As payments evolve, more firms will find ways to monetize and optimize their software or customer experience through payments.
FREMONT, CA: In the world of payments, technology is advancing rapidly, so it is vital to keep an eye on payment trends. But as payments evolve, more industries will find ways to monetize, and firms find new ways to streamline their software or customer experience through payments. Payments are becoming ubiquitous, and that illustrates an enormous opportunity for businesses and platforms. Here are some of the major payment trends to watch for in 2020.
• Customer Experience Becoming the Differentiator
Today, customer experience is becoming a competitive differentiator. That experience is reaching a stage where payments are invisible and frictionless. This is a big change from the past. For a long time, there were just primary payment experiences. With invisible and embedded payments, those experiences are beginning to blend. The software has emerged so that payments can be embedded seamlessly into applications, which allows industries that are less payments-oriented to integrate a frictionless payments experience for their customers.
• The Rise of the Younger Generation
Markets are increasingly feeling the rise of younger generations. This trend is only going to accelerate. Such a drastic shift has similar implications for anyone using payments. Consumers are likely to care more about social and environmental problems but less about digitalization or sharing data online. To keep pace with the demands of this enormous group of shoppers, businesses will require to innovate their use of payments and become fully digital.
• Digital Invoicing
It is not just payments that are evolving. The digitalization of things such as invoicing and account receivables are a significant payments trend for 2020. In fact, the world is on the edge of a B2B digital billing revolution is looking to simplify how they bill their customers and to get paid more rapidly while mitigating costs. Agile payment partners are starting to bridge that gap and allow those businesses to digitize all aspects of their system to provide full payment services and invoicing, account receivables, and more within a seamless digital platform.