What are we expecting from the payments industry in 2018?

Well we’re over half way through January and companies are already discussing what we could expect from the payment industry for the forthcoming year. 2017 was an impressive year for the payments industry, and the introduction of new technology has made giant inroads for customers and businesses alike, and this precedent looks set to continue well into 2018. The way customers are looking to pay for goods and the way businesses are wanting to accept payments is changing faster than any area of financial services, and this is primarily as a direct result of continual changes in digital technology coupled with the ongoing increase in consumer demands.

Ongoing emergence of mobile payments

Millenials demand an exceptional digital payment platform which extends to mobile payments. Back in November it was reported that PayPal are planning a “full on” mobile payment App for 2018. Described as a “forthcoming NFC wallet experience,” the PayPal system would allow for tap-to-pay purchasing which has become an integral part to many businesses. The expectation and hope is that the App will compete with the likes of Samsung Pay and Apple Pay but the jury is out on whether this will be the case. PayPal already have a strong reputation and are well regarded, so it’s very much a case of watch this space. In a recent study by Capgemini and BNP Paribas, digital payments are expected to reach a record 726 billion by 2020 and digital commerce is no longer restricted to computers or smartphones being widely available on a whole host of items.

Jump on board for Pay and Wave

Perhaps to date you’ve only looked from afar, and have yet to experience the joy and benefits of tapping to pay for an item or services brings, leaving behind the traditional Chip and PIN payment solution. Not only does it eliminate potential queues for business owners but it’s now the go-to solution for people in a rush. 2018 may well be the year you finally experience and become a member of the pay and wave club, and once you’ve experienced the convenience and enhanced user experience it will change your stance.

Payment Innovations

2018 will see an increasing level of payment innovations from all across the globe. As discussed earlier in the article, the popularity in mobile payments will continue to rise as companies look to capitalise on the smartphone revolution. The market place has become saturated with extensive competition in the last 2 years, and companies are seeing more competition from overseas companies in what is deemed an extremely competitive market. Every calendar year brings new opportunities to the payments industry particularly for the mobile technology. Smartphones are now a mainstay for many people’s daily lives, and now they have the ability to become a personal assistant, you can do a weekly shop from the palm of your hand.

Move it Range

Ingenico’s eagerly anticipated Tetra range will be available in the UK and there is much excitement over the introduction of the Move it range to the marketplace. The Move range is deemed a “game changer” by Ingenico and will allow the portable payment terminal to a new world of business apps. The handset, also boasts of a camera, touch screen feature and bar code facility amongst other features and will surely only enhance Ingenico’s reputation in the UK marketplace. One of the key aspects is designed about creating new consumer experiences by combining payment and rich HTML5 business apps.

What are you expecting from the payments industry in 2018?

It’s going to be an exciting 12 months and given the advances made in the last 2 years, 2018 could be the biggest and best yet. As ever we’d love to know your thoughts and what changes you’d like to see introduced. Please comment below or email sales@wirelessterminalsolutions.co.uk.