In this edition of our bi-weekly payment news roundup, we bring you the latest on payment trends, the current evolution of digital payments, and more.
Decoding QR Codes: Retailers Embrace Simple, Secure Touchless Payments Option
While QR codes were already seeing widespread use outside of the United States, 2020 saw their resurgence as demand for various contactless payment methods rose.
Pymnts.com details a recent survey from MobileIron that analyzed the use of QR codes and found the following:
- 84% of consumers have scanned a QR code
- 32% have scanned one in the last week
- 67% say QR codes make contactless transactions easier
While the use of QR codes may have been slow to catch on in the United States, it looks like the trend is gaining ground.
Put Away Your Checkbook: 7 Reasons Why Your Service Providers Should Offer Digital Payment Options
While many retailers now offer digital payment options for the purchase of goods, some service providers have been slower to adopt these methods. Service providers such as lawn maintenance or building contractors may still be waiting on mailed checks to get paid.
Payments Journal lists seven reasons why service providers should join retailers in offering digital payment options to their customers. Among others, these reasons include providing a safer and more secure customer experience; to help manage expenses and cashflow; and to simplify invoicing and billing.
These are just a few of the reasons that service providers should consider offering digital payment options to the customers if they aren’t already doing so.
Why digital laggards finally became part of the digital payment landscape
Deloitte Digital conducted a survey of 2,000 Americans to discover how that pandemic has affected consumers’ payment preferences. Mobile Payments Today noted that the survey found that over a quarter of respondents said they plan to use digital payment tools more often.
The survey also noted that over 80% of consumers who had primarily relied on cash and checks pre-pandemic now plan to continue using digital payment methods even after the pandemic is over.
Mobile Payments Today noted that merchants “must ensure they accommodate shifting payment preferences with contactless payment acceptance methods but still support cash as a payment option as well.”
Analyze Your Holiday 2020 Fraud Data Now to Prep for Holiday 2021
With the 2020 holiday season now in the rearview mirror, Payments Journal advises ecommerce merchants to start planning now for the 2021 holiday season. Merchants should start this process by taking a look at their 2020 holiday fraud prevention strategies.
One way for merchants to do this is to look at their chargeback ratio for the holiday season, and compare it to the rest of the year. If their chargeback ratio spiked during the holidays, they can do a deeper dive into possible reasons why, and use those lessons to improve their fraud prevention strategy for the 2021 holiday season.
Framing 2021: Six Trendlines That Will Define Payments And The Connected Economy
The end of a calendar year always brings with it an analysis of that year’s trends and predictions for the year ahead. Pymnts.com analyzed where they see payment innovation going in 2021.
Among other payment trends, they noted that the lines between digital and physical channels are disappearing as digital commerce has quickly become the norm due to the use of contactless payments for purchases and the increase in remote working.
The author concluded by noting that “2021 will be a year shaped by innovators who see the potential of life in a digital-first world.”
Conclusion
Global Payments Integrated is on the cutting edge of payment processing technology. We continue to innovate in the integrated payments space. Contact us today for any of your integrated payment needs, and check back in two weeks for more of the latest news in the payment industry.