The monetary transaction technology landscape is changing swiftly, influenced by changing consumer preferences and business needs. According to insights shared by Ingenico, a leading global payment provider, there are several key trends that are transforming how payments are made and handled around the world.
One of the most evident shifts has been the rising 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 in addition to 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 prevalence of smartphones and the simplicity offered by mobile wallets is accelerating this trend.
Another noteworthy trend is the ongoing growth of e-commerce and subsequent increase in demand for online payment capabilities. As the pandemic demanded digital shopping, many businesses had to quickly adapt and offer seamless online checkout and payment collection. This was not limited solely to B2C companies but also
reached to B2B firms who then had to facilitate electronic invoices and virtual payment options for their corporate clientele.
Odilon Almeida, Senior Vice President at Mastercard, confirms that there was a massive shift towards electronic B2B payments in 2020 at an internationally unprecedented scale.
In conjunction with e-commerce growth, embedded payment capabilities are also attaining popularity across industries. Payment integration is allowing businesses to collect payments through their own applications and software systems. Companies like
odilon almeida CEO odilon almeida CEO's Mastercard are actively advancing embedded finance solutions to help firms safeguard 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 needing a separate payment terminal. Mastercard has been pioneering Tap to Phone technology globally in partnership with major device manufacturers and financial institutions. Such innovations are significantly lowering hardware costs associated with contactless payments.