The 5 trends that are marking the payments sector (Visa)

2021 is coming to an end, an ideal time to analyze what 2022 may bring. In this context, there is much interest in how a sector with as much potential as that of payments will evolve. Thus, Visa, one of the world’s leading companies in digital payments, brings the five most relevant payment trends that have marked the year 2021 and that will probably continue to grow in the nearest future:

Cryptocurrencies, more present than future

Digital currencies and cryptocurrencies have been gaining followers and popularity around the world. This is demonstrated by a global study that Visa has launched worldwide: “The crypto phenomenon: use and positioning among consumers”. According to this report, the degree of knowledge of cryptocurrencies is almost universal, reaching 94% internationally.

In fact, according to Visa, consumers are even willing to change banks for one that offers products related to cryptocurrencies: cthus 40% of crypto asset owners affirm that, in the next year, it is probable or very probable that they will change their main bank by one that offers products related to these currencies.

Therefore, knowledge about the crypto ecosystem is essential both for financial institutions and central banks as well as for theretailers looking to delve into NFTs. In this context, the company has reinforced its commitment to this segment and has just launched a specific advisory service in cryptocurrencies and digital currencies: Visa Consulting and Analytics, designed to help both clients and partners to go one step further in the world crypto.

Without a doubt, a trend to follow in 2022.

Mobile payments, an unstoppable trend

The digital payments continue to be immersed in a comprehensive transformation process, where new players are being introduced, such as mobile payments. To find out what this situation is like in Spain, Visa and Fintech Pecunpay joined forces to carry out the Study of mobile payment trends in Spain, highlighting that almost 7 out of 10 mobile payment users make more payments through this method. since the Covid-19 crisis began.

Faced with this change in preferences, it is necessary for businesses to adapt, so it is crucial that leading entities promote the digitization of small businesses. This is what Visa did with its #DondeComprasImporta initiative, a project that seeks to support local commerce and give visibility to the great leap that many businesses made to the digital world and ecommerce, in order to save their business and remain close to all those consumers who also they had been there.

Cars will also be payment devices

Next year lCars can also be payment devices thanks to alliances such as Daimler Mobility and Visa, whereby Mercedes Benz customers in Europe will be able to pay for goods and services using their fingerprint on their cars.

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This digital commerce solution will be available in the spring of 2022 and will involve time saving for drivers, who can buy and pay without getting out of the car. Thanks to Visa’s authentication technology, the vehicle itself becomes the payment device, recognizing the user’s fingerprint and authenticating the transaction.

Daimler will be the first automotive company to incorporate the Visa Cloud Token Framework, a cloud security technology that allows greater flexibility across multiple devices, as Visa Cloud Tokens protect and eliminate sensitive payment information. converting the data into tokens and storing it securely.

Definitely, in-car mobility services and digital commerce have promising potential.

Tap to phone: an excellent alternative to support small businesses

The unstoppable rise of digital payments is causing a good part of the businesses to be adapting to accept this form of payment. In this sense, Visa’s Tap to Phone technology is key to continuing to evolve and adapt to the market. So much so, that for businesses that already accept digital payments today, this solution is a great initiative to evolve and make their collections more efficient, but without a doubt, the greatest opportunity exists for those who still rely only on the cash.

Tap to Phone is a technology certification that Visa has that allows merchants to use their Android mobile phones to accept payments without the need to invest in additional peripheral equipment. In addition, it is based on the transaction of the EMV chip and transforms the smartphone into a terminal thanks to NFC technology, offering the same dynamic security as the traditional terminal.

In conclusion, this technology allows mobile devices to act as a payment terminal without the need for a POS that enables it, a breakthrough that enables businesses of any size to accept contactless payments.

Payment innovation could help consumers adopt more sustainable shopping habits

The sector payments also continues to focus on an aspect that increasingly concerns citizens: sustainability. While the climate crisis is one of the biggest challenges of recent times, the payments sector has the ability to help consumers and businesses adopt more sustainable approaches to trade, thus helping to build a more positive future and inclusive.

Visa’s new Eco Benefits solution enables cardholders to measure the impact of their spending on the environment, which will also help promote more responsible consumption. This application will be available first to Visa partners and customers in Europe, and will subsequently roll out globally over the next year.

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