The diversity of electronic payment trends contributes to the development of e-commerce trends. Customers’ preferences vary in payment options. The greater the variety of payment options, the better for customers, and the increased sales of electronic commerce. You can learn more about the most important payment trends that contribute to the development of e-commerce.
Evolution of e-commerce
E-commerce has flourished recently, and the most important reasons for its development is the existence of various options for electronic payment. The main reasons and trends of payment that contributed to the development of electronic commerce are the following:
1. Electronic payment through mobile phones
The traditional payment methods are being linked to technical payment methods, such as linking money, checks and credit cards through mobile transaction models. Smartphones make it easier for customers to do a lot of financial services and enhance customer experience with the company.
There are two main types of electronic payment over mobile phones:
Applications on mobile phones
Companies and major online stores offer payment options by designing applications on mobile phones such as PayPal, ApplePay, GooglePay, and other applications that you can download and pay for, or pay for, your services and bills.
Telecom and network companies offer the option of an electronic wallet on the smartphone, which is one of the most important payment options fastest growing and evolving, and is a preferred choice for customers because of the enjoyment of security and speed and convenience to the customer, and is expected to access transactions through electronic portfolios in mobile phones to 500 billion Dollars by 2020.
All of these options provide a great customer experience with e-commerce sites, increasing their profits and sales, leading to the development of e-commerce, providing secure options for customers and providing ways to secure and accept payments through e-payment processors.
2. Retail POS
POS systems contribute to the evolution of e-commerce. They develop the electronic payment industry, provide convenient means for merchants and restaurants, and save time. Retailers are the most benefit from these systems. Retailers are a major factor in increasing e-commerce sales.
The POS industry is expected to increase to $ 116 billion by 2025, due to the importance of POS systems in providing a safe and convenient way for both consumer and merchant parties.
Reasons for the proliferation of POS systems
The proliferation of POS systems is due to the fact that many start-ups, which offer e-payment solutions that enable consumers to pay via smartphones, have introduced MPOS systems, thus providing an easy way for retailers to accept card payments, Great for consumers.
3. Checkout technology
Is a technology that contributes to the integration of alternative payment methods in the current electronic payment operations in the e-commerce sites, and thus contributed to the development of electronic commerce and greatly enhanced, for the desire of consumers to have a hassle-free experience during payment, so this technique is one of the most important payment trends Offered by payment processors for online merchants.
This technology will also provide an easier experience for merchants in terms of accepting electronic payments over the Internet, thus contributing to increasing profits and sales and promoting the development of electronic commerce.