Significance of Payment Gateways in the Contemporary World and Its Transformational Trends
Payment gateways act as a bridge between businesses and customers that help in the efficient execution of online transactions. Earlier payment gateways were mostly centric on card payments but people in the modern world prefer digital payments for a quicker and hassle-free transaction experience.
Who would have thought that online payment systems could be an everyday trend that would help smooth transactions 24x7? People these days visit places, shop like a pro, buy furniture, and pay hospital and other bills without any cash from their wallets! We all roam around cashless with utmost confidence and security as we’re not scared of getting robbed of our money.
The Power of Payment Gateways and Its Impact on Businesses
With the emergence of PayPal in 1998, several other developments were made to boost the online payment gateway platform to greater levels. Not just customers, but even businesses in India need a payment gateway to uplift their growth and performance among competitors. What’s even more shocking is that nearly 25% of customers abandon a website they’re on and visit the competitor sites when they don’t find their preferred payment options on the checkout pages. Therefore, numerous e-commerce websites provide all flexible and trending payment channels to bolster their sales and garner a loyal audience. This is enough to prove what potential online payment gateways hold in this contemporary world.
Top 4 Trends That are Transforming the Outlook of Payment Gateways
As per market analysts, the global payment gateway market will generate a revenue of $98,198.70 million and grow at a healthy CAGR of 17.7% during the 2021-2030 forecast period.
Here are the top 4 payment gateway trends you should look out for in 2022:
- Tap-to-Pay with Contactless Cards
This trend is showing rapid growth and popularity and many retailers are offering this safe payment method to their clients to educate them about its benefits. Contactless credit card transactions process faster than the traditional chip insertion way and ensure minimal wear and tear to the card. Additionally, this method is more secure than swiping a card and is processed with end-to-end encryption.
- The Buy-Now-Pay-Later Method
The buy-now-pay-later payment method expands your usual payment options and resembles a personal loan. The terms of this payment gateway vary with some that involve interests and others that consist of multiple interest-free automatic deductions. The BNPL payment channel is unique and suitable for those who’re on the verge of indebtedness.
- Cryptocurrency Payments
The use of cryptocurrency for payments has gained momentum in recent years and about 21% of respondents state that this is their preferred payment gateway to enter the crypto world. Moreover, even Elon Musk hinted that the integration of crypto payment on Twitter will take place if his bid goes successful. These digital currencies are not only volatile but also hold great potential for investment purposes. Tech giants like Tesla, Microsoft, WeWork, etc. have started accepting crypto payments that motivate many customers to stay in the mainstream.
- Integrating Technologies Like AI and ML with Payment Methods
With the expansion of online payment gateways, security has been a vulnerable aspect and hackers always find their way for frauds. However, many technological advancements have been making the rounds and payment gateways are now secured with artificial intelligence and machine learning. These futuristic technologies include real-time fraud indicators and provide insights into the trends in case of fraudulent transactions.
Relishing Safe Payment Gateways
In the world of convenience and speed, payment gateways have made a prominent mark and are witnessing further technological innovations to offer seamless experiences to customers as well as businesses. Besides, even SMEs are adopting online payment methods to avoid long queues of customers and improve customer service.
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