He Payment is undoubtedly one of the most important parts of the consumer shopping experience., whose satisfaction depends on a fluid, intuitive and personalized process. In addition, according to FLOA, a subsidiary of BNP Paribas, it is an essential element to build a high added value offering. In a sector that is in constant change and growth, both new and traditional players need to know how to adapt and respond in a timely manner to the new demands of an increasingly sophisticated and digital consumer by anticipating their needs.
According to the Bank of Spain, cash remains the most popular payment method used by Spaniards in physical commerce, used by 65%. However, cashless payments are increasing, supported by online purchases. Actually, Almost 40% of payments are cashless. Digital payments or mobile devices are among the main drivers of innovation in payments, but there are many trends that, from the perspective of Alexandre Carrera, head of FLOA Iberiadevelop in the industry.
«New trends in payment transactions are changing your role. While payment was once considered a fundamental, mandatory process, it is now developing into a value-added service and differentiating factor for companies. The key to success is knowing the latest trends and providing the user with the best payment experience“, explained Alexandre Carrera.
Buy now, pay later
In recent years one of the Payment trends This marked a before and after across Europe Buy now, pay later. According to a study conducted by Kantar for FLOA, 47% of European consumers say they use this toolWhile this percentage is much higher in Spain, 63% of Spaniards take advantage of deferred payments.
This is one of the most interesting trends that continues to grow. It is even a criterion when choosing a brand, since more than two thirds of consumers who use BNPL in Spain (69%) are willing to change dealers to be able to pay in installments. For this reason, companies and users are increasingly looking for scalable solutions that address these needs.
As a form of embedded finance, it enables companies from all industries to offer financial services; One example is the travel sector, where BNPL is increasingly expanding.
Trade-in
Designed to promote smartphone reuse, This new form of payment could be expanded to many industries. In fact, with this payment solution, you immediately know how much your smartphone is worth and can deduct this amount when purchasing a new smartphone. This payment solution has a double advantage: it has a positive impact on both the environment and the consumer’s budget.
Tap to pay
Thanks to SoftPOS technology, mobile devices can become contactless payment terminals (mobile phone, watch, bank card, etc.). This can allow small businesses that have not previously offered card payment to easily convert to a new form of payment.
Save now, buy later
Save, buy now After that, it is a simple but effective concept that is expected to gain popularity and traction in the coming years. This new trend provides a platform that enables and encourages customers to save on purchases. Thanks to the different features and functionalities of these platforms, they help consumers set savings goals and, when these are achieved, they facilitate purchases and sometimes add exclusive incentives to these purchases.
Artificial intelligence
Finally, The emergence of artificial intelligence has not left the payments sector indifferent. Their impact will increase dramatically throughout the customer’s purchasing process. In the payments sector, advanced algorithms, machine learning and predictive analytics will have a major impact on detecting and combating fraud.
With these innovative trends, the digital payments landscape is being redefined, offering consumers increasingly flexible and efficient options, while industry players must constantly adapt to offer more personalized payment experiences.