As we come to the end of the year, we usually look back and ensure we did not miss anything important. With the emergence of Сovid-19, the physical distance has brought us to a new technological level.
Let us talk about some of the most remarkable payment industry trends in 2020. We shall also examine how they served us during these challenging times and changed our lives.
Biometric authentication is a unique method of payment that is fast gaining recognition in the payment industry. It could be a fingerprint, iris, voice, or facial recognition, which is peculiar to an individual. This tool is critical in fighting increasing fraud in online transactions. Due to the pandemic, online transactions have experienced exponential growth. Biometric Authentication is a secure method that builds customer trust. Statistics have estimated a rise of transactions verified with biometrics to achieve a number above 18 billion by 2021.
Digital payment is the new wave in e-commerce. Digital payment has experienced remarkable improvements in the past years. In 2020, payment has gone digital due to the restriction of movements. It is a payment method where both parties transact using a digital platform. It includes cards, internet banking, mobile banking, digital payment apps, and a unified payments interface service. Digital payments are transparent, secure, and efficient.
A mobile wallet is a wallet on your phone. It is carrying money without actually having cash on you. You just input your card details on a mobile app, and you can easily send and receive money. It is also possible to pay bills, buy tickets, and other things via this app. With the increase in virtual transactions, the use of mobile wallets is gaining popularity. It is trusted for safe, convenient, and reliable transactions.
E-transaction fraud is increasing at an alarming rate. People will move away from e-transactions if the security of their funds is not guaranteed. Fraud prevention tools are getting better, but so are the perpetrators of fraud. Business owners are turning to AI to help them quickly detect and deal with fraud. They develop the software, and over time, it is impossible to miss a fraud transaction. These AI and machine learning tools filter data and identify insecure transactions. They also prevent chargebacks, which is the bane of any business.
Global e-commerce is on the rise and is estimated to experience a 20% rise annually. With the lock-down, transactions have become more electronically inclined. Customers from different locations pay for goods and get them delivered. Also, due to the demand for materials needed in one part of the globe but produced elsewhere, global e-commerce will steadily rise. Many small-scale businesses may be afraid to buy-in to this trend due to fear of fraud, which can easily be dealt with.
Do not be left on the shores while everyone is surfing in a world of e-transactions. At PurePay, we guarantee safety and authenticity of transactions. We keep up with trends and create innovative tools to help in the propagation of your business.