The payment news we focus on this week discusses potential 2022 payments trends, an exciting update in biometric payments, and the record number of venture capital investments into payment firms. Let’s dig in.
Restaurant technology trends for 2022
While the pandemic continues to disrupt daily life, one silver lining may be better ordering, dining, and payment experiences at restaurants. PYMNTS highlights the following restaurant technology trends they think will emerge in 2022:
- Drive-thru automation: Examples include BurgerFi offering in-car ordering and McDonald’s working with IBM to implement automated order-taking abilities at the drive-thru.
- QR code payment options: Instead of the diners getting their server’s attention to get the check, waiting for it, waiting for the card collection, and waiting for the card to come back, restaurants should look to integrate QR codes that allow diners to settle their bill faster.
- Maintaining a presence outside of owned channels: Restaurants are looking to appear in digital spaces outside their proprietary platforms, such as the ability for customers to place orders on messaging platforms like WhatsApp and Facebook Messenger.
- Encouraging curbside pickup: Some restaurants are looking to save on delivery fees by making curbside pickup options convenient for customers.
- Rewarding loyalty: Restaurants will lean towards personalization to differentiate their offerings and make their rewards more enticing.
Should these trends come into fruition in the next year, it will confirm the shift towards connected commerce. With this integrated shopping experience, transactions can happen anywhere, regardless of device.
SmartMetric creates a credit card with a fingerprint scanner
Exciting news for biometrics in payments: SmartMetric created a credit card with a built-in fingerprint sensor, providing enhanced payment security that goes beyond a password or PIN.
The details sound futuristic: the card has an internal power source, a large memory, and a fast processor, allowing advanced multi-applications to work on the card. In the future, it may be possible for this credit card to store a person’s vital medical records in addition to the information needed to make day-to-day payments.
For those looking to understand biometrics in payments, visit our blog post on this topic.
Twitter users ask Airbnb CEO to accept cryptocurrency payments
According to PYMNTS, Airbnb CEO Brian Chesky asked Twitter what the company should launch in 2022, and “crypto payments” was one of the top suggestions.
PYMNTS did not find this surprising, as their past research showed that 17.4% of existing crypto owners claimed to purchase something with crypto in the travel and leisure category. Additionally, two-thirds of surveyed crypto owners say not enough merchants accept crypto.
Merchant benefits for accepting crypto may include lower processing fees, additional payment security, and no chargebacks due to the blockchain’s nature of irreversible transactions. However, the price volatility and tax implications for US owners may deter widespread adoption.
Get a primer on cryptocurrency payments by reading our blog.
U.S. Bank will debut a real-time payments solution in Q1 2022
Consumers want real-time payments, where their money is available for spending as soon as they receive funds. They also want real-time payments when paying for living expenses such as their rent and utility bills. PYMNTS research shows millennials are 26% likelier to opt for real-time payment options now compared to 2020.
U.S. Bank is responding to this demand with a timely offering: a real-time payments solution for bill pay. In Q1 2022, billers will be able to send a request for payment to U.S. Bank customers. When customers receive the alert, they can pay instantly or schedule a payment. Billers receive payments on time, while customers see instant confirmation for their paid bills.
It’s exciting to see companies debuting new solutions for real-time payments. Understand what else is needed to make real-time payments widely available.
Payments firms raised record sums in 2021
PaymentsDive reports venture capital (VC) funding raised by payments startups reached a record high of $31.9 billion. In general, fintech firms accumulated $97.4 billion by the third quarter of 2021.
The pandemic fast-tracked payments innovations that consumers quickly adopted, making investors pay attention to the industry and become interested in being a part of a rapidly evolving landscape.
Cross-border payments, payment processors, and buy now, pay later providers are a few segments in the payments ecosystem that are receiving a lot of investments. Additionally, VC investors are looking to fund companies that improve payments infrastructure.
The payments industry is hot right now, and an extensive ecosystem means there’s a lot to monitor. Stay ahead of the latest payment trends and keep informed on the payment industry by subscribing to our email newsletter or following us on social media.
Michelle Mondonedo
Brand Marketing Manager
