Three Important Trends for Digital Payments for the Growth of eCommerce in 2022
Over the recent years, many trends have nudged merchant payment gateway providers towards diversification, especially in the areas of alternate payment methods and contactless payments. Moreover, the pandemic has only made it more conducive for eCommerce and payment diversification. Here are three rising trends that can fuel the exponential growth of eCommerce in 2022.
Trend #1: Mobile Payments Nowadays, mobile payments have become the de facto method for purchases and bill payments for everyday items. The usage of paper checks, cash money, and plastic payment cards are declining rapidly. Cash transactions and card payments will be an alien concept for the coming generations. The reason for this rapid bloom of mobile payments is not surprising. People always carry their mobiles with them. It’s become a necessity in the technologically advancing world. Because of mobile payments, people no longer have to put in extra efforts to carry a wallet everywhere they go. Merchants and delivery guys have to no longer carry a card swiper to process payments. With the need to maintain social distance now, it's easy to see why people opt for mobile payments. Invest in a payment solution provider that offers mobile payment solutions to keep your business up-to-date with this growing trend.
Trend #2: Single-Click Payments The idea behind “single-click” payment is that by saving your credit and shipping data online, you can choose a product and pay for it immediately. Customers don’t have to fill in payment forms and checkout carts for every purchase, just one click and done. Payment data will be filled in automatically for all future purchases made. This type of payment system encrypts your card data through a process called “tokenization.” The token becomes a form of customer identification for further purchases. Customers can thereafter make single-click payments if they’ve paid previously on the website. Payment gateway providers have started to provide these payment gateways as they are aware that the eCommerce industry is riding high on this rising trend.
Trend #3: Cryptocurrencies A cryptocurrency payment gateway has become one of the fastest-growing payment methods around. Once a dark domain of web hackers and untraceable business deals, cryptocurrency is now a mainstream payment method. Crypto is advantageous over traditional payment methods for many reasons. The most attractive of them is the fact that crypto relies on a “Push” payment method. This means once the funds are transacted into your account, they cannot be charged back. This has made crypto become more popular as it puts an end to the so-called “friendly fraud” that's been on the rise in past years. Mainstream businesses take advantage of crypto as their MID will not be lost while accruing a slight raise in chargebacks.
Like Bitcoin, cryptocurrencies are powerful financial instruments. Wealth can be transferred immutably and in a decentralized manner. This enables the customers and merchants who don’t have bank accounts to transfer wealth. Ensure that your payment provider offers cryptocurrency payment gateway as cryptocurrency is well on its way to becoming a major player in-game of eCommerce. Take full advantage of these 3 digital payment Trends to get maximum sales and grow your business exponentially.
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