The way we pay for things online has come a long way in just the past few years. From using our credit and debit cards to digital payment apps like PayPal, Venmo and Apple Pay – we now have more options than ever before.
But the evolution of online payments is really just getting started. Experts predict some exciting changes coming down the pipeline that could transform how we all shop, bank and move money digitally. Here are a few trends that point to an interesting future:
Cryptocurrencies Go Mainstream
Bitcoin made big headlines back in 2017 with its surge in value. While the digital currency market has calmed down since cryptocurrencies like Bitcoin and Ethereum still have the potential to disrupt traditional finance.
As the technology behind them like blockchain gets faster, more secure and more user-friendly, we may see popular cryptocurrencies integrated into more online retailers and used for everyday purchases. This could open the door for a whole new digital economy.
Biometrics Take Over Authentication
Typing in long passwords is so 2010. In the coming years, we’ll likely rely more on biometric authentication using our fingerprints, faces or voices instead of passwords.
Major tech companies are already including fingerprint sensors in devices. As AI gets better at identifying us through things like iris scans or voice patterns, secure biometrics could replace the hassle of remembering complex passwords altogether.
Real-Time Payments Become the Norm
Waiting a few days for funds to clear after an online purchase may soon be a thing of the past. New real-time payment networks are launching that allow money to be sent and received instantly, 24/7.
Payment giants like Visa, Mastercard and PayPal have all announced plans to support real-time transactions. This could spawn new opportunities for just-in-time checkout experiences and streamline how businesses invoice and accept funds globally.
Overall, innovation in financial technology is poised to deliver a future of faster, more secure and increasingly digital-native payment alternatives. It will be fascinating to see how retailers, banks and consumers alike embrace the ongoing evolution in this space. The checkout process as we know it may change dramatically in the decade ahead.
