Top 5 Tech Trends That Are Shaping the Future of Payments

Top 5 Tech Trends That Are Shaping the Future of Payments

Most people today rely on cash for so many things, be it making a small purchase in a local grocery store, or covering their monthly gym fee. Over the years, however, the introduction of new payment options has inspired many to move towards a more tech-driven way of exchanging money for goods or services. You’re probably using your debit and credit card regularly, plus you use various digital banking platforms such as PayPal for online shopping. Then there are cryptocurrencies, one of the latest trends that are changing how we perceive banking to begin with.

At the heart of all that change is one thing: a customer-centric mindset. It’s all about increasing customer satisfaction through greater security, convenience, and perks. Technology allows for all three of those aspects of modern-day banking to thrive. Here are a few tech-driven trends that are stealing the spotlight and allowing an even more cutting-edge future of payments to emerge.

Going mobile with your payments

There has been so much talk about improving mobile marketing for businesses and entrepreneurs, as well as mobile optimization to make sure that you’re on the right side of Google and other search engines. However, it’s vital not to forget about the notion of mobile payments: a trend on the rise which is making online shopping more accessible and convenient than ever.

Every bank now has its own dedicated app for its clients, together with biometric scanning and other security measures in place to prevent fraud. Add to that, mobile wallets such as Apple Pay or Google Pay are emerging as yet another tech-based solution for even simpler digital payments.

Automation and personalization in payroll

The idea of customer personalization is certainly not a new one, especially in marketing and sales, with the aim to help brands boost sales and engagement. However, companies also need to make the most of yet another personalization trend, one that is focused on smarter payment systems and streamlined payroll programs.

Business-perfect software applications are a great solution for everything from automated invoicing, recurring monthly payments to your partners and vendors, all the way to automated and personalized employee salaries. Income cards are another tech-driven trend for boosting payroll for companies that will reduce expenses and waiting times for employees, thus increasing company loyalty in the long run.

Perks and rewards for global travelers

Perhaps we’re still a few years away from a global currency that will make international business travel a breeze. Until then, loyalty counts for quite a bit with modern providers. This trend that reflects the current customer-centric mindset of global banking and fintech providers is the diversification of reward and loyalty systems for credit card users.

To make the most of their options, international business travelers will look into the best credit card to use overseas to reduce transaction fees and currency exchange fees while abroad. Then there are tailored reward systems to help travelers earn miles, discounts in specific stores, and other perks. Businesses now have access to more versatile credit card programs of this nature, simplifying their travel budget allocation and overall financial management.

Crypto as a valid payment option

Nowadays, when you stumble upon an ecommerce site, you expect to have an entire array of payment options. After all, every single company wants to encourage more customers and inspire greater trust, so the more payment platforms they use, the more trust they invite. You’ll see them enabling everything from all major credit card providers, to digital payment systems such as PayPal.

Some, however, are embracing cryptocurrencies as a valid form of payment. From Microsoft to KFC, brands are now jumping on the crypto bandwagon in support of even more payment diversification through technology.

Increased security through the blockchain

Most have heard of the blockchain technology in the context of cryptocurrency trading and mining. However, the tech in question is far from limited to the world of crypto, as it holds the potential to completely change the future of payments and banking in general.

Transactions through the blockchain technology are exceptionally secure, fast, and they eliminate the need for an intermediary such as a bank – thus reducing the costs of transactions in many ways. Plus, the technology is so well-built that it doesn’t require businesses to store sensitive customer data, which boosts the security of each monetary transaction. If anything is a game-changer in the world of finance, that would be the blockchain.

It’s safe to say that the future of banking and fintech companies will be intertwined, and that the customer will be at the heart of all of these changes. Whether you run a global business, or you’re simply looking for smarter ways to invest, save, and boost your financial security, getting to know the market can make all the difference in what decisions you make. Use this overview as a source of inspiration for your own decision-making in your professional and personal finances alike.