Digital payment has now extended to more than just credit cards. With payment solutions such as PayPal and cryptocurrency leading the way, 2021 is an exciting time for businesses and consumers alike.
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Here are 4 trends to follow this year.
Hyperconnectivity and Micropayments
5G is quickly becoming the preferred backbone for today’s payment systems since it allows for fast transactions. With the use of the cloud, the Internet of Things and AI, micropayment platforms and eventually, hyperconnectivity will experience a boom.
소액결제현금화 outlines the examples of micropayment and how it’s used in nearly every aspect of our lives. A cellular network provider, for example will be able to make its user complete small micro transactions on covered goods, content or services.
Cryptocurrency
Cryptocurrencies are stored in digital wallets, which by themselves are a form of payment. As Bitcoin grows and the world recognizes crypto tokens, innovations within the sector are expected to come out this year.
With 5G technology crypto wallets are now more connected than ever. Developers can introduce more powerful features to keep up with consumer demands.
Contactless Payment
Contactless payment have really taken off since 2019 with the introduction of Apple Pay, Google Pay and similar technologies. In 2021, the trend will continue as adoption rate goes even higher, and in other regions too.
NFC, or near field communication is the technological driving force in the field of contactless payment, but it’s set to be replaced by UW, or ultra wideband technology in the coming years.
eCommerce
Lastly, eCommerce has plenty to gain as more and more payment options become available. Digital payment will rise as POS terminals contribute to the overall growth.
Digital POS machines are poised to take over online and will evolve to accept credit card, debit cards and traditional methods. To this end mobile wallets will also rise in popularity.
