2016 payment trends and what to expect in 2017
January 3, 2017 8:03 am by Bronwyn Watt
With every passing year the landscape of the payment industry shifts. We say goodbye to old ways of doing things and we usher in new paradigms. The past year wasn’t any different and neither will the upcoming year be. So we thought we should take a look back at the most prominent payment trends of 2016 and what 2017 has in store. From the influence of Generation Z on the way to pay to even more rewards for customers, this is Paycorp’s glance back and look ahead of the key developments that are changing the payment industry.
A glance back at 2016’s payment trends
Generation Z gave mobile commerce the push it needed. While millennials have done tremendous things for mobile payments and mobile commerce, it is consumers born after 1995 who are leading the charge. According to Payvision’s Mobile Payments Report 2016, Generation Z doesn’t have the same anxieties as older generations about security and data privacy, which is why they use mobile payments twice as much.
Contactless payments were the talk of the town. Contactless payments are still a long way from reaching the status of other alternative payments, but the buzz was definitely there throughout the past year. Read what we had to say about them here. Now NFC technology and mobile wallets have aligned at just the right time, it’s only a matter of time before the widespread rollout of contactless payments begins.
Mobile POS came into its own. When mPOS first arrived it was marketed as the solution to the mobile merchant’s biggest problem: being unable to accept card payments on the go. But as mPOS systems improved it became clear that not only are they a great addition to any business, but in some instances, they can replace traditional fixed POS systems.
A look ahead at this upcoming year’s payment trends
Cloud-based point-of-sale will continue to grow. In 2016, cloud-based POS systems had already started to take flight. With everything headed to the cloud, we should expect to see more and more POS systems switching over to the cloud this year.
Customer rewards will take centre stage. A big part of increasing customer satisfaction over the past few years has been through customer rewards and perks. Shopkeep predicts that payment trend will only increase in 2017: “The more in tune merchants are with customers, the better they can tailor their marketing and rewards program to yield better results.”
Mobile ordering and payments to boom. In 2017, not only will consumers be paying with their phones, they’ll be ordering with them too. On the heels of the success of UberEATS, franchises like McDonald’s and Starbucks have started letting their customers order and pay for their food and drink through their apps, and simply pick the order when it’s ready. It wouldn’t be a surprise if they aren’t the only establishments doing this by the end of the year.
Stick with Paycorp this year for the best payment solutions
All of these payment trends paint a very exciting picture for the year ahead in the payments sector, but you have all the payment solutions you need to get you through the year right here at Paycorp. Browse through our product brochure and see for yourself why we’re your business’ ideal payment solutions partner.
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