By Nexus Technology
13/12/2022
What will the future of payments look like? This is a question on the minds of consumers, businesses, and financial institutions alike. With the ever-changing landscape of technology, it can be hard to predict what direction the payments industry will go.
In a world where we can order a taxi with our phones and buy groceries without ever stepping into a store, it’s no surprise that the way we pay for things is changing too.
By 2025, cash will be used in less than 30% of transactions globally. Card payments will still be the most popular form of payment, followed by mobile payments.
So what does the future of payments look like? Here are five predictions:
Prediction #1:
More Countries Will Adopt Cashless Policies – A cashless society is one where financial transactions are not conducted with paper money, but rather through electronic means. This can include using credit or debit cards, mobile apps, and even cryptocurrency. There are many benefits to going cashless, including increased security, efficiency, and transparency.
While there are some drawbacks to cashless societies (such as the potential for hacker attacks), it seems likely that more and more countries will adopt cashless policies in the coming years. This is particularly true as younger generations become more comfortable with using digital forms of payment.
So what does this mean for the future of money? It’s hard to say definitively, but we may see a decrease in the use of physical currency as more and more countries go cashless.
Prediction #2:
Mobile Payments Will Continue To Grow – Mobile payments are expected to continue growing in popularity in the coming years. This is due to the increasing number of people who own smartphones and other devices that can be used to make payments. In addition, mobile payments are becoming more convenient and secure, which is making them more attractive to consumers.
As the world becomes increasingly digital, it’s no surprise that mobile payments are on the rise. In fact, they’re expected to grow even more in popularity in the coming years. This is thanks to the ever-increasing number of people who own smartphones and other devices that can be used to make payments. What’s more, mobile payments are becoming more convenient and secure, making them even more attractive to consumers.
So, if you’re not already using mobile payments, now might be the time to start.
Prediction #3:
Cryptocurrency Will Become More Mainstream – Cryptocurrency is becoming more and more mainstream as time goes on. More and more people are investing in it and using it as a form of payment. There are even some countries that are starting to accept it as legal tender. This is only the beginning, however. In the next few years, cryptocurrency is going to become even more mainstream. Here are two predictions for how this will happen.
More businesses will start accepting cryptocurrency.
More countries will start accepting cryptocurrency as legal tender.
Prediction #4:
Biometric Authentication Will Become More Common – As we move into the future, technology is becoming more and more advanced. We are now able to do things that were once impossible, and one of the things that is becoming more common is biometric authentication.
Biometric authentication is the process of identifying a person based on their physical or behavioral characteristics. This can include things like fingerprints, iris scanning, or facial recognition.
There are many benefits to using biometric authentication. It is much more secure than traditional methods like passwords, and it is also faster and more convenient.
We predict that biometric authentication will become even more common in the years to come as it becomes increasingly available and affordable.
Prediction #5:
New Payment Methods Will Emerge – In the next few years, we predict that new payment methods will emerge. This is due to the increasing demand for innovative and convenient ways to pay for goods and services. With the advent of new technologies, we expect that these new payment methods will be more secure and efficient than ever before.
In conclusion, it is evident that the payments industry is evolving rapidly. This means that we can expect to see more innovation and competition in the coming years. This is good news for consumers, as it will likely lead to lower prices and more convenient payment options.
