4 Digital Payment Trends for 2021
22 February 21
COVID-19 has undoubtedly brought a lot of changes into our lives. One of these is the way we pay for things. As retailers started looking for alternatives for the use of physical money, digital payment trends began to grow and they aren’t stopping any time soon.
“It cannot be denied that COVID-19 presented the greatest challenge for cash transactions,” says Santiago Egas, senior vice president and general manager of BPC Banking Technologies. “The industry has never before seen such a drastic change in payment options with the replacement of cash payments to digital media. Mobile and contactless payments were the protagonists of last year, offering solutions that go beyond the hygiene issue linked to the use of cash”.
According to BPC Banking Technologies, we will be seeing even more cashless payments this year. Here are their predictions for digital payments trends in 2021:
1. Digital payments will be diversified
Digital payments are already a thing, but now we will see a growing demand for new digital payment methods. These include “the ability to pay on delivery, ‘tokenization’, biometric fingerprint cards, phone-to-phone payments” and more.
2. Payments with QR codes will be even more convenient
Digital wallets, such Apple Pay, Samsung Pay, and Google Pay, are already growing in popularity, but it’s expected that they will become even easier to use in the coming year. For example, you may no longer need to download specific apps to make a purchase.
3. Voice-activated payments will gain popularity
Although we haven’t seen many voice-activated purchasing models just yet, the trend is yet to grow. It is said that in the coming year, we will see growing popularity in voice-activated payments in apps, such as food delivery providers. Basically, you would use your voice to give instructions on or confirm transactions.
4. Contactless payments will grow globally
While many countries are already massively using the contactless payment method, others haven’t joined the trend yet. However, it’s predicted that in 2021 more and more countries will be implementing contactless payments not only for social distancing purposes but for convenience as well.