Updated in October 2023.
In the dynamic world of eCommerce, stagnation is not an option. As digital storefronts become the norm and consumer preferences shift at lightning speed, understanding and adopting the latest payment trends is paramount. It’s not just about facilitating a transaction; it’s about enhancing the entire shopping experience.
For businesses looking to grow, keeping a finger on the pulse of payment innovations is a necessity. Strap in as we explore the global payment trends set to shape 2024 and beyond.
Online Payment Trends
Online payments have undergone a massive transformation in recent years. Let’s unpack the major online payment trends that are redefining the eCommerce landscape.
Contactless payments take center stage
NFC (Near Field Communication) has been embedded in some credit cards since 2007 in the UK, but today more than 80% of credit and debit cards have built-in contactless.
Of course contactless is significantly faster and easier than chip-and-pin, but the main reason for its popularity is the mobile wallet. The likes of Apple Pay, Google Pay and Samsung Pay allow consumers to make purchases with the one device that’s almost always on their person—their phone.
With the ability to hold multiple debit & credit cards, plus solutions like PayPal, mobile wallets has revolutionized the payment experience for consumers.
Contactless as a response to Covid-19
Once Covid-19 was known to transmit through surfaces, the desire for contactless as a safe payment method skyrocketed. Many businesses and retailers quickly adapted by upgrading their payment systems to accept contactless payments, driving even wider adoption from consumers. In Italy, contactless usage went up by 83%, while in Germany, it rose by 42%.
Covid was a major trigger for increased spending limits through contactless. Transactions were initially limited to small amounts, but several…
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