The 10 Hottest Trends in Payments
A new whitepaper from Vantiv and Mercator Advisory Group outlines 10 leading trends in the payments domain, including the emergence of omnicommerce infrastructure as merchants try to integrate electronic channels within their operations, building on the mobile revolution. A second trend is the growth of omniconsumers, who adopt new payments channels but still use existing channels. In addition, although still not widely used, mobile payments are beginning to affect the point-of-sale experience, led by the increasing use of POS tablets. The report also notes that consumers’ willingness to pay via mobile depends on the availability of getting discounts or rewards and other associated functions. A fifth trend is that mobile payments are still in an emergent state, with consumer awareness of all forms of mobile payments declining rather than growing in the past year. Another trend is a majority of consumers now carrying loyalty cards, and their associated benefits can help influence consumer behavior. A ninth trend identified by Vantiv/Mercator is the erosion of consumer confidence in the security of payments methods, while a final trend is the heightened emphasis on security in the wake of major retail data breaches, although the study points to a decrease in consumer anxiety since last year, accompanied by modest growth in confidence in mobile payments.
From “The Ten Hottest Trends in Payments”
Pymnts.com (04/01/14)