The proliferation of cloud and mobile tech has brought with it an unrivalled era of technological progress. One area where the emergence of new and disruptive tech has been felt particularly keenly is the world of payment solutions.
The growth of online shopping (e-commerce) and the increasing trend for people paying for things on mobile devices (m-commerce) means the choice of payment options has never been bigger.
With innovation thriving in this sector, 2017 looks set to be another exciting year for payment solution providers. Here are three new and disruptive payment technologies that we expect to see a lot more of in the coming year…
1. The Growth of Cryptocurrencies
We’re being a little speculative here as cryptocurrencies still have an extremely long way to go before they become anything like mainstream. However, it’s impossible to deny the strong fundamentals associated with cryptocurrencies, like the infamous Bitcoin.
The technology behind Bitcoin is actually very sound, creating opportunities for low-cost, anonymous money transfer, along with a public transaction record and simple cross-border payments.
At the moment, cryptocurrencies are seen as the preserve of cybercriminals and money launderers, but in 2017 we predict all that will change. Bitcoin enthusiasts have already started setting up a number of payment and exchange systems, such as a Bitcoin debit card, to make this payment system more credible and better suited to everyday life.
2. SMS & Web Chat Payments
Web chat and SMS payments offer similar advantages, in that they are voiceless, faceless, convenient and extremely easy to make. This can be particularly appealing for merchants looking to take orders during busy sales periods or in transactions where customers might prefer not to speak.
An SMS thread can also be more convenient for the customer as they can come back to it at their leisure, avoiding the perceived time constraints of a web chat window.
We expect to see a lot more of both of these payment methods in 2017, with payment providers working hard to make it safe and easy for consumers to transfer money this way. SMS and web chat payments can be taken via secure links to a card payment gateway, and you’ll be pleased to hear PCI Pal provides a fully PCI DSS compliant solution for both of these channels.
3. Peer-to-Peer Payments
More and more FinTech startups, and even established social platforms like Facebook and SnapChat, are starting to pave the way for peer-to-peer payments, making this a space to watch.
Peer-to-peer payment systems are linked to a bank account, debit card or credit card. When a payment is sent the money is withdrawn and held securely until a peer comes along and claims the transaction. The money then moves to their account. This helps to reduce the cost of the payment and the time it takes to complete a transaction.
At the moment, the majority of potential users appear to have trust issues with the overall security of peer-to-peer payments, so this is a perception the likes of Square Cash and PayPal will work hard to overcome in 2017. Adherence to PCI DSS requirements should help mitigate consumer concerns.
With disruptive technologies challenging traditional payment models, merchants will increasingly need to provide customers with modern, secure and compliant omnichannel payment systems in the year ahead.
To find out more about our flexible suite of secure contact centre payment solutions, please get in touch with our expert consultants today.