The payment industry moves quickly, and there’s always something new to learn. We’ve compiled the latest payment news headlines for you here.
The Future of Payments: Three Forces Challenging the Status Quo
Forbes makes the observation that as payment technology evolves, payments are increasingly viewed by merchants as “something that should be ‘baked in’ instead of ‘bolted on.’” They also note that value-added services are becoming critical tools to diversify revenue streams.
Fraud picks up as the economy goes digital during the pandemic, studies find
With the digital payment shift that has occurred globally over the past year due to the pandemic, criminals have also shifted their methods of fraud to the digital landscape. Payments Dive details how fraudsters targeted e-Commerce, digital wallet transactions, and digital currency transactions the most last year, citing the following statistics:
- The average value of attempted fraudulent purchases increased 69% year-over-year.
- Nearly 62% of attempted payment fraud attacks came from mobile devices in 2020 - compared to 51% in 2019.
- More than $1 trillion was stolen in 2020 due to cybercrime.
ISVs can help their merchants prevent fraud by integrating secure payment methods into their software. Learn more fraud prevention tips here.
Pandemic Drives Increased Velocity of Innovation, Brings New Challenges and Consumer Demands for Customization
In a worldwide survey of over 1,800 business leaders and over 10,000 consumers, Mastercard and Harvard Business Review Analytic Services looked at how the pandemic has driven innovation and changed consumer demands. Among their findings:
- More than 36% of consumers will share more personal information if doing so results in a “more immediate, personalized customer service experience.” This finding illustrates the need for ISVs to include value-added analytics tools within the software they offer their clients.
- Despite the importance of data security to consumers, only 37% of the surveyed organizations said they have recently planned to invest in data privacy in order to improve the customer experience, or that they plan to do so soon. Payment data security is especially important to consumers, so ISVs should ensure their software solutions are secure and that they are following all PCI compliance requirements.
Restaurants Serve Up Machine Learning To Personalize Order, Payments Preferences
The new Digitizing Restaurant Payments report from Pymnts.com details the various ways restaurants turned to digital technology to facilitate safer and easier operations over the past year. Their findings show that customers appreciate the convenience of these digital payment options, and expect restaurants to continue making them available.
- 87% of consumers who had shifted to online ordering during the pandemic say they expect to continue doing so post-pandemic.
- 61% of millennials and Generation Z survey respondents say that the ability to pay digitally is a key factor for them when choosing a restaurant.
- 53% of consumers say that takeout and delivery services are “essential” parts of their current lifestyles.
- 46% of consumers said they use digital tools to place their takeout or delivery orders.
Payment Processing Solutions Market Size to Reach $52,060 Million (USD) by 2026 at CAGR 5.9% | Valuates Reports
New research from Valuates Reports projects that the global payment processing solutions market size will reach $52,060 million (USD) by 2026. Up from $33,810 million in 2019, this reflects a compound annual growth rate (CAGR) of 5.9% during the forecast period of 2021-2026.
This market size growth is driven by a number of factors, including:
- Increasing eCommerce sales
- Growing internet and smartphone usage
- Global growth in use of contactless payments
- Evolving customer expectations of the payment processing solutions market
Global Payments Integrated can help you keep up with changing payment trends. Contact us today for your integrated payments needs, and check back in two weeks for more of the latest payments industry news.