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In 2021. there have been a number of important changes in payments and e-commerce. The emergence of new players in the transaction market, as well as the completion of cooperation between leading corporations, will shape the direction of the industry for the next decade. Based on the results of the outgoing year, experts predict what awaits participants in the payments market in 2022.
1. Traders - incremental income growth
Retailers will focus on finding the most suitable payment partners to partner with to help them increase their store revenues. Due to the gradual transition of customers to the online space, as well as the widespread use of mobile devices in traditional retail outlets, e-commerce representatives will increase spending on various technological innovations that stimulate sales.
93% of surveyed retailers note that in 2022. will invest in mobile applications. 74% are going to invest in more sophisticated services for smartphones, which offer customers advice on product selection and other additional services. More than half of retailers see the future of promotions in Bluetooth beacons, which detect the appearance of a customer in a store and send him / her SMS with special offers operating in this network. Also, merchants will encourage loyalty programs to attract new customers.
When it comes to the costs associated with paying for goods through mobile channels like Apple Pay, retailers worry about them no more than electricity bills, prioritizing customer convenience and expecting high commissions to pay off with a large number of customers.
2. Payment networks - the road to the unknown
Payment networks today process a huge amount of transactions. Thanks to cooperation with the largest player in the mobile payments market - A pple Pay, transaction volumes continue to grow. In addition, this partnership allows payment systems to be among the organizations that drive innovation.
However, the situation can change at any time. It is impossible to predict the development of A pple Pay . Already today, issuers of plastic cards are forced to pay Apple 0.15% for each transaction of their depositor. Moreover, banks and payment processors spend large sums on advertising Apple payments to their customers. If Apple Pay's management intends to control the payment industry, the terms of cooperation with payment systems may become stricter.
Also, payment systems should be concerned about the appearance on the market of various electronic and mobile wallets that do not use plastic cards.
For example, China's Alipay, which has 300 million mobile wallet users, does not link payment cards to accounts.
In order to maintain their position in the market, payment systems must create their own innovative electronic payment systems and look for new sources of income.
3. Banks - the need to comply
The widespread development of digital technologies is forcing banks to develop online services, abandoning traditional branches.
Also, the appearance on the market of alternative financial companies that offer P2P lending will force banks to increase their competitiveness by restructuring business models and offering new products to the depositor.
4. Consumers - the need to adapt
Most buyers do not use modern payment methods, such as mobile phones, to pay for goods and services due to a lack of motivation. Many consumers are accustomed to using credit cards and do not understand why they need to adjust to other means of payment.
However, the emergence on the market of really convenient payment services that simplify
financial transactions, an increase in the number of outlets that accept new payment instruments, as well as the introduction of bonus systems, will gradually attract the attention of consumers.
5. Acquirers and POS-terminal manufacturers - a sharp change in strategy
The flooding of the market with various payment instruments is forcing terminal manufacturers to quickly improve their devices, choosing those payment methods that are predicted to become the most popular, given the transition to contactless cards, NFC payments, purchases using barcode reading, and other tools.
6. Digital wallets - popularization of their services
Non-traditional payment services have only one development path for 2015. and the next decade - the popularization of electronic wallets.
E-wallet developers should be aware that the more funds they invest in a campaign to improve and promote their payment instrument, the more income they will be able to receive.
Users often choose one virtual wallet from the existing ones on the market, and if it meets their expectations, they do not use the services of competitors, just as during traditional shopping a customer carries in his pocket one wallet with all credit cards.
By letting go of their customers now, it will be difficult for digital wallet providers to lure them away from other developers.
7. Mobile operators - hope
Depending on the country in which the mobile operator operates, different prospects open up for him.
In developing countries, where banks and e-wallets are still inaccessible, a mobile phone account will serve as a means of payment for various goods and services, as well as for mobile transfer services.
In developed countries, mobile operators must work to create more high-tech systems such as SIM cards that support NF C payments.
8. Innovators - Commerce
The proliferation of smartphones and other “smart” devices connected to the Internet is leading to a rethinking of trading opportunities. With the help of special programs, you can even use social networks for commercial purposes, not to mention taxis and rental housing. The use of various technological devices and programs to increase sales has enormous potential.
1. Traders - incremental income growth
Retailers will focus on finding the most suitable payment partners to partner with to help them increase their store revenues. Due to the gradual transition of customers to the online space, as well as the widespread use of mobile devices in traditional retail outlets, e-commerce representatives will increase spending on various technological innovations that stimulate sales.
93% of surveyed retailers note that in 2022. will invest in mobile applications. 74% are going to invest in more sophisticated services for smartphones, which offer customers advice on product selection and other additional services. More than half of retailers see the future of promotions in Bluetooth beacons, which detect the appearance of a customer in a store and send him / her SMS with special offers operating in this network. Also, merchants will encourage loyalty programs to attract new customers.
When it comes to the costs associated with paying for goods through mobile channels like Apple Pay, retailers worry about them no more than electricity bills, prioritizing customer convenience and expecting high commissions to pay off with a large number of customers.
2. Payment networks - the road to the unknown
Payment networks today process a huge amount of transactions. Thanks to cooperation with the largest player in the mobile payments market - A pple Pay, transaction volumes continue to grow. In addition, this partnership allows payment systems to be among the organizations that drive innovation.
However, the situation can change at any time. It is impossible to predict the development of A pple Pay . Already today, issuers of plastic cards are forced to pay Apple 0.15% for each transaction of their depositor. Moreover, banks and payment processors spend large sums on advertising Apple payments to their customers. If Apple Pay's management intends to control the payment industry, the terms of cooperation with payment systems may become stricter.
Also, payment systems should be concerned about the appearance on the market of various electronic and mobile wallets that do not use plastic cards.
For example, China's Alipay, which has 300 million mobile wallet users, does not link payment cards to accounts.
In order to maintain their position in the market, payment systems must create their own innovative electronic payment systems and look for new sources of income.
3. Banks - the need to comply
The widespread development of digital technologies is forcing banks to develop online services, abandoning traditional branches.
Also, the appearance on the market of alternative financial companies that offer P2P lending will force banks to increase their competitiveness by restructuring business models and offering new products to the depositor.
4. Consumers - the need to adapt
Most buyers do not use modern payment methods, such as mobile phones, to pay for goods and services due to a lack of motivation. Many consumers are accustomed to using credit cards and do not understand why they need to adjust to other means of payment.
However, the emergence on the market of really convenient payment services that simplify
financial transactions, an increase in the number of outlets that accept new payment instruments, as well as the introduction of bonus systems, will gradually attract the attention of consumers.
5. Acquirers and POS-terminal manufacturers - a sharp change in strategy
The flooding of the market with various payment instruments is forcing terminal manufacturers to quickly improve their devices, choosing those payment methods that are predicted to become the most popular, given the transition to contactless cards, NFC payments, purchases using barcode reading, and other tools.
6. Digital wallets - popularization of their services
Non-traditional payment services have only one development path for 2015. and the next decade - the popularization of electronic wallets.
E-wallet developers should be aware that the more funds they invest in a campaign to improve and promote their payment instrument, the more income they will be able to receive.
Users often choose one virtual wallet from the existing ones on the market, and if it meets their expectations, they do not use the services of competitors, just as during traditional shopping a customer carries in his pocket one wallet with all credit cards.
By letting go of their customers now, it will be difficult for digital wallet providers to lure them away from other developers.
7. Mobile operators - hope
Depending on the country in which the mobile operator operates, different prospects open up for him.
In developing countries, where banks and e-wallets are still inaccessible, a mobile phone account will serve as a means of payment for various goods and services, as well as for mobile transfer services.
In developed countries, mobile operators must work to create more high-tech systems such as SIM cards that support NF C payments.
8. Innovators - Commerce
The proliferation of smartphones and other “smart” devices connected to the Internet is leading to a rethinking of trading opportunities. With the help of special programs, you can even use social networks for commercial purposes, not to mention taxis and rental housing. The use of various technological devices and programs to increase sales has enormous potential.
