Electronic bill presentment and payment have made ecommerce faster, easier and more secure for both the seller and the buyer. The millennial population is looking for a redefined online payment solution. There are different companies offering electronic bill presentment and payment solutions. Every company wants to develop a payment solution for the future and be the first to enter the market with its solution. If you have been receiving online payments for the past couple of years, you already know that ecommerce does not stand still. You and other online sellers are always in search of a payment solution that delivers better customer experience.
Payment processing companies and electronic bill presentment and payment solution providers work relentlessly. So that they can provide solutions that are beneficial for both the online seller and buyer. They explore the scope of online payment to identify the trends that can change the future of electronic payments.
The percentage of users using mobile wallets is expected to be 64% by the end of 2020. More than 23% of online buyers prefer mobile wallets to mobile banking app. Wallet payments are expected to reach $503 billion by 2020. This highlights mobile wallets as a major trend and thanks to developments in the fintech industry. Mobile wallets are likely to become a monumental shift. Mobile wallets offer:
- Customer-focused payment experience
- Immediate rewards
- Proactive balance alerts
With more value-added services, this trend is likely to gain traction.
Good customer experience gives a competitive advantage to a business. Even non-banking organizations have also developed payment solutions like Google Pay, Apple Pay and more. The key is customer experience. Electronic bill presentment and payment solution developers are also attempting to change the way customers make online payments. You need to offer a good customer experience to attract and retain customers. An electronic bill presentment and payment solution enhances the customer’s payment journey and ensures seamless digital experience across all the touch points.
The blockchain technology can reduce account reconciliation costs by 70% and compliance costs by 30-50%. This technology will play a significant role in payment processing solutions development. While the use of blockchain-based digital coins is illegal in some countries, the industry is aware of the benefits of blockchain technology. Fast payment processing, encrypted distributed ledgers and secure real-time verification make this technology a real deal.
The emergence of new online payment methods give customers the freedom to choose their preferred payment method or channel. Because they don’t use a single payment method. And, these payment methods are not location-specific. They use these methods on the go and on different devices.
In order to drive more value out of their purchases, 48% of the consumers switch reward cards. 42% of the consumers would switch cards to get signup bonuses. 66% of the consumers prefer businesses offering rewards to redeem/bonuses at the POP or POS. So there is a reward revolution and an ecommerce business has to be a part of this.
Voice search is an invisible computer interface. In the near future, we will be doing most of the computer interactions through voice and this will not take more than 10 years. Google, Amazon, Apple and other giants have launched AI-powered applications with conversational voice interfaces. By 2021, an estimated 1.83 billion users will have voice-enabled devices. Applications like Alexa and Google Assistant are already an integral part of our life.
These trends are the future of online payment. So payment processing provider can take advantage of some of these trends to enhance the customer experience.