Most Important Trends in the Payment Industry

Most Important Trends

The COVID-19 pandemic has created a historical paradigm shift in lifestyle and business development worldwide. One of the significant changes is that people have adopted online and electronic payments as their favorite way of purchasing. Now, businesses everywhere invest heavily in meeting customer needs and refining their payment experiences.

For example, e-payment systems like Art Payments are steps ahead in implementing the latest industry innovations. Furthermore, they are ready to adhere to the most important trends in payments for 2022 and beyond. Here are the most important ones!

Safer and Faster Online Shopping

The days when a business would rely only on its brick-and-mortar presence are long gone. Nowadays, even the smallest startups have an online shop. This way, they can still provide their customers with what they need regardless of the pandemic restrictions. However, it is still not enough for the modern online shopper.

In 2022, consumers want only fast, seamless experiences when paying for stuff online. In other words, a slow and burdensome payment system may deter them from buying from the vendor using it. Therefore, businesses have to invest in the quickest and safest payment systems they can afford. Otherwise, they risk losing clients to their competition.

QR Code Payments

Digital payments incorporate more than just paying with credit or debit cards. In 2022, people want to have a versatile palette of payment options when visiting an online vendor. And one of the increasingly popular payment methods is using QR codes.

Only in 2021, paying through QR codes exceeded 2 billion purchases worldwide. This figure should grow in the coming years as more vendors and payment processors implement it.

QR codes are safe, quick, and provide a seamless customer experience. Furthermore, they are easy to use by clients and vendors alike. Most companies add them to their social media campaigns to share or distribute these codes more easily. 

Lastly, QR codes can provide businesses with various marketing tools. For example, they can include them in discount offers or time-limited promotions. This way, they have extra leverage when encouraging consumers to make a purchase.

Pay by Link and Digital Invoicing

Another significant trend in the payment industry in 2022 is allowing consumers to pay by link. In this case, businesses can generate a safe and unique link that they send to customers to initiate online payments.

This strategy gives businesses a versatile set of options to contact potential clients. For example, they can send links through text messaging, email, social media, and other messaging platforms. On the other hand, customers can use links to purchase goods faster and less hassle.

Similar to paying by link, businesses can now implement digital invoicing. This option helps them improve the speed and efficiency of payments to help improve money flow. Lastly, it enables many vendors to have an entirely digital situation of invoices and purchases. This way, they can better understand how their online sales evolve and which payment methods their customers prefer the most.