E-commerce and digital payments are areas that have developed rapidly over the past few years. Despite the current situation in the world, the Cryptocean team believes that 2020 will open up new opportunities for users of payment systems. Let’s see what changes we face this year:
Simplified payments
2019 saw a massive transition to modern interfaces. Now companies are considering ways to integrate their payment system using new technologies such as audio identifiers. According to public research, by 2022 the volume of voice purchases will reach $40 bn, so the need for adaptation of such payments is ramping up. Some banks and companies are already actively exploring new opportunities. For example, last year Mastercard launched its own sound brand, allowing their customers being confident in making a successful payment by receiving a notification in the form of an branded sound signal. This will increase the recognition of the company and prepare users for new voice capabilities.
New ways of identification
It’s expected that in 2020 the procedures for checking personal data for cardholders will be constantly improving. Banks and companies offer more reliable and innovative identification methods, for example, using voice, fingerprint or face recognition on a smartphone or other mobile device. This not only improves safety, but also positively affects the quality of customer service.
Online order optimization
The situation with optimization of online payments began to change several years ago with the help of digital wallets, for example Apple Pay, Google Pay and Samsung Pay. In 2020, a new phase of this trend is expected. Secure Remote Commerce (SRC) will allow you to completely redefine, and even rethink online ordering. It eliminates the necessity to manually enter data, replacing the card number with a token. SRC will help reduce share of e-commerce fraud while improving online payment options.
Tailored customer Individual
Modern consumers want to feel a valuable personality. Technological advancements, such as artificial intelligence (AI), will help solve this problem. Thanks to them, personalization will become more adaptive and accurate, allowing service providers to offer customers personalized conditions and opportunities.
Digital Identity Services
Modern consumers pay attention to the reliable protection of not only their finances, but also personal data. This becomes relevant due to increased range of services that the cardholder can access through his bank. In 2020, this issue can be solved by digital identification services. They will allow user to confirm their identity electronically with no need to show a passport or driver’s license. Payment transactions will become more comfortable and secure, while significantly saving client’s time.
Mobile banking applications
Mobile banking is playing an increasingly important role not only in authorizing payments, but also in controlling access to personal and financial data. On average, the growth rate of installations from 2018 to 2019 of one banking application stood at 41.5%. It is convenient for modern users to have all the necessary information on their gadget, regardless of external circumstances. Therefore, to attract new customers, banks are trying to improve and expand range of services on their mobile platforms: autonomous tech. support and smart chat bots, affordable invoice payments, participation in investment transactions, etc.
Digital currencies
Despite the fact that the cryptocurrency market is full of unpredictable ‘ups and downs,’ its significance in the modern financial world is increasing. More and more banks are paying attention to digital coins, expanding their customer base. For example, the Cryptocean card supports 4 cryptocurrencies (ETH, BTC, USDT and CRON) while allowing its users to use them simultaneously with fiat. This gives consumers even more opportunities on payment platforms.
Reliability and relevance of the digital currency can be estimated by the actions of some countries. To succeed, they are more likely to use blockchain technology. For example, China, which plans to start public experiments with its digital yuan and launch the first regulated crypto-bank. Perhaps 2020 will be a revolutionary stage in the development of cryptocurrency, opening it from a completely different perspective.
