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5 B2B Payment Trends in 2018

When we think of major digital transformations, we can say that all sectors of activity are being affected in one way or another, however, one of the bigge


When we think of major digital transformations, we can say that all sectors of activity are being affected in one way or another, however, one of the biggest changes in the future could be in the financial services industry. Bitcoin and bockchain come to mind immediately, as is artificial intelligence, which helps to provide better services and competitive advantages, with numerous changes that have already occured and are about to happen.

 When we talk about payments, the best experience is invisible. The convenience of leaving the wallet at home and not worry about paying for recurring services are key elements to make the shopping experience more uncomplicated. And great strides are аlready being made in this area.

  

1. Mobility

Sales by mobile devices account for 37% of all online payments worldwide, and this statistic is even more impresive, where mobile payments already account for more than half of operations, the growth of digital portfolios is expected to intesifying with the arrival of Apple Pay and Android Pay technologies, which should open the doors of the use of digital portfolios in the country in 2017 and beyond. Because it’s a ubiquitous technoogy, the Smartphone has become a perfect companion to making purchases anytime, anywhere, driving innovation in the payment landscape and eliminating the barrier between sales channels, allowing customers to check out a single touch, be it in stores, online or via apps.

 

2. Immediate Payments

In hand with mobile payment trends, immediate payments are about to crest the horizon of the B2B world. It’s not surprising that the sector has so far resisted immediate clearing and settling of B2B payments, as regulators have a tight grip on those transactions largely through the avenue of ACH and wire transfer rules. But regulators have indicated they are interested in a more nimble and contemporary outlook on payment compliance in the digital age, and sotware develpers are taking note.

 

3. Integration

This will continue to be a major business priority in 2018, and the reason is very simple: to recognize customer across different sales channels, allow purchases with a single click or no button click, and identify fraud attempt, companies need a vision unified customer payment data. And the first step in this direction is to consolidate each step of that process into a unified system, spannng all sales channels. Once this obstacle is overcome, it will allow invisible payments to become more tangible to many companies and certainly one of the biggest investment trends for payment in 2018.

 

4. The Rise Of Wearable Devices

In the world of mobile payments, smart phones are firmly aheed. However, the advancement of wearable devices could change that soon, given that the market is expected to reach $34 billion by 2020. Many wearable devices currently rely on health and fitness tracking devices. However, manufacturers are working on incorporating additional features (such as payment functionality) to make them an essential everyday item. Given that they are readily available and do not require stirring bags and pockets, wearable devices offer a real diferrence with respect to smart phones and contacless cards, so it will be interested to see how they develop in the coming years.

 

5. Mobile Apps

"Today, consumers believe that payment will be primarily through mobile devices, and it will be easier to make any kind of payment. The future promises great changes in technology and in the connected world, for this reason, we must be ready for what comes and pay due attention to the issue of security.

 As mobile technology improves, it becomes apparent that simplicity and convenience are not enough. Consumers want added value, and so certain mobille apps, like Starbucks with their loyalty system, have done so well. With a 2020 forcast of more than 3 billion loyalty cards in mobile applications, this trend is likely to continue. By 2020, consumers can expect much more. By recording past behavior and intelligently deploying user data, consumers could receive smart recommendation. And with the addition of augment reality, consumer could analyze product information and read reviews in rea time, rather than having to research at home.

  

PayApp by iControl is the embodiment of that digital and agile revolution. This mobile B2B payments solution suits all the needs a business can have, be it a store or enterprise level, to ensure payments are done swiftly, securely and easily. To find out more about PayApp or to get started and see for yourself, click here.

 

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