• Home
  • Team Members
  • About Us
  • Contact Us
  • Privacy Policy
  • Editorial Policy
  • Cookie Policy
Tricity Daily
No Result
View All Result
  • Home
  • Business
  • Politics
  • Education
  • Law and Order
  • Technology
Sunday, April 11, 2021
  • Home
  • Business
  • Politics
  • Education
  • Law and Order
  • Technology
No Result
View All Result
Tricity Daily
No Result
View All Result
Home Business

5 Trends to Watch Out for in the Merchant Payment Processing Industry [2021] | Platinum Payment Systems

mm by Anil Awasthi
February 25, 2021
in Business
0
5 Trends to Watch Out for in the Merchant Payment Processing Industry [2021] | Platinum Payment Systems

Excerpt: Merchant processors like Platinum Payment Systems are expecting to accommodate the quickly transforming merchant payment processing landscape.

The merchant payment processing industry was not exempt from the digital transformation that took the world by storm during the pandemic.

And this is corroborated by Jed Morley, CEO and founder of the merchant processing company, Platinum Payment Systems, who, in an interview about how they are planning to level up their business for 2021, said, “We’ve had to adapt to the major economic shifts and uncertainty caused by COVID-19.”

Suffice to say, the payment processing industry will be forever changed by the incoming trends that we can expect from 2021 and beyond.

Catch up with the latest payment trends with us as we take a peek at the future of consumerism waiting for us just beyond this swiftly changing economy!

1. Mobile Payments

Mobile Payments have been around for more than half a decade now. And, ever since Apple first launched their mobile wallet technology, it’s been a slowly rising trend all over the world.

China, especially, accepted the transition away from paper currency and onto digital platforms faster than everyone else. They went from a $5.5 trillion industry in 2016 to $41 trillion (or 277 trillion yuan) in 2020 — with their most popular mobile payment platforms being Alipay and WeChat Pay.

The US is a little bit slower on the uptake, but because of COVID-19 and the social distancing mandates, a no-touch payment option like Apple Pay or the ones offered by other big brands like Google or Samsung was seen as more preferable over cash currency, triggering an uptick in the mobile payments industry. With the expected predictions for 2023 now at $220 billion!

2. Frictionless Payments

Frictionless payment processing is also expected to see a dramatic rise in popularity for the years moving forward — mainly as an extension of the need for no-touch payment solutions.

But, it’s also the kind of streamlined customer checkout process that consumers are looking for these days. Done by cutting up the time or the number of steps it takes to actually complete a purchase. Mobile payments fall into this category, and so do one-click payments, auto-renew subscriptions, contactless card payments, and other ‘invisible’ real-time payment methods.

The trend was confirmed by the Futurist Group, who released a recent study that reported that over 38% of consumers now expect frictionless payments as a basic feature of payment processing.

3. AI-based Integrations

Just like with most technology-based industries, merchant processors like Platinum Payment Systems also stand to benefit from integrating Artificial Intelligence (AI) and machine learning (ML) into their processes. Not just for streamlining the checkout process, but also for things like:

  • Fraud-detection, especially for high-risk credit card transactions
  • Smoother and lower-cost customer service
  • Insights on chargebacks, fraud, and transaction success rates

4. Buy Now & Pay Later

With the unstable economy being the way it is, and so many people facing unemployment or reduced wages, it is also only natural that people begin to make use of the ‘Pay Later’ options that have always been popular with the Millennials and Generation Z.

These are an especially attractive option for merchants who want to move inventory that take up space with no added cost, or those who sell high-ticket items that buyers are naturally more hesitant to buy. Because, in the end, they still get paid the full price of the product after a series of payment installments — which they can accept with services like AfterPay or Sezzle.

5. Peer-to-Peer

With digital payments becoming more popular in general, it’s also only natural that peer-to-peer payment options that allow consumers to easily split checks to now have their place.

It’s not quite as popular as other merchant payment processing trends because of the lack of larger-scale technology to support the high-processing rates of most merchants, but with peer-to-peer payment app services like Venmo and Zelle already in the market, experts expect that consumers will begin to seek such services from merchants soon as well. Even if it’s not immediately obvious.

Previous Post

A Young Artist, J Donovan, is Introducing Musical Works in Multiple Genres & New Trends

Next Post

Milou Sky, The Rock/Pop Band, Share How They Get Their Creative Juices Flowing

mm

Anil Awasthi

Anil Awasthi founded Tricity Daily with an aim to bring relevant and unaltered news to the general public with a specific view point for each story catered by the team. He is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research. With ample knowledge about the business industry, Anil also contributes his knowledge for the business section of the website.

Next Post
Milou Sky, The Rock/Pop Band, Share How They Get Their Creative Juices Flowing

Milou Sky, The Rock/Pop Band, Share How They Get Their Creative Juices Flowing

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest News

Living a Healthy Lifestyle Requires a Person to Make Some Crucial Changes in his Daily Routine

Living a Healthy Lifestyle Requires a Person to Make Some Crucial Changes in his Daily Routine

April 9, 2021
Advantages Of Getting Brand Videos Made By Video Production Companies

Advantages Of Getting Brand Videos Made By Video Production Companies

April 9, 2021
Benefits of Having a Legal Counselor

Benefits of Having a Legal Counselor

April 9, 2021
‘Heartbreak In The Hills’ : the New Performance Video by Taythedxn

‘Heartbreak In The Hills’ : the New Performance Video by Taythedxn

April 9, 2021
Small Bootcamps to National Fitness Brand, Learn How Nathan and Lacey Byrd are Creating Healthy Communities

Small Bootcamps to National Fitness Brand, Learn How Nathan and Lacey Byrd are Creating Healthy Communities

April 8, 2021
How SUPES’ Love For Superheroes Created A Career For Him

How SUPES’ Love For Superheroes Created A Career For Him

April 7, 2021
Alyona Degrik Shevtsova is in the top Ukrainian CEOs of companies by the “Women’s Leadership” Awards

Alyona Degrik Shevtsova is in the top Ukrainian CEOs of companies by the “Women’s Leadership” Awards

April 7, 2021
Why 8 Figure Companies Hire Massimo Didomenico For Personal Branding and All Things Marketing

Why 8 Figure Companies Hire Massimo Didomenico For Personal Branding and All Things Marketing

April 7, 2021
Effuel Review – Scam Report on Effuel Car Modification Chip or Really Save Gas?

Effuel Review – Scam Report on Effuel Car Modification Chip or Really Save Gas?

April 6, 2021
Californians are Extensively Looking for Experienced & Aggressive Auto Accident Lawyers for Fast Claim Settlement 

Californians are Extensively Looking for Experienced & Aggressive Auto Accident Lawyers for Fast Claim Settlement 

April 6, 2021
The Pandemic Drives the Development of E-learning LMS Software in the United States

The Pandemic Drives the Development of E-learning LMS Software in the United States

April 5, 2021
Dr. Simon Ourian’s Non-Surgical Approach to Lip Augmentation

Dr. Simon Ourian’s Non-Surgical Approach to Lip Augmentation

April 5, 2021
Here’s Everything a Beginner Must Know About Cryptocurrency

Here’s Everything a Beginner Must Know About Cryptocurrency

April 4, 2021
Savage Grow Plus Reviews – Everything to Know About Savage Grow Plus Before Ordering

Savage Grow Plus Reviews – Everything to Know About Savage Grow Plus Before Ordering

April 4, 2021
Competition in the Law Sector has Made it Imperative for Personal Injury Lawyers to Revolutionize their Services

Competition in the Law Sector has Made it Imperative for Personal Injury Lawyers to Revolutionize their Services

April 2, 2021
How College Dropouts Took The Fastest Growing Industry By Storm: Eric Michael and Jon Suarez

How College Dropouts Took The Fastest Growing Industry By Storm: Eric Michael and Jon Suarez

April 1, 2021
Fashion & Apparel Industry is Continuously Evolving for Catering to Modern Trends

Fashion & Apparel Industry is Continuously Evolving for Catering to Modern Trends

April 1, 2021
Music Artist, Stevotherapper, is Emerging as One of the Biggest Faces in the Hip-Hop Music

Music Artist, Stevotherapper, is Emerging as One of the Biggest Faces in the Hip-Hop Music

April 1, 2021
UK Based Rap/Hip-Hop Artist, Lvincix, has Announced his New EP, “167 Phosphene”

UK Based Rap/Hip-Hop Artist, Lvincix, has Announced his New EP, “167 Phosphene”

April 1, 2021
SafeMoon vs Dogecoin: Which is a More Safe Option for Investment?

SafeMoon vs Dogecoin: Which is a More Safe Option for Investment?

April 1, 2021
The Choice of the Right Perfume can Make a Big Difference for an Individual

The Choice of the Right Perfume can Make a Big Difference for an Individual

March 31, 2021
Rahul Ahuja, a Well-Known Food Blogger and Entrepreneur, is Making a Difference to the World Through his Social Work

Rahul Ahuja, a Well-Known Food Blogger and Entrepreneur, is Making a Difference to the World Through his Social Work

March 30, 2021
Amir Dayan’s Lianeo Refurbishes and Sells Dortmund Building

Amir Dayan’s Lianeo Refurbishes and Sells Dortmund Building

March 29, 2021
Battle Scars: Nathalie Miranda’s New Single Is Out!

Battle Scars: Nathalie Miranda’s New Single Is Out!

March 29, 2021
TheNegative Impact Of Payday loan

TheNegative Impact Of Payday loan

March 27, 2021
  • Home
  • Team Members
  • About Us
  • Contact Us
  • Privacy Policy
  • Editorial Policy
  • Cookie Policy

© 2020. Tricity Daily.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Education
  • Law and Order
  • Technology

© 2020. Tricity Daily.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In