The user behavior of payment method has changed in 2020, since it is a hard time of offline payment in stores. But how about 2021, which payment gateway is the next trend?
Due to covid-19, the way customers make payments have changed. And it seems the changes will last to 2021, some obvious, some less. No matter which change, it’s just related to customer behavior and experience. Think about why you change the payment method you used to choose. It is easy to find you use the new payment gateway because of the convenience, security, or other features.
Whether you use a secure credit card, ‘Buy Now Pay Later’ option, PassPay or innovative payment method, it depends on your benefits.
Since 2021 is coming soon, it’s exciting to see what payment trends are your next choice. In this post, we will take a look at both mobile payment trends and digital payment trends in 2021.
7 Trends will Shape Payment Methods in 2021
1. More Payment with Secure Codes
Early on, most customers will make their payment with debt cards or credit cards. With unique numbers, business owners can chase the payments.
Now more and more companies have offered another innovative payment methods of using secure codes. While you make any payments, you will get a unique code to scan. No doubt this technology is one of the mobile payment trends in 2021.
The unique code ensures your payment processing is safe. With this convenient technology, customers will use codes to pay instead of cards.
2. Customers Prefer ‘Buy Now Pay Later’ Option
‘Buy Now Pay Later’ option comes from eCommerce first. But now it becomes more and more popular among retailers, hotels too.
PayLater by Passfeed offers a payment solution to let customers take their purchase back home first. After enjoying their purchases, then customers will pay the fees later.
With PayLater, everything becomes affordable. No wonder ‘Buy Now Pay Later’ will keep the trend to 2021. This modern payment method provides customers much clearer installment plans with interest-free.
3. Biometric Payment
Biometric payment is always the trend in recent years. As you may know, biometric payment gateway uses a biological verification to identify. Besides fingerprinting and facial recognition, now customers can use iris recognition to pay. Even customers can pay with their heartbeat frequency.
Since all biological verification are unique, it has become more and more popular. Customers believe it is a reliable payment method in the next year 2021.
4. Contactless Payment like PassPay
As the name shows, contactless payments offer business a contactless way to pay. Like PassPay, business owners can use it to pay more easily as a commercial bank account.
Compared with the traditional payment methods, PassPay is more secure, convenient and faster. To make contactless payments, business owners can download PassPay by Passfeed APP.
Features of PassPay by Passfeed:
- Get paid in any currency
- PassPay Debit Card
- Custom Checkout
- Free Fund Transfers
- Instant Payments
- CryptoCurrency Accounts
PassPay is suitable for various business owners, from retail, hotel to restaurant industry. Even freelancers can use PassPay to send & receive payments more simply.
5. More Transactions with Mobile Point of Sale(mPOS)
Point of Sale(POS) often uses in retail industry. But now the trend changes to use mobile version of POS.
With this modern technology, business owners can take this device whenever they go and accept payments anywhere.
Besides, this mPOS payment method simplifies the payment process. Customers can make the payment more flexibly and faster.
6. Open interfaces between different banks
Nowadays less customers use cards to make payments. Instead, they would like to combine their bank accounts together.
In fact many companies, like Passfeed, has offered a payment solution for customers to open interfaces. With the services of Passfeed, customers can transfer payments, split bills or make payments freely.
7. Digital Payments with AI solution
While customers use digital payments to purchase, they may face fraud online. In this regards, more and moree online stores or eCommerce platforms try to get help from AI.
With AI solution, customers can make the payment faster and more securely. Meanwhile business owners can offer them a better experience.
Although most digital businesses offer various payment methods, cybercrime and fraud threats are becoming more complex. With the help of AI, businesses can save their time.
No doubt in 2021 AI is the trend of payment industry too.
Conclusion
Digital and mobile payments are future. In 2021, we can still find digital and mobile payments will replace physical payment methods.
Many traditional payment methods will be replaced by new trends. These trends will play a vital role in different industries, like retail, hospitality, restaurant.
The payments methods change fast to smart-phones. Mobile devices will shape restaurants and retail industry. Also APP, like Passfeed’s APPs, can use as a digital wallet to book a restaurant or hotel and shop online.
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