Corporate Blog
digital payments

Payment Trends for 2024: In Search of a Secure and Technological Future 💰

In the dynamic landscape of 2024, payment trends are shaping the way we conduct financial transactions. In this article, we will explore some innovations that are redefining the user experience and boosting efficiency in payments.

Come with us and find the Payment Trends for 2024!

Digital Payments

Digital payment, often referred to as electronic payment, is the transfer of value from one payment account to another using a digital device or channel. This definition encompasses payments made through bank transfers, mobile money, QR codes, and payment instruments such as credit, debit, and prepaid cards, cryptocurrencies, or online store payments. Digital payments can be partially digital, predominantly digital, or entirely digital.

Some advantages of digital payments include:

Convenience and Speed: Digital payment solutions are increasingly focused on providing consumers with a quick and convenient way to transact. On the merchant side, adopting digital payment solutions allows for the automation of transaction processing, resulting in fewer payment queues and human errors, replacing manual processes like giving change or counting cash with automatic and instantaneous processes.

Security First: With the rise of online transactions and digital payments, security is a priority. Payment solutions incorporate advanced measures to protect user information, complying with regulations imposed by regulatory entities. To reduce fraud risks and enhance the security of digital payments, strong authentication was implemented in the European space in 2019, requiring a double verification of user identity to authorize banking operations.

Technologies Adopted by Companies for Processing Digital Payments

Companies are increasingly investing in enhancing their customers’ shopping experiences. Customizing payments to fit user contexts creates a more pleasant and intuitive experience, increasing indicators such as satisfaction and customer loyalty.

Some technologies commonly used by merchants, especially in the retail market, for processing digital payments include:

NFC Technology: NFC is increasingly the choice of companies and merchants, especially in the retail market, offering a contactless payment experience, streamlining the process in physical environments to provide a safer and more comfortable payment option. This technology can be used for payments through bank cards, mobile payment apps, or digital wallets. It is practical for merchants, and there are already very affordable solutions for adoption, such as NFC stickers, bracelets, pendants, among others.

QR Codes: QR codes allow for contactless payment processing by scanning the QR code from the customer’s mobile phone. This solution is widely used by digital wallets and payment applications. Merchants can adopt this solution in the form of integrated QR codes (embedded), stickers, mobile devices like tablets and phones, or integrated with existing in-store systems.

Payment Links: Another form of payment increasingly used involves sending a payment request through a link to the customer’s email or phone number. This way, the customer can click on the link and follow the steps to complete the payment securely. This solution is usually integrated with the existing POS or management system in-store.

Cryptocurrency Payments: Cryptocurrencies continue to gain ground, offering a decentralized approach to financial transactions and providing greater privacy to users. The increasing acceptance of cryptocurrencies by companies and establishments expands payment options for consumers, increasing the popularity of this transaction method.

Finally, E-commerce remains the main trend for 2024, allowing any customer to buy a product remotely without visiting the store. Companies increasingly aim to provide as many payment options as possible in their online stores to avoid limiting customers. Payment solutions that offer loyalty and rewards beyond payments are increasingly sought after, which can be a differentiator in customer decision-making.

Rewards and Cashback

Rewards and cashback programs continue to be a trend and play a key role in the evolution of various markets, such as retail, influencing consumers in their purchase decisions. Loyalty programs also help merchants increase the frequency of each customer’s purchase, as well as the average amount spent per transaction, thereby increasing the monthly profit of the business. Cashback and rewards solutions also attract new customers and curious individuals, firstly because of the financial advantages they receive in each transaction and secondly because it increases their satisfaction level through the rewarding feeling after each transaction.

Technology will also play a fundamental role in cashback trends for the next year. Merchants are increasingly adopting innovative solutions, such as mobile apps and digital payment systems, to make the cashback experience simpler and more convenient. In addition, artificial intelligence and data analysis have played an important role in personalizing cashback offers, ensuring that customers receive rewards that truly match their purchasing preferences.

These loyalty programs are a growing trend for 2024, as they are a smarter, more direct, and cost-effective way for companies to market, capable of substantially reducing upfront investments in ineffective marketing through traditional channels.

Join the payment revolution in 2024! Explore the numerous possibilities that payment trends offer. If you enjoyed this information, visit our website (www.beamwallet.com) now to discover how to leverage these innovations and enhance customer loyalty strategies in your business! Learn more now and transform your approach to payments!