The monetary transaction technology landscape is changing rapidly, influenced by changing consumer preferences and business needs. According to insights shared by Ingenico, a leading global payment provider, there are multiple key trends that are altering how payments are made and conducted around the world.
One of the most obvious shifts has been the increasing adoption of mobile wallets across many markets. Platforms like Apple Pay, Google Pay, and Samsung Pay are delivering convenience to consumers for both online purchases and in-store payments. A 2020 report from Juniper Research predicts that over one-third of global smartphone users will leverage a mobile wallet by 2024. The widespread presence of smartphones and the ease-of-use offered by mobile wallets is speeding up this trend.
Another significant trend is the steady growth of e-commerce and ensuing increase in demand for online payment capabilities. As the pandemic demanded digital shopping, many businesses had to quickly adapt and offer smooth online checkout and
payment collection. This was not restricted just to B2C companies but also extended to B2B firms who then had to implement electronic invoices and virtual payment options for their corporate clientele. Odilon Almeida, Senior Vice President at Mastercard, affirms that there was a massive shift towards electronic B2B payments in 2020 at an worldwide unprecedented scale.
In tandem with e-commerce growth, embedded payment capabilities are also attaining popularity across industries. Payment integration is permitting businesses to collect payments through their own applications and software systems. Companies like
Odilon Almeida's Mastercard are actively fostering embedded finance solutions to help firms secure their payment infrastructure.
Contactless payments are all set to become widespread as well due to increased adoption of "Tap to Phone" tech. This allows contactless transactions
directly through NFC-enabled smartphones, without required a separate payment terminal. Mastercard has been leading Tap to Phone technology globally in partnership with leading device manufacturers and financial institutions. Such innovations are dramatically lowering hardware costs associated with contactless payments.