Payments

Infographic – 7 Trends for the Future of Payment Processing

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Topics: Payments

By SpotOn

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.

SpotOn Payment Processing Infographic 

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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.

Sources:

  1. http://www.businessinsider.com/future-of-payments-trends-in-payment-processing-2016-10
  2. https://www.statista.com/statistics/686058/mobile-payment-used-us-smbs/
  3. https://www.statista.com/statistics/508988/preferred-payment-methods-of-online-shoppers-worldwide/
  4. https://www.merchact.com/infographic-2017-payments-trends/
  5. https://usa.visa.com/visa-everywhere/security/new-report-on-biometric-authentication.html
  6. https://thefinancialbrand.com/68528/top-payment-trends-banking-p2p-digital/

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