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Big Trends in the Payment Business

payment trendsAs technology keeps expanding and growing, so do our payment systems. We're starting to see forward-thinking payment trends involving everything from mobile to loyalty rewards. Here are some of the latest movements in payment technology:
Mobile Capability With so many now owning smartphones, online shopping has seen a huge jump in mobile business. Because of this jump, companies are now placing a higher focus on mobile capability payments.  Plus, now the focus goes beyond smartphones as payment systems are also being developed and tested for tablet optimization as well.
Focus on Omniconsumers While mobile functionality is a very important factor for those in the payment industries, it's not only about mobile right now. Younger users are known for paying on a variety of different platforms, meaning the highest functioning payment systems will have to cater to a variety of different channels.
A Blur Between Physical and Online Shopping Consumers are not sold on only in-person or only online shopping. Many prefer to utilize both. That means that a majority of complaints that come from these double shoppers is centered around consistency between the products offered and product pricing. Smart companies are working to create consistency between off and online, especially when it comes to utilizing coupons and coupon codes.
Loyalty Rewards Loyalty rewards are becoming tremendously popular with consumers. Now, 73 percent of consumers carry loyalty rewards cards for their favorite businesses. And they don't keep it down to just one. One out of 10 customers carry six or more loyalty cards on any given day. This only goes to show the tremendous growth that the loyalty and reward businesses are seeing and will continue to see in years, and even months, to come.
For more information, read "The Ten Hottest Trends in Payments."

Topics: Gift Card Incentives & Rewards, Retailers & Merchants, Rewards & Loyalty, Payments Industry

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