Payment Trends of 2021

What’s on the horizon?

Like so many of us, there are little complaints about closing the books on 2020 and looking ahead for what 2021 will bring. As we wrapped up 2020, you can see the technology advancements that kept the ecosystem alive through the midst of a pandemic (here). This year, I expect that we will continue to see some of the same trends continue.

Here are 5 payment trends of 2021. 2021 will be a year of automation and integration to ensure business will continue to grow through a digitalized and technology driven world.
 

  1. Cashless Society
    Increased online, order ahead, mobile, and contactless payments will continue and will lead to increased safety and convenience and more effective receivables collections.
     
  2. Mobile Integration
    The pandemic has created a mobile-centric mindset and integrated capabilities to where the consumer is in control of the payment. This will drive consumers to business based on convenience and reduce interaction availability.
     
  3. Contactless
    With increasing consumer preference and adoption of contactless interactions, contactless payments and technology will continue to advance.
     
  4. Self-service
    Self-service and unattended payments are transforming businesses by delivering a technology forward solution. The Kiosk advancement in payment technology delivers a convenient, swift, and hassle-free service with enhanced safety and security.
     
  5. E-commerce
    This is the mainstream emergence of integrated commerce, driven by the general need for companies to provide online buying options with new forms of delivery including curbside pickup. 2021 will further push integrated commerce toward becoming the everyday normal.
     

Make sure you create a seamless e-commerce experience for customer and remember to make it mobile optimized.

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