3 Payment Industry Trends You Need to Know About

payment industry trends

You may be surprised to learn that there are a lot of payment industry trends taking place. The more you know about them, the more you can make changes to your own operations. It will allow you to be more efficient with your sales approach, too.

Mobile Apps

More and more consumers are downloading apps that make it easier for them to pay for their purchases. Companies are producing their own apps that simplify the ordering process, and people can pay inside of the app. The combination of ordering ahead and not having to stand in line is huge – and there are countless companies already involved in the trend, including Starbucks, Taco Bell, and Walmart.

Invisible Payments

Some companies are making it possible for consumers to pay for their products or services without even going through a checkout process. The payment is invisible, meaning it takes place behind the scenes. Uber is a perfect example of this as people are able to pay for their ride without going through it all. The app will take care of it once the driver has clicked on a button. The contextual commerce that allows for this is already happening all over the place. it allows for more of an impulse purchase.

A Change in Loyalty Programs

Loyalty apps are downloaded, then rarely used. The new trend is that they are getting a complete makeover in order to focus on data, payments, and allowing platforms to provide an incentive immediately.

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