transportation passes, driver licenses, and more.
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