{"id":4566,"date":"2019-11-06T09:00:14","date_gmt":"2019-11-06T09:00:14","guid":{"rendered":"https:\/\/evoipos.com\/?p=4566"},"modified":"2021-12-14T12:52:25","modified_gmt":"2021-12-14T17:52:25","slug":"6-payment-trends-for-2020-customer-experiences-reimagined","status":"publish","type":"post","link":"https:\/\/www.evopayments.us\/staging\/6-payment-trends-for-2020-customer-experiences-reimagined\/","title":{"rendered":"6 Payment Trends for 2020: Customer Experiences Reimagined"},"content":{"rendered":"\n

There have been sweeping changes in the\npayments space over the past ten years, and, heading into a new decade, there\nis no doubt that substantial changes will continue. Payment trends for 2020\nappear to be moving the industry in a much more consumer-centric direction,\nfocusing on ways to make payments as easy and convenient as possible. These six\ntrends illustrate this commitment to frictionless payment processes: <\/p>\n\n\n\n

Declining percentage of cash payments<\/h3>\n\n\n\n

According to McKinsey & Company<\/a>, cash transactions around the world have decreased\nfrom 89 percent to 77 percent. According to the Federal Reserve<\/a>, cash has lost its top position as the most frequently used payment type\nin the U.S. Debit cards now account for 28 percent of payments vs. 26 percent\nof payments made with cash. Furthermore, analysts predict cash use will\ncontinue to decline in the next five years as a result of factors including new\npayment options and continued growth of digital commerce.<\/p>\n\n\n\n

Contactless payments<\/h3>\n\n\n\n

Banks are\nissuing new, contactless payment cards<\/a> this year. These cards, featuring near-field\ncommunication (NFC) technology, will enable consumers to simply tap or wave\ntheir cards near a card reader to make purchases up to a specified amount.\nConsumers, from quick service restaurant and convenience store customers to\ncommuters on the NYC\n<\/a>Metropolitan Transit Authority, will\nbegin to experience how quick and easy it is to just tap and go. <\/p>\n\n\n\n

As merchants\nupgrade their payment hardware to meet this demand, the contactless payment\ntrend is expected to expand beyond contactless cards. The same technology that\nallows merchants to accept payment with a contactless credit card will also\nallow them to accept mobile wallets<\/a> like Apple Pay, Google Pay and Samsung Pay or\npayment using watches, wearables or fobs. <\/p>\n\n\n\n

No signature required<\/h3>\n\n\n\n

In 2018, card brands removed the signature\nrequirement from credit card transactions. With advancements in payment\nsecurity technology, such as EMV, tokenization, and artificial intelligence\n(AI) for payment data monitoring, the process of authorizing transactions with\na signature has become virtually obsolete. <\/p>\n\n\n\n

All merchants, however, didn\u2019t immediately\nremove the requirement for the payment transactions they process. Look for more\nmerchants to reimagine credit card transaction processes this year, making them\nfaster and easier for their customers.  <\/p>\n\n\n\n

Biometric authentication<\/h3>\n\n\n\n

Consumers have been using fingerprints to\nunlock their smartphones, authorize mobile banking transactions and make mobile\npayments for several years. Look for fingerprint or other biometric\nidentification to authorize payments in even more places, making transactions\nmore efficient, accurate and secure. <\/p>\n\n\n\n

Invisible payments<\/h3>\n\n\n\n

Internet of Things (IoT) technology has\nthe potential to create\nseamless payment processes<\/a>. Just as drivers with RFID sensors\ncan bypass toll booths and pay their tolls with a card on file, shoppers, such\nas those at Amazon\nGo<\/a>\nstores, will be able to select their purchases, walk out of the store and\nreceive a receipt on an app or via email or text. <\/p>\n\n\n\n

In 2020, merchants will continue to explore\nthe potential value of moving payments to the background to enhance customer\nexperiences. <\/p>\n\n\n\n

Never trading security for convenience<\/h3>\n\n\n\n

Along with payment trends toward consumer\nconvenience is the trend to continually make payment security a top priority.\nEach tech advancement meant to make payments easier and more convenient will be\naccompanied by security measures. Security is embedded into customer-facing\ntechnology, at the merchant level, and implemented by payment companies and\ncard brands to keep data secure. In 2020, look for heightened measures to\ncollect and share threat intelligence and to use advanced technologies,\nincluding artificial intelligence to detect and stop fraud. <\/p>\n\n\n\n

Stay on Trend <\/h3>\n\n\n\n

A key takeaway\nfor ISVs, VARs and other solutions providers is that your merchant clients need\nto evaluate their current payments solution and identify gaps. It\u2019s essential\nthat you give your clients the ability to accept all payment types that their\ncustomers want to use. It\u2019s also vital to provide your clients with the most\nupdated solutions, demonstrating to their customers that they\u2019re up to date\nwith technology and serious about payment security. <\/p>\n\n\n\n

Enabling merchants to enhance payment transactions with greater functionality and convenience can help your clients build customer loyalty and retention \u2014 and by providing your clients with the solutions they need, you may also find your clients are more loyal to you.   <\/p>\n\n\n\n

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Connect with Us<\/h3>\n

With business activities in 50 markets and 150+ currencies around the world, EVO is among the largest fully integrated merchant acquirers and payment processors in the world.<\/p>\n

Contact Us<\/a><\/div>\n <\/div> \n <\/div> \n <\/div>\n\n ","protected":false},"excerpt":{"rendered":"

Transactions are growing increasingly more consumer-centric, frictionless and convenient. <\/p>\n","protected":false},"author":22,"featured_media":17937,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":3,"_editorskit_typography_data":[],"_editorskit_blocks_typography":"","_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","_mi_skip_tracking":false},"categories":[49,460,15],"tags":[],"acf":[],"yoast_head":"\n6 Payment Trends for 2020: Customer Experiences Reimagined - EVO Payments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.evopayments.us\/staging\/6-payment-trends-for-2020-customer-experiences-reimagined\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"6 Payment Trends for 2020: Customer Experiences Reimagined - 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