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Monday, May 27, 2024

Ingenico Reveals Four Payment Trends To Watch For In 2024

The payments industry is changing the relationship between merchants and consumers, by providing more advanced technology as the public demands more flexibility and options when it comes to in-store payment. As the most trusted and global leader in payments solutions, Ingenico has identified four payment trends to watch out for in 2024.

In 2024, Ingenico anticipates that the contactless payment trend will advance to the next level of accessibility and adoption. Soft POS, also known as tap-to-mobile or tap-to-phone, allows merchants to use their smartphones to accept contactless payments. It’s secure, complying with Payment Card Industry (PCI) standards for mobile payments on commercial off-the-shelf devices.

This technology is poised to disrupt the industry, enabling merchants of all sizes to use mobile devices to complement existing systems or to accept contactless payments at roadside stands, food truck counters, after rideshares, pop-up shops, event concessions, and more. It can also benefit ISVs with increased transaction volume and residuals. Worldwide, soft POS is predicted to grow at an impressive 20.4% CAGR through 2030 to reach $1,077 million.

Alternative Payment Methods
Consumers demand payment choices and consider the payment methods a merchant accepts when making buying decisions. At Ingenico, our team anticipates that flexibility will be key when it comes to payment convenience in 2024. An example of a payment trend that aligns with consumer wants is buy now, pay later (BNPL). This payment method allows consumers to split payments for large-ticket items into three or for instalments, making them more budget-friendly. It may also help merchants to capture more revenues as inflation remains higher than usual. Analysts predict that the BNPL market will grow from $71.9 billion in 2023 to $80.8 billion in 2024.

Consumers, particularly millennials and Gen Z, prefer to pay with peer-to-peer apps like Venmo and PayPal. Drivers of this market, set to increase worldwide by an 18.10% CAGR to reach $11.62 trillion by 2032, are growing smartphone use for shopping and the payment method’s simplicity, ease of use, and convenience.

Mobile Point of Sale (mPOS)
A major focus will be placed on optimizing customer experiences, offering more convenience, and decreasing wait times by accepting payments everywhere in 2024. Retailers will be looking for ways to conduct transactions everywhere within the four walls of their retail locations, from the fitting room and in the aisles as well as at the checkout counter. Mobile Point of Sale could also be used in broader terms such as accepting payments outside, for example, line-busting in the drive-thru or selling at a pop-up shop during an event.

Biometric Payments
Ingenico predicts the continued growth of the biometric payment trend in 2024. This category of payment methods that uses consumers’ physical characteristics to authenticate transactions is set to grow at a 19% CAGR through 2026 to reach $19,000 million worldwide by 2026. Types of biometric payments include fingerprint authentication, facial scans, and infrared (IR) palm vein scanning.

Consumers who create an account, securely linking their scans to account information, can make payments even if they don’t carry physical cards or even a purse or wallet. Merchants will benefit from the loyalty of consumers who prefer this payment method and less payment fraud.

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