The 5 trends that will dominate the payment industry of tomorrow

Due to rapidly changing economic, political and social conditions, regulations and the technological ecosystem, the payments industry is undergoing a true revolution. What does the future of payments look like? In this article, we discuss some of the major pre-existing payment trends that are to be expect as the dominant payment methods of tomorrow. China is leading the way to digital wallets and mobile payment: During the Covid-19 pandemic, we can infer a lot about the future of payments. The next decade will see mobile payment increase drastically, leading to a reduction in the use of bank cards. Over the next five years, mobile payment is expect to account for two-fifths of in-store purchases in the Unit States, four times the current level. From retailer apps to electronic wallets issued by financial institutions, mobile payment provides convenience and security for consumers and businesses.

Means of payment integrated into cars

In 2020, more than a billion users Malaysia Phone Number List made mobile payment transactions. Additionally, developments in China can project us into the future of the payment industry. The country is building a leading mobile payment infrastructure. In China, the value of online payments is equivalent to three-quarters of GDP (71%), nearly double the proportion in 2012. Today, almost half of in-store purchases in China are made via mobile phone, well above levels in other developed markets (25% in Germany and 24% in the Unit States). Mobile payment already accounts for 22% of global point-of-sale spending in 2019 and is expectd to account for almost a third (30%) of payments within five years. The growing share of mobile payment adoption will largely come from the gradual decline in the use of physical debit and credit cards due to the pandemic.

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What makes Douyin attractive

Our means of payment Social networks, a dominant payment channel in the future: The social commerce war has already started in DT Leads the world for some time, but has been accelerated by the Covid-19. More time spent confined to the house means for a lot more time spent on social networks. Content creators are not lacking in creativity to hook their audience. Content that is entertaining, reliable in the eyes of subscribers, and calls to action placed in the right place to allow users to spend in just a few clicks. In Asia, social networks have served as payment networks for consumers for some time. The battle over which mobile payment method will conquer the market is heating up.

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