What’s Next for the Digital Payment Sector?

Ecommerce and digital payments are two sectors that have always been linked together. They’re both in a state of flux thanks to recent tech developments, in this article we’ll be looking into the types of changes we will see in this industry soon.

The biggest change that we’ve seen in the last couple of years is the rise of NFC payments. Services like Apple Pay and Google Wallet are coming on the scene to effectively replace the cards that we use day to day. This is the first real world implementation of the electronic wallet and they can generally be used anywhere that accepts contactless payments.

A trend that we’re seeing in the ecommerce market is the move towards instant gratification. Amazon have been major pioneers within this trend, moving from delivery that takes a few days, then to next day and finally delivery within the hour. Users want their products instantly and they’re willing to pay for the privilege. This means that digital payments also have to be fast enough and convenient enough to keep up with this demand.

Bluetooth was used most about a decade ago but it’s set to have a major resurgence. Apple are getting rid of their headphone jack, which means Bluetooth will be more widely adopted by their users. That means more than just wireless headphones, we’ll also see payment terminals and other digital payment accessories used via this connection.

The gambling sector is one of the biggest to use digital payments, so there will no doubt be innovation in the works here too. Right now, bingo with PayPal is one of the most popular ways to deposit with bingo sites because of the added security. PayPal bingo is also much more convenient for players, as it takes less time to deposit and withdraw using this method. It’s all about the user with these payment methods.

The merging of digital payments in the offline world is bound to create a lot more opportunities for these services. This trend is where many of the new innovations in the industry will come from, as developers think of new services that their customers would require. Jumping onto these trends and giving customers a more expedient way to play ensures that these services will do well.

We’re also seeing a lot more personal payments, thanks to services like PayPal. They want to be THE option for users splitting a bill or sending money to one another. They’re promising a simpler system than the hassle of getting money from a cash machine and working out who owes what amount. This is the kind of crossover that many payment providers will be looking to achieve, a service by which you can pay for goods and transfer money on a personal level.

Going above and beyond is a pretty overused in business but there is a kernel of truth in there also. Payment methods that help businesses to reward users through collecting points or sending out incentives. These payment methods aren’t limited to just making the transaction, they can also encourage it.

The world of digital payments is changing rapidly and no longer confined to the online world. These will start to become more and more a part of our offline lives too, whether this is a good thing remains to be seen.