Make sure your business is prepared for the future of payments. This infographic shows 7 payment processing trends you can't afford to ignore, from hardware to software, security, and more.
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- In-store mobile payments are expected to overtake credit cards and grow from $75 billion to $503 billion in 2020.
- The top mobile wallets used at small and medium businesses are Apple Pay (16.6%), Google Wallet (16.0%), Android Pay (11.3%), and Samsung Pay (8.2%).
- The top 3 payment methods of online shoppers are credit cards (42%), electronic payment (39%), and debit cards (28%).
- There will be 27.7 million mPOS devices in circulation in the U.S. by 2021, an increase from 3.2 million in 2014.
- Over the next 5 years, blockchain technology is expected to reduce the costs of accounting reconciliation by 70% and compliance costs by 30-50%.
- Biometric authentication such as fingerprint ID and facial recognition will be used in more than 18 billion transactions by 2021.
- Enhanced customer experience is the future of payments, as more than 60% of Millennial and Gen Z consumers are willing to share their bank account credentials with third parties.