7 Trends for the Future of Payment Processing

July 28, 2020

Make sure your business is prepared for the future of payments. This infographic shows 7 payment processing trends you can't afford to ignore, from hardware to software, security, and more.

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18% of consumers across North America and Europe started shopping online for the first time due to the virus. As a result, global online sales skyrocketed 71% year-over-year in the second quarter of 2020
Online retail sales surged to $794.50 billion, a record-breaking 14.4% of total US retail in 2020, thanks to increased spending on smartphones in particular.
The top mobile wallets used at small and medium businesses are Apple Pay (16.6%), Google Wallet (16.0%), Android Pay (11.3%), and Samsung Pay (8.2%).
The top 3 payment methods of online shoppers are credit cards (42%), electronic payment (39%), and debit cards (28%).
There will be 27.7 million POS devices in circulation in the U.S. by 2021, an increase from 3.2 million in 2014.
Contactless payments have become a driving differentiator: If all other factors were equal (price, selection and location), nearly two-thirds (63%) of consumers would switch to a new business that installed contactless payment options
Biometric authentication such as fingerprint ID and facial recognition will be used in more than 18 billion transactions in 2021.
Enhanced customer experience is the future of payments, as more than 60% of Millennial and Gen Z consumers are willing to share their bank account credentials with third parties.

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