In a recent article, various payment experts shared their predictions for the paytech industry in 2024. Here are the key takeaways:
- Instant payments will gain in popularity, driven by consumer demand for quick, digitized payment methods and the need for safe, touchless options following the Covid-19 pandemic. Legislation in Europe will also contribute to increased adoption of instant payment solutions.
- Alternative payment methods, such as bank transfers, e-wallets, and buy now, pay later (BNPL), will become more prevalent, offering consumers a more holistic shopping experience and greater convenience.
- Payment processes will be simplified and made more mobile-friendly, with the use of services like Google Pay and Apple Pay, as well as AI-driven risk management to enhance data security and prevent fraudulent attacks.
- User-centric payment solutions will prioritize seamless, secure, and contactless transactions. Expect innovations in biometric authentication and AI-driven fraud detection, as well as a focus on sustainability and eco-friendly practices.
- Automation will play a key role in streamlining payment processes and improving operational efficiency. Cloud-based payment and cash management solutions will become more prevalent, and cross-border payments will be facilitated by blockchain and distributed ledger technology.
- Data analysis and AI will be leveraged to identify payment trends and improve the overall payment experience for merchants and consumers. Merchants will also move away from relying on a single payment service provider and opt for more unified and streamlined payment experiences.
Overall, the future of paytech in 2024 will be marked by instant payments, alternative payment methods, simplified payment processes, user-centric solutions, and the increasing use of data analysis and automation.
