Friday, August 7th, 2020
According to daVinci Payments’ recent study called “Future of Payments UK,” COVID-19 has made the adoption of digital payments for all age groups faster. To learn more details concerning the study and find the right payment-processing services for your business in the UK, go on reading this post.
COVID-19 & the Future of Payments UK
daVinci, a fintech firm offering corporate-funded payments, conducted the mentioned study from July 19 to 29. David Josephs, the compnay’s CEO, notes that traditional ways to make payments, including credit, debit/prepaid cards are still popular. However, new payment options such as mobile wallets, apps, and contactless methods are getting more popular.
Such rapid adoption of new payment methods means local payment options will stop being an alternative payment option for multi-national payment processors and merchants: they’ll turn into mainstream. Taking into account the current state of payments, it’s more crucial than ever to find a reliable and experienced processor to work with.
You can do this without challenges by turning to a reputable merchant-processor comparison expert in the UK like BestPaymentProviders.co.uk. Best Payment Providers UK guarantees the most trustworthy review of processors at the time of writing. So, with BestPaymentProviders.co.uk, getting access to the best payments UK can’t be an issue.
Digital Payment Market
Last year, the global digital-payment market accounted for USD 35510 million, and the mobile-wallet market made up USD 1.043.1 billion. The UK has already seen a 60% dip (on average) in ATM transactions during the lockdown. On the other hand, mobile banking and mobile payments have seen a surge in transactions. This means going cashless is getting accelerated.
According to PCM (Payments Cards Mobile) and other sources, card use is declining in developed markets. Digital wallets and other P2P systems are becoming more popular. So, to fight the competition and guarantee customer satisfaction, merchants in digital commerce must keep their finger on the pulse.
Here’re 4 main trends that are going to play an immense role in shaping the future of commerce payments in a digital world:
- Mobile payments and digital wallets
- Open banking and interoperability
- Real-time payments (RTP)
- Cryptocurrencies
So, cash is getting less popular all over the world. Instead, local payment methods, including bank transfers, eWallets, digital payments based on cash, as well as local cards are becoming more dominant in payments worldwide.