2020 Digital Payment Market Trends: What to Expect

It’s looking like 2020 is going to be a big year for many things, specifically in the digital payments industry. While we can’t predict the future, we can certainly pay attention to trends from previous years. Let's take a closer look at what’s currently happening and see how things are starting to shape up. Are you ready to dive into what we can expect from the digital payments market this year? We are! 

Enhanced Payment Transactions With Ease-of-Use

Enabling merchants to enhance payment transactions with greater functionality and convenience can help your clients build customer loyalty and retention — and by providing your clients with the solutions they need, you may also find your clients are more loyal to you. 

It’s predicted that digital payment processing will gain quick momentum in 2020 and for years to come due to the simple fact that it's easy and convenient for all parties involved. The need for cash is seemingly becoming a thing of the past as most transactions are electronic, getting rid of the need to stop at an ATM or request for cash back at grocery stores. At TransNational Payments, we are tracking right along with this trend, as we provide credit card processing that’s easy and inexpensive. We offer various types of payment processing solutions with the capability to accept payments anywhere. Not only is this convenient for the customer, but a merchant can adapt seamlessly.

FACT: We can also look forward to support from the government to improve the digitized payment processes — with an increased focus on a cashless economy, growth in this market is sure to continually escalate in the future.

Never Trading Security for Convenience 

Along with payment trends toward consumer convenience is the trend to continually make payment security a top priority. Most companies are working to keep up with the increase of technology and expansion of the digital market and are attempting to create solutions that are both convenient and safe. Luckily, at TransNational Payments, we have plenty of options that include both. It’s our goal to ensure that our customers and their customers have secure payment transactions while not having to endure a stressful and expensive process.

Mobile payments are a convenient and affordable way for merchants, young or experienced, to conduct business securely. Accepting EMV chip card technology within your business will not only protect your customer, but it helps significantly reduce the risk of fraud for the merchant. EMV chip card technology is the best available technology to validate credit and debit cards while reducing the risk of accepting fake cards.

Something else to consider for security with digital payment processing is to take advantage of a payment gateway for online payments. A payment gateway is the best way to accept online payments since it takes care of the authorization of the payment while ensuring the data entered is enough to be completed. The gateway is what protects credit card details by encrypting the stored sensitive data and guarantees that private details proceed safely between the customer and merchant.

Lastly, it’s extremely crucial to check your PCI compliance status as this is the most important security standard to keep up with as it determines how you store, handle and transmit cardholder data creating protection of your customers’ payment details and keeps your business safe from fraud. To get the most out of safety and fraud prevention you’ll want to guarantee that your business has met all the guidelines and avoid a non-compliance fee.

Expansion of the Digital Payments Market

As the future unfolds, turns out the younger generation is responsible for stepping up and growing the digital payment market. This tech-savvy generation is forcing the need for a digital solution when it comes to payment processing. With all of this in mind, it’s crucial that the digital payments market expands, making way for more affordable and advanced products to assist the developing market.

Organizations, such as TransNational Payments, have already taken essential steps to adjust to the growing digital market by offering technology-driven products and services like mobile payment processing. Accepting mobile payments has plenty of advantages such as being convenient and affordable. These are two very important things for the younger generation as they run on a fast-paced environment. Mobile payment processing allows you the ability to accept payments on devices such as a smartphone or tablet. As the younger population begins to lead the expansion of this market, it’s a valuable option for them to have as they are becoming small business owners.

Conclusion:

One thing is certain for 2020, we can expect to see a lot of growth in the digital payments world along with the technology involved to accompany it. While the younger generation expands and increases the need for more innovative technology surrounding digital payment processing, organizations and businesses are responsible for adapting to their needs in a simple and secure way.