Online payment industry in 2021
The year 2020 has been a real test for many sectors of the economy. When it comes to online payments, they have only become more popular. Yet, in the future, online payments will undergo serious changes. This will not happen in 10 or 30 years but 2021.
We offer you a short online payment industry overview. You’ll find out what trends are waiting for us in the next year and how does the economy affects the online payment industry.
You may argue that artificial intelligence has been used for years. Many financial companies are using artificial intelligence to automate a huge amount of processes and fight fraud more effectively. This is true, except that many even large firms underestimate the reactive capabilities of artificial intelligence.
Thanks to the special tools built into AI, it is possible to determine the spending habits of many customers, get a detailed history of customer transactions, and even predict with a high probability of what goods and services will be purchased by them in the future.
Thanks to AI, it is possible to optimize the costs of both individual buyers and entire companies by selecting products with lower costs, for example, credit cards with lower service fees.
AI technologies will allow more important information to be analyzed, saving a lot of time, and allowing for faster customer service. As a result, customers will be more satisfied, and they will be happy to use the company’s services again.
You are probably well aware of the danger that overdue payments pose to your business. However, you can get rid of this problem with the help of cloud technology. By using remote servers, you will not have to keep all of your customers’ payment data on a local server. Cloud technology is fast, flexible, and highly secure, and reliable.
With their help, it becomes possible to securely access financial information at any time of the day or night, as well as remotely, which will save you both time and effort.
Think back to when you had to manually keep track of all your accounts. You may be doing the same thing today, but a cloud-based payment system will enable you to automate manual processes, making them much easier and saving you a huge amount of trouble.
One-click and payments will be sent to customers. Manual billing will be a thing of the past. These are not all the features that cloud computing will give us very shortly.
Innovation in authentication
Market conditions are changing incredibly fast, and companies have no choice but to adapt to these changes. That said, don’t forget about effective cash flow management and the need to protect every customer’s financial information at all times.
As early as 2021, it will be mandatory for all companies that offer the ability to make payments online to comply with PSD2 requirements. In addition to increased customer security and additional authentication, an alternative must be offered shortly. It is a question of being able to make regular payments without re-authentication.
The fastest and most secure confirmation of payments will be through biometric identification. Many are talking about it, but in 2021 they will begin to actively implement it in their activities.
The system of unified commerce
Today, companies have to manage a huge number of areas of activity – inventory, customers, orders, POS, finance, CRM system. All of this leads not only to wasted time but also to larger operational costs. There is already a lot of talk about combining all these systems and all sales channels under one roof. Not only will this provide an opportunity to improve the customer experience and get rid of many unnecessary costs, but it will also allow each system to be managed more efficiently.
The growth of mobile applications
Today the struggle for clients between companies reached such a high level that even such a factor as loss of a couple of minutes can lead to loss of client’s loyalty and making a purchase at competitors. To avoid this, companies develop their mobile applications, getting rid of intermediaries, and making them as simple and convenient as possible.
Besides, thanks to such applications, clients can communicate directly with the company and receive additional bonuses in the form of discount coupons, accumulate points for further exchange for services, and so on. The volume of mobile payments is 503 billion dollars and in 2021 this figure will increase significantly.
If in the nearest future, the economic crisis will continue and the situation with COVID will not change, the introduction of innovations in online payments system will bring their popularity to a new level.
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Run your own business and we’ll take care of the payments.