How individuals conduct business and make purchases are changing every day. Merchants that want to see their businesses grow, must learn how to utilize new methods of payments technology that make purchasing quick and easy. Right now financial institutions are scrambling to find and develop payment processing technologies. Developers are innovating a variety of technologies driven by customer needs and market trends. Capital One conducted a recent survey of the world’s leading financial and payment services in an attempt to discover what is on the horizon for payment technologies.
Emergence of Biometric Security
Financial and banking companies are partnering with mobile technologies to protect consumer identity and information. The report suggests that there will be a surge in biometric security measures, like fingerprint and retina scanning to bolster security.
Better Financial Advice for Consumers
Consumers can look forward to the democratization of financial information. Gone are the days where consumers will have to book an appointment with a financial advisor. Now, innovative financial companies have made their expertise available 24 hours a day with mobile and web technologies. Since automation and technology are becoming cheaper to make, financial and bank services are able to assess consumer information and get fast advice on the go.
More Shopping, Less Cash Payments
The world is doing more shopping online and using mobile like never before. Cash may be king, but it will go into virtual seclusion in the next ten years as technology is pushes for paperless currency as consumers choose convenience over lines at the register or ATM.
Social Media shopping will Increase
Shopping using social media will grow in popularity. In fact, 22% of survey participants project that about half of all holiday transactions will occur via social media shopping.
As the world of finance collides with technology, online retail merchants must be prepared to offer integrated services to their customers. Mobile and web payment abilities must be available to satisfy consumer desire for online shopping and paperless transactions. In addition, merchants that offer online payment gateways, have to ensure their customer’s information security. Learn more about EMB’s setup and management of online retail merchant accounts. Start your application today.