The rate of change in the payments space has increased over the past decade – and the coronavirus pandemic has accelerated those changes even more. As a point of sale (POS) software developer or independent sales organization (ISO), it’s vital to your business to monitor payment trends and ensure the solutions and services you provide align with merchants’ and consumers’ demands. Here are a dozen payment trends that are impacting the way people do business and the technology they need to support it:
1. Consumers’ appetite for contactless payments is increasing.
The pandemic has driven greater awareness among consumers about behaviors that could increase their risk of contracting COVID-19. One of those behaviors is touching devices that other people have used – including PIN pads. As a result, more people are choosing contactless payment. A recent National Retail Federation (NRF) survey found that 69 percent of retailers saw an increase in contactless payments in 2020.
Historically, a country or region saw an increase in contactless payments after consumers had a nudge to try it. For example, the beginning of widespread adoption in the UK followed commuters using contactless payments for London Transport System fares, and in India, adoption followed using contactless cards to make purchases from vending machines. Now that U.S. consumers have discovered the ease and convenience of contactless payments, all signs point to continued adoption and use, with tap on phone technology to closely follow.
2. Digital wallets and loyalty apps gain popularity.
Contactless payments include mobile wallets and payments through loyalty apps, as well as using contactless payment cards. Mobile wallets and apps, however, also give consumers added functionality, such as storing additional information, engaging with merchants, and earning rewards.
NMI research found that, in the early months of the pandemic, consumer preference for mobile wallets increased 3 percent. NMI also found that a merchant’s ability to accept mobile payments could impact their revenues. Our research found that 43 percent of consumers avoid doing business with merchants that can’t accept contactless payments.
3. QR codes find new uses.
Consumers are familiar with scanning a QR code to join a loyalty program, access product information or download a coupon. Consumers’ demand for touchless payment experiences also revived QR codes as a payment trend. Instead of using a PIN pad or paying with cash, consumers can scan QR codes that take them to online payments pages, enabling a touchless experience. With QR codes, there’s nothing for the consumer to download, and merchants that can accept online payments can deploy the system without a costly investment in new point of sale (POS) software or hardware.
Merchants can also embed QR codes in online ads or social media posts for a “buy now” experience.
4. PIN on glass rolls out.
Solutions are now available that allow merchants to download apps onto any mobile device, including smartphones, and accept payments. PIN on glass technology enables card-present EMV payments via touchscreen – the solution gives the merchant a virtual PIN pad on their mobile devices that they can use to enter payment information.
PIN on glass is an especially valuable tool for small and medium-sized (SMB) businesses that need the ability to accept secure digital payments but don’t have the budget to deploy traditional systems.
5. Biometric authorization becomes more common.
Many consumers who make purchases on their smartphones or use mobile wallets are accustomed to authorizing that payment with their thumbprint. The use of biometric technology is poised to expand, with facial recognition, voice matching, or other forms of biometric authentication introduced to verify the cardholder’s identity and prevent fraud.
6. Shoppers opt for frictionless checkout.
A SOTI survey in 2019 found that 73 percent of shoppers say they’d rather use self-checkout than engage with store associates. Now, with health safety concerns at the forefront, consumers are even more motivated to keep their distance from others.
Although every merchant isn’t prepared to launch an Amazon Go-like system of totally frictionless payment that leverages smart cameras, Internet of Things (IoT) and artificial intelligence (AI), merchants can deploy self-checkout and payment kiosks to provide their customers with the safe, socially distanced options they demand today.
7. Small banks get more involved in fintech.
Another 2021 payment trend to watch is small banks’ response to industry changes.
Without new technology, the community bank or credit union could fall behind large competitors with expanded resources from acquisitions and tech investments or new entrants disrupting the banking space with innovative payment platforms, including payday apps, person-to-person payment and loan approval options.
The community bank is fighting back by partnering with fintech innovators to provide the products and services that their customers demand and keep them in the game.
8. Cloud adoption continues.
One option for small banks – or any financial institution – is to use a cloud platform to innovate and create unique payment platforms tailored to their customers. For example, a white-labeled solution can bring together customer support, customer relationship management (CRM) and payment processing, including mobile or unattended payments, with minimal coding.
9. The unified commerce journey continues.
Not so far in the past, merchants had disparate solutions that enabled card-present or card-not-present payments, stand-alone gift and loyalty, and separate unattended payment systems. This inefficient approach with disjointed systems and experiences cannot meet today’s consumer expectations – or enable efficient operations in the COVID-19 world of online ordering, curbside pickup, and self-service. Unified commerce empowers merchants with one platform from which they can manage all payment types on all channels, efficiently and accurately, and minimize the time it takes to get funds from digital payments into their accounts.
10. Real-Time Payments gain traction.
Real-Time Payments® is a network that enables immediate fund transfers, driven by the increase in digital commerce. However, RTP isn’t only for person-to-person payments. The network is designed for all segments, including B2B, B2C, government, and more. For merchants, Real-Time Payments can improve cash flow, getting funds from digital payments into their accounts without delay.
11. AI powers BI for valuable data insights.
Unified commerce platforms generate terabytes of data on merchants’ customers, their behaviors, and their businesses. However, the value of that data can remain trapped in data lakes due to the inability of business intelligence (BI) solutions to analyze data from all sources and deliver timely insights. AI-powered BI platforms are changing that with a greater ability to process high volumes of data in just seconds. AI can finally provide the insights merchants need, when they need them, providing real data ROI.
12. White label payment solutions.
One payment trend impacting developers and ISOs directly is offering white-label payment processing services under their own brands. This option gives you more control over the experiences you provide to your clients, and it also eliminates confusion over who your clients’ primary contact should be.
A New Payment Trend for 2021
The 12 payment trends listed shouldn’t come as a surprise – they have been picking up momentum for some time. However, one trend has emerged in the past year – merchants looking for strong technology partners to help them recover from the impact of the pandemic on their businesses.
Use your knowledge of the vertical markets you serve, POS and payments technology, and the information on how a robust and flexible payments platform can play a role in your clients’ recovery.
Stepping up as a trusted business advisor, as well as ensuring you are helping your clients address significant payment trends, will strengthen your business relationships and your own competitive position.
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We’ll be exhibiting at the annual Parkex Exhibition in Birmingham from 2-4 April on Stand #P216. Parkex is one of Europe...Learn More
Omnichannel: The revenge of the brick-and-mortar store
In an interview with PYMNTS, NMI CEO Vijay Sondhi, discusses Omnichannel and how reality has yet to catch up to its prom...Learn More
Meet us at PIE 2019
We’ll be exhibiting at the annual Parking Industry Exhibition (PIE) in Rosemont from the 12-13 March on Booth #814. PIE ...Learn More
CEO INSIGHTS: How IoT Payments Make The Old (Transaction) New Again
In a podcast with Karen Webster of PYMNTS.com, NMI CEO Vijay Sondhi delved into the ways that IoT is bringing every...Learn More
NMI at NEAA 2019
What: NEAA provides an educational forum that covers the most current industry issues, trends, topics and access for att...Learn More
How payment innovators are using tokenization beyond security
For years the payments industry has been hard at work developing and enhancing technologies and methodologies to protect s...Learn More
Payment innovations create value for retailers across multiple touch points
Online commerce will grow at more than six times the rate of in-store sales through 2022, according to research, reaching ...Learn More
NMI at Money20/20 USA
Come check out the new NMI at booth #1837 at Money 20/20 October 21-24 in Las Vegas! We are anticipating another exciting ...Learn More
Here’s why you should demand remote key injection (RKI) from your payment gateway
Very seldom do we speak with software developers who want to spend their valuable time or their staff’s time on payment in...Learn More
Counter Solutions, Creditcall, Diebold Nixdorf and Sodexo partner to create micro-market ePOS solution for GlaxoSmithKline plc
When it comes to building a successful software development practice, leading ISVs (independent software vendor) not only...Learn More
All P2PE Solutions Are Not Created Equally
Security-minded ISVs, ISOs, and merchants know that P2PE is one of the most critical pieces to the puzzle of protecting an...Learn More
Payments Insights: Latest US EMV Migration numbers
U.S. EMV Numbers Show Improvement, But Highlight Lagging ISVs and Merchants. Consumers today expect their shopping experie...Learn More
Taking a Placement Year at NMI
Meet Dan! Dan, a student from UWE, undertook a placement year at NMI as a Software Developer. Why did you choose to d...Learn More
Will 2018 be the year of contactless payments in the US?
In the UK, card payments have overtaken cash payments and now account for more than 50 percent of all retail purchases, of...Learn More
CTO Insights: Can PIN-on-COTS Take EMV The Final Mile In The US?
Earlier this month, the PCI Security Standards Council released a new security standard that allows for PIN entry on comme...Learn More
The Ultimate White Label Payment Gateway Introduction for Merchant Acquirers
The Average Payment Gateway What Payment Gateways do Payment gateways play an essential role in the processing of a cred...Learn More
4 Reasons To Love Working at the Creditcall WeWork Office
With our New York office quickly expanding we wanted to share some experiences of working for Creditcall in the Big Apple....Learn More
CTO Insights: PIN-on-Glass is coming
Imagine taking a regular mobile phone and turning it into a payment device with a simple app download. That’s the utopian ...Learn More
Transit Insights: Studies highlight transportation desire for modern payment methods
Over the past couple months, we’ve written about the contactless payment revolution taking place in the mass transit secto...Learn More
Transit Insights: Is Transit ready for the contactless payments revolution?
Translink explains how it will bring cutting edge fare collection to public transport in Northern Ireland. By Creditcall T...Learn More
10 Top Tips to Studying in Bristol
Being born and bred in Bristol (though we’re now known worldwide), all of us at Creditcall HQ wanted to welcome new and re...Learn More
Mass Transit Is Ready For Credit & Debit Payments. Are ISVs?
Today, travelers using the tube and mass transit in the London area have the ability to pay for their fares using their ow...Learn More
CEO Insights: SME Retailers Being Neglected When It Comes To Next-Gen Payment
In today’s world of retail dominated by the Amazon’s of the world, SMEs need to leverage every resource they can to survi...Learn More
CEO Insights: Creditcall Named To “1000 Companies to Inspire Britain” List
At Creditcall, we have a lot to celebrate this month. We were recently named to the “1000 Companies to Inspire Britain” l...Learn More
CEO Insights: It’s Time To Address The Payments Needs Of European SMEs
In past blogs we’ve discussed the many challenges facing software developers when it comes to keeping up with payments se...Learn More
CEO Insights: Contactless Payments On The Rise Globally
The headline says it all. Reports from a variety of sources indicate that contactless payments have risen greatly over the...Learn More
CEO Insights: What’s Your Omni-channel Strategy?
As consumers, we’re all aware of the changes that have taken place in the retail world when it comes to our everyday shop...Learn More
CEO Insights: The Struggles Of An ISV In A Payments World
Software developers with solutions that intersect with the world of payment processing know that business can be fun, e...Learn More
CEO Insights: EMV in US still has a long way to go
The latest EMVCo numbers were published just before the New Year. While the latest numbers only reflect transactions up t...Learn More
CEO Insights: Will 2017 bring us the ultimate payment method?
In my previous post, we discussed the confusion created by the various payment-related products, apps, and services that h...Learn More
CEO Insights: Payment methods, will we ever settle on a standard?
I was recently at a restaurant just outside of London with my wife and when we got to the usual payment experience, we sa...Learn More
CEO Insights: New payment methods accelerate EMV
Over the past few weeks, we’ve been discussing EMV adoption within the United States. Specifically, what’s driving adopti...Learn More
CEO Insights: It’s time to address slow EMV transactions
One of the most common complaints we hear about EMV is the lengthy transaction times compared with standard swipes. While ...Learn More
CEO Insights: Are chargebacks helping or hurting EMV adoption?
Last week we discussed the current state of EMV adoption in the United States. Today, more than a year past the original O...Learn More
CEO Insights: Don’t let EMV certifications slow you down
Despite being more than a year past the U.S. EMV liability shift, there’s still much work to be done. Depending on which o...Learn More
Weekly EMV Industry News Roundup - 11 August 2016
U.S. Payments Forum updates minimum requirements for US EMV chip deployment Finextra To help merchants and acquirers dev...Learn More
Pay-Fac Sooners and Boomers
Payment Facilitators (Pay-Fac) may be the next wave of “timing is everything” for the payments industry and could bring a ...Learn More
Weekly EMV Industry News Roundup - 4 August 2016
Square’s Pricey Bet Pays Off as Merchants Pick Readers that Combine NFC + EMV PaymentsSource The tough move from free...Learn More
Weekly EMV Industry News Roundup - 28 July 2016
Will the Olympics ‘payment ring’ jumpstart NFC demand CSO Near Field Communication (NFC) – the “mobile wallet” techno...Learn More
Weekly EMV Industry News Roundup - 22 July 2016
EMV Group Rebrands to go Beyond Chip Cards PaymentsSource The industry-led EMV Migration Forum is changing its name a...Learn More
Weekly EMV Industry News Roundup - 15 July 2016
Visa’s mobile payments push goes for Olympic Gold PaymentWeek The Olympics—whether summer or winter variety—are a gre...Learn More
Weekly EMV Industry News Roundup - 30 June 2016
Move could speed retailers’ shift to secure chip cards Chicago Tribune The switch from magnetic stripe credit and debit ...Learn More
Will Pay-Facs Kill the VAR Model?
Integrated payments has been the darling of the finserv industry for years now, but it’s possible a category killer is loo...Learn More