July 28, 2020
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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- 18% of consumers across North America and Europe started shopping online for the first time due to the virus. As a result, global online sales skyrocketed 71% year-over-year in the second quarter of 2020
- Online retail sales surged to $794.50 billion, a record-breaking 14.4% of total US retail in 2020, thanks to increased spending on smartphones in particular.
- 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 POS devices in circulation in the U.S. by 2021, an increase from 3.2 million in 2014.
- Contactless payments have become a driving differentiator: If all other factors were equal (price, selection and location), nearly two-thirds (63%) of consumers would switch to a new business that installed contactless payment options
- Biometric authentication such as fingerprint ID and facial recognition will be used in more than 18 billion transactions in 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.