As Canadians welcome in the New Year, the payments industry is gearing up for another exciting business year. Like many industries, the world of payment processing continues to change in order to meet the needs of consumers, and this means that 2019 will be another year of continued growth. Although it’s almost impossible to know exactly what payment trends will come to fruition throughout the year, we have some ideas of what we think are possibilities.
With all the innovations in payment technology, it has become easier to accept payments on various types of devices, anywhere, anytime. In 2019, it’s likely that payment acceptance will be everywhere, making it more simple to make and accept a payment. Whether it’s a mobile friendly payment solution that can be taken on the go, integrated payment pages on ecommerce stores, or voice activated payment solutions on smart assistants, payments could be just about everywhere in 2019.
New Payment Terminals Coming to Market
When it comes to actual payment terminals, we’ve grown fairly accustom to the common Ingenico and Verifone devices on countertops. But in 2019, we’ll likely see a wave of new payment devices making their way to countertops and tables across the country. This could be the new countertop terminals we’re offering here at Moneris, or other devices currently making headlines such as Verifone models.
Digital Wallets Continuing to Grow in Popularity
As discussed in a previous blog, digital wallets like Apple Pay, Google Pay and Samsung Pay allow users to connect credit and/or debit cards their smartphone or other capable device for simple payment transactions. All the customer needs to do is tap their phone to the payment terminal to complete the transaction. The fast, convenience, and hassle-free elements of digital wallets make them alluring for customers, causing their consistent growth in popularity. In 2019, expect more digital wallets in use by Canadian shoppers as slow adapters start to download a wallet on their devices.
Biometric authentication, including fingerprint ID and facial recognition, are set to be used in more than 18 billion transactions by 2021. With vast adoption of digital wallets, merchants can expect to see increased use of biometric authentication, which offers an added layer of security. The technology behind biometric authentication is more effective and economical, all the while decreasing the likelihood of fraud and security breaches.
There are likely many more advancements coming to market in the payments industry in 2019, and we’re excited to find out what they are! To learn more about the world of payments as it stands, make sure to take a look at our articles The Top 4 Most Popular Payment Apps and A Glossary of Payment Terms Business Owners Should Know.