Thursday, 09 Dec, 2021
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According to the Mastercard New Payments Index, the shift from traditional payment methods apart from cash to touch-free payments (Mastercard contactless technology) and peer-to-peer payments are moving to a new normal. The pandemic has changed the consumer’s behaviour significantly along with the adoption of new payment technologies making transactions as fast and secure and easy with convenient and trendy customer experience. What are the solutions for businesses to adapt with the new circumstances? What technology do contactless Mastercard use to help merchants worldwide meet consumer expectations?
Keep up with the emerging payment trends - Mastercard contactless payment technology
In the coming year (2022), 93% of individuals who were interviewed across 18 markets worldwide will think about utilizing at least one innovative payment option, such as cryptocurrencies (eg.bitcoin), biometrics, contactless, or QR codes.
Online interviews of 15,569 consumers in 18 countries in four regions worldwide
Source: Mastercard New Payments Index 2021
Nowadays, consumers can exchange digital currencies flexibly. Typically with Bitcoins, many owners are able to buy and sell via peer-to-peer transactions. Somes use crypto currencies as a commodity for trading or assets for investment. While the interest of consumers in cryptocurrencies is reaching the high peaks, there are a variety of regulations that should be taken to ensure transparency, AML compliance as well as customer data protection.
Millennials are increasingly showing enthusiastic in spending crypto assets for everyday purchases - emerging payment trends
Biometric payments are considered to be safer than typing a pin to validate a purchase
Biometric payments are extra authorizations of Mastercard contactless payment technology to identify users at the POS. The function will test the use of fingerprint recognition or gait or walk assessment as an alternative verification to PIN or signature to authenticate the cardholder during a transaction. Fingerprint payment, based on finger scanning, is the most common biometric payment method. Gait or walk assessments can also be used to pay based on a person’s manner of walking. The payment terminal powers the biometric sensor, eliminating the requirement for an embedded battery or card recharge.
In terms of desired payment authentication for in-store use, fingerprint recognition placed first (50%) among all biometric authentications for Mastercard contactless technology assessed.
The cardholder is required to enroll his or her fingerprint by placing the finger on the card's sensor during the transaction. The tool scans the print and cross check whether it matches to the one stored in the card. The payer will receive a notification about a successful or unsuccessful transaction.
The above figures shows that while in the developed markets like the US and Canada, consumers prefer contactless payment methods to card presence, the rest of the world, typically emerging economies, take advantage of QR codes to connect buyers and merchants conveniently.
QR Codes - Cleaner and more convenient alternative emerging payment trends
Appetite of consumers about emerging payment trends has taken the center stage in the payment industry. With the behaviours of “shop in the way customers want” have enabled merchants globally to rethink how they approach consumers and meet their expectations.
Here are some recommendations for businesses to widen sales opportunities:
Diversify their presence in both brick and mortar store and online
Embrace e-commerce as a new necessary channel
Equip touch-free or contactless payment acceptance
Apply peer-to-peer pay to fasten the checkout process
Adopt cryptocurrency payments especially Bitcoins
Put customer security first with SCA (Strong Customer Authentication) not only in digital payments but also in-store checkout
Try multiple clean payment methods with QR codes to mitigate the risks of Covid19 transmission
PayCEC offers for our merchants an online payment gateway that enables their ecommerce sites to acquire online Mastercard payments from shoppers around the world.
PayCEC offers ecommerce merchants a Mastercard online payment gateway
Not only PayCEC accompanies our clients on Mastercard payment solutions, We’ve got more to exceed your expectations to adapt with the emerging payment trends.
PayCEC offers SMEs and Startups solutions to adopt emerging payment trends
PayCEC was established in response to the growing need of businesses to accept online payments more quickly and easily. In the new media era, our payment flow has evolved to work seamlessly and effectively across all platforms and devices. We pride ourselves on combining superior technology with first-class customer service.
PayCEC is a truly global payments platform that not only allows customers to get paid but also withdraws funds to their Business accounts in various currencies.
We have created an open and secure payments ecosystem that people and businesses choose to securely transact with each other online and on mobile devices.
We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.
Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.
PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.