Current conditions have changed the way we live, work, and shop — from what we’re buying to the mechanics of how we pay. For example, the latest e-commerce boom has made online payment options more popular than ever. As consumer behavior continues to evolve and reshape how we shop for goods and services around the world, is your business keeping up with the latest global payment trends?
What is driving global payment trends for 2020?
How we exchange money is impacted by our culture, habits, innovations, and available technologies. And while it can vary country to country, some trends prevail on a global scale.
This year’s Global Payments Report explores commerce across human history and focuses on the pathways of people and payments:
“We’ll discover how forms of payment are woven into the exchange of goods and services, ideas and innovations, not just within their respective countries, but as they transcend borders and boundaries to make global commerce possible.”
- Take mobile wallets for example. They continue to transform point of sale payments and their adoption continues to increase globally. It’s expected that over one billion shoppers will make a digital or mobile wallet payment in 2020.
- Beyond the surge of digital commerce brought on by COVID-19, younger generations are transforming the way we pay. Merchants are exploring new payment methods to keep up consumer preferences, such as selling direct through social media. Now brands can not only engage in conversations with customers, they can also drive sales conversions.
- Reducing friction and minimizing the time it takes to purchase leads to increased sales and a better overall customer experience. Avoid abandoned carts by making it as easy as possible for customers to pay for your goods and services. That means ensuring secure mobile checkout, accepting digital wallet payments, and offering flexible financing options.
What kind of payment methods are you offering? Are you meeting your customer’s wants and needs?
Did you know that cash is set to make up just 18.7% of the global point of sale market by 2023?
How about that ‘buy now pay later’ is the fastest growing online payment method in Australia, France, Japan, Netherlands, and the UK?
Commerce connects us. But effective global commerce requires consideration of payment preferences on a local level, from local currencies to alternate payment methods. Stay on the forefront of the desired payment offerings so your next new sale isn’t lost at checkout.
Keep up with the latest payment trends and market predictions to deliver the shopping experience your customers expect.
