Payments move into the next generation
As treasurers and banks grapple with the arrival of real-time payments and open banking, tech companies are looking at the next phase of payment developments.
In Paysafe’s Lost in Transaction: Payments Trends 2018 report, consumers in the US, Canada, the UK, Germany and Austria were questioned about their payment preferences.
Looking at current payment methods, the study from the online payments company found that the UK was far ahead with its adoption of contactless payments, with 54% of respondents having paid using the method in the past month.
Germany saw just 9% of users and the US ranked lowest with 3%.
Consumers are clearly still getting to grips with these methods, but there are already plans to move into the next wave of payments.
The Paysafe survey looked at the arrival of three new methods.
Frictionless, also known as invisible payments, is the type of transaction used when paying for services such as Uber, where account information is only entered once and automatically accessed to make future payments.
Voice-activated or conversational payments involves the use of systems such as the Amazon Echo, where customers will state aloud their desire to make a purchase.
And then there are biometric payments, where a transaction is completed through recognising a customer with a process such as fingerprint scanning.