Future of Payment Transactions

Future of Payment Transactions

Constant evolution is the key to digitization. Every business is driven by innovation and technology. Digitization has left its influence on payment transactions making online transactions faster, safer and easier. A global payment survey reveals that 25% of organizations have already stopped accepting payment in cash last year. The popularity of Google Pay, Apple Pay and a galore of mobile payments solutions, available in the market bears the proof.

With no cash or card in your wallet, you just need a smartphone for making transactions. Earlier in 2016, Samsung came up with Samsung Pay, Google bought Softcard for making Google Pay and Paypal bought Paydiant. Not to mention of the new trend where every day a big retailer/brand announces that it will be supporting one or the other new payment system. Gartner, a research firm predicts that in transaction only, mobile payment industry will be worth $270 billion in transaction, higher than $235 billion in 2014.

Consumers in this digital world of instant gratification have become more comfortable with one-click experiences. Thanks to the likes of Airbnb and Uber, taking simplicity to an altogether new level. It is easy to predict the future of payment transactions, since the number of consumers managing their finances electronically and making cashless transactions using their smartphones or cards is increasing. These deviations from the traditional payment transactions are making businesses invest into real-time payments and next-gen biometric authentication. It’s time that businesses know this future fact, for this trend is going to prevail.