OP-ED: Published by Payments Journal
How Payment Service Providers Can Capitalize on Today’s Digital Payments Trends
Between the COVID pandemic and the rise of the globe’s most influential consumers, Millennials and Gen-Z, industries across the economy are more dependent on digital payments than ever before. The emergence and growing popularity of card-not-present (CNP) transactions, buy-now-pay-later (BNPL) programs, and digital currency speak to this transformation—and these innovations are not going away any time soon. In fact, these flexible payment methods—and others—are expected to continue growing their shares of the payments market. In order to meet this growing demand, payment service providers must also adapt to these new payment patterns.
The impact of card-not-present transactions cannot be overstated: The use of digital wallets in North America alone is estimated to increase by 50 percent in the next five years. Where many commercial processes were slowed by the pandemic, this trend was only accelerated by the demand for remote transactions. Payment providers that offer a single, integrated platform allowing businesses to process these transactions seamlessly have been able to capitalize on the increasing popularity of digital wallets.