The walls between payments and commerce are being eliminated. The accelerated move to the online world brings about new risks associated with the fraud. This article is about the growing trends in payments and Bankful apps.
Growing Trends in Payments
In the increasingly digitalized world, businesses need to invest in a digital-first shopping experience. Why? Customers are looking for a seamless experience offering greater efficiency, convenience, and personalization. Here are the major trends in payments that you, as a merchant, should focus on:
- Buy Now, Pay Later (BNPL)
BNPL offerings are growing in popularity. The Consumer Financial Protection Bureau has witnessed a rise in the super app markets outside the U.S. For example, Alipay and WeChat Pay are already present in people’s daily life in China. Customers use them for eCommerce transactions, payments, other financial services, and chatting.
- Digital Wallet
This virtual version of a physical wallet stores customers’ payment options, including credit and debit cards, loyalty cards, and bank account information, that one can access easily and quickly online or in-store while making a purchase.
- QR Codes
QR codes are gaining more traction among consumers. Consumers find them a popular, safe, and easy payment option.
- Pay by Link
This payment method enables customers to use an instant link sent to initiate payments over the Internet. Specifically, customers can these instant links sent by commerce stores to make a payment via the payment method they prefer.
If you’re interested in using the right payment method for your eCommerce business, work with a reputable payment expert like Bankful. Bankful is a respectful Bitcoin payment gateway provider and carries a 5-star rating by Best Payment Providers.
Thanks to Bankful’s advanced technology, you can manage global payments across a single platform and enjoy the benefits of Bankful apps.
Payments & Commerce: New Risks
Companies focusing on refining their digital experiences to meet their customers’ expectations are growing worldwide. After all, customers go on embracing new shopping and payment behaviors, thus revolutionizing the processes in commerce.
According to Joel Henckel from MasterCard, they witnessed a shift in March 2020 in how consumers made payments. Card-not-present (CNP) transaction volume exceeded the volume of card-present (CP) transactions for the first time.
Given online payment transactions are increasing worldwide, merchants are more often facing the need to detect and block fraud in real-time. And they should do this without affecting their customers’ online experience. As for customers, they can fall into the trap of fake online shops getting access to their personal information and payment details.
Bridging the Gap Between Payment & Commerce
Digital payment methods vary in forms and continue to transform the payments space. Commerce is directly connected with these changes. To use the right merchant processing for your eCommerce business, turn to a reputable payment specialist.