The payments industry continues to evolve as technology advances and younger generations become payers. As the demand grows for different types of payment types, payments processors have to remain flexible and innovative in what they offer to keep their clients and their clientele happy. Learn more about what is trending in the payments industry in 2018:
Consumers have embraced mobile payments, such as ApplePay, AndroidPay or SamsungPay, and they are projected to continue to increase in 2018, with more and more merchants are fulfilling this demand. As consumers rely more heavily on mobile payments, this will likely coincide with an increase in person-to-person payment app usage as a way to pay or reimburse other people without a trip to the bank.
The competition is steep for card providers, making consumers view rewards programs as a major factor in determining who gets their business. 48% of consumers reported they would be open to switching their primary card provider to one that gave better rewards for purchases, according to The Financial Brand. Providers are expected to be under more pressure to develop enticing, yet cost-effective reward programs that are simple for consumers to redeem.
With every advance in payments technology comes a new way for fraudsters to take advantage. The potential losses are astounding – the payments industry is projected to lose more than $30 billion in card losses globally in 2018 due to fraud, according to Accenture. This figure has grown 18% each year since 2013, so the payments industry will need to continue to innovate to find ways to protect against fraud.
Artificial intelligence (AI) is on the rise in the payments industry and will continue to make its mark in 2018. As payments companies aim to make more efficient use of the abundant amount of customer data they collect, AI is expected to be utilized as a way to improve the customer experience in an automatic manner. AI is likely to be implemented for everything from personalization to fraud prevention to answering customer service inquiries.
Focusing on recruiting and retaining the best employees will always be a mainstay in the payments industry. Find top talent by partnering with IMPACT, a consulting company you can trust to deliver results. For more than a decade, the experienced recruitment consultants at IMPACT have been working with some of the most premier payments companies in the industry. Our consultants are former payments industry professionals, so you can feel confident in knowing they truly have an in-depth understanding of your business needs. Learn more about IMPACT – contact us today.