The payment trends that are emerging for the year 2022 reflect the enormous impact of the global pandemic affecting us.
COVID-19 has forced shoppers to turn to e-commerce, and many businesses have been forced to rapidly shift their model to online sales to meet growing demand.
At the twilight of this dark year, companies must be ready to face and adapt to the disruptions that will not end tomorrow, to remain competitive.
1. Buy now / pay later
Gen Z is reshaping how retail works by demanding that their preferences be respected. One of the main areas of emphasis is financial flexibility.
This group, it turns out, prefers flexibility., as well as happiness over wealth, and seems to maintain savings, which we no longer necessarily saw with previous generations. All of these are reflected in their shopping habits.
The concept of "Buy now, pay later" is becoming increasingly popular: this trend can both increase sales and customer loyalty.
The trend is even starting to normalize across all demographics, with the average age of customers being in their early 30s. It boosts sales for many shops since customers are more inclined to buy from them and add more items to their cart knowing that they will have the option to gradually pay it back over time.
2021 has therefore seen the growth of buy-it-now and deferred payment services like Affirm, AfterPay, and Klarna. This trend has not escaped the attention of established companies that set standards in terms of payment, as demonstrated by the launch by the giant PayPal of “ Pay in 4x ”.
2. Improved authentication
Credit card data, i.e. the account number, the cryptogram, and the expiry date, as well as the name and even the address of the holder, can be purchased on the dark web for only $1 per account. This data is then disseminated by sophisticated fraud rings and these pose a massive threat to consumers, such as merchants for whom fraudulent purchases result in their stock dropping “for nothing” which sometimes then results in products. unavailable for sale.
With this increased focus on cybercrime issues, it is expected that preventive measures will emerge.
It is necessary to have a fraud management solution to reduce the number of fraudulent orders recorded by online stores.
New authentication protocols will arise: this form of fraud protection determines the identity of the device used by analyzing three sources:
- Offline user data: name, address, landline number, and email address;
- The user's online data: the IP address, the cookie identifier or a mobile phone number, or even the advertising ID The phone number issued to him is used to identify the user;
- Data from the user's device, such as IP behavior or the presence of a VPN, the use of the Tor browser...
This type of authentication is imperceptible to consumers, and therefore extremely practical: without impacting the user experience, it offers an additional guarantee to the merchant.
3. Mobile payments.
Mobile payments are considered one of the most popular significant developments in the world of high technology. 2022 will see ever greater acceptance of mobile payments like Samsung, Google Pay, and Apple Pay. All banks now accept them as a means of payment.
Did you know?
According to the French Mobile Marketing Association, smartphone transactions tripled between 2015 and 2017.
But the trend goes much further: today, consumers want to be able to take out their phone, like they take out their bank card, to pay for purchase in-store.
Merchants who are still hesitant to accept mobile payments may find it difficult to get started quickly.
4. Payment trends in cryptocurrency in 2022
Little by little, cryptocurrencies are becoming more democratic and many sites accept these currencies: NordVPN, ShowroomPrivé.com, my gift card, OpenBazaar, ExpressVPN, Wikipedia…
Considered a promising trend, it's time to think about adopting it in your e-commerce!
5. Payment via chatbot
Another trend concerns payment via chatbot.
Given their fun aspect and their availability, these online agents can guide consumers in their purchases… right up to the initiation of payment.
Taco Bell, Oui.SNCF, Subway, Lufthansa, 1-800-Flowers… several companies already offer this service. Clearly, this payment method is part of the trend, when we know that 85% of customer-business interactions will involve the use of a chatbot in 2022, according to Gartner.
6. Omnichannel payment in 2022
The buying journey is now omnichannel. Consumers are starting with mobile and ending their purchases on desktop. Sometimes they start by doing research on their PC, before going to the store. They can also order via a mobile application and go to a point of sale to pay for and collect their products.
A true omnichannel payment strategy is key to increasing sales. The ability to reduce the number of middlemen by allowing customers to pay directly in the business application is becoming increasingly appealing.
This is particularly interesting for restaurants and cafes, which engage in " click and collect " (or home delivery), not to mention companies that require major loyalty efforts, such as service stations for example.Think about it
The creation of your own application also serves to open a direct communication channel with the customer, it allows him to have the opportunity to carry out the entire purchase process independently. As a bonus, such an application can include loyalty tools such as point cards or coupons.