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Top 3 Payment Trends in the Second Half of 2020

The pandemic is causing huge uncertainty and depression. However, it is also reshaping the world of business, bringing on some new trends – some of which are here to stay. The social distance requirement catalyzes the growth of our “contactless” world. We’ll keep you ahead of the curve and introduce you to some upcoming payment trends. So prepare to see a lot more contactless delivery and payments!

While we look into the future of the payment industry, there are three key trends to keep an eye on in 2020.

1. Intelligence

Following the Millennials, Generation Z (born after 1996) will dominate and shape the future. They are tagged as “lazy” and “high tech-dependent.” Gen Z has ignited the demand for quick and simple payment methods. Consequently, creating a smooth and convenient user experience is key to catering for the new Gen Z. In order to free users’ hands, smart speaker payments have arrived on the scene. Similar to the use of smart speakers to control wireless-enabled lights and search for weather information, smart speaker payments allow users to handle transactions by voice command. The virtual assistant enables a frictionless and hands-free payment, thus improving user experience greatly.

2. Digitalisation

Digitalisation is the future! The payment industry is no exception. Plastic cards are gradually being overshadowed by QR code payment methods due to the convenience of the latter. In cooperation with China’s leading third-party payment providers WeChat Pay and Alipay, Globepay helps merchants collect money through a simple QR code. Customers only need to scan the QR code to complete their payments. All without the need to take out a physical card. There is no doubt that this seamless digital payment method will attract new customers by providing an extremely convenient service.

3. High-level Security

No matter how the payment industry changes, security will always be the top concern. Since there is lots of sensitive data in digital transactions, all payment systems should be extremely safe and strong enough to resist attack. Nowadays, companies exert great effort to detect and deter security intrusions. New technology like artificial intelligence and machine learning is at the forefront.

As John Allen Paulos said: uncertainty is the only certainty. The best preparation for uncertainty is seeking out and utilising new trends. As a leader in cross-border payments in UK, Globepay is always here to help you follow the latest trend in payment industry. Contact us to learn more about payment trends!

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