2. • From year to year, new trends and advancements in
technology help expand the growth of payments.
• There has been a vast improvement of payment
solutions, which are able to process payments faster and
possess heightened security features that help protect
against breaches and instances of fraud.
5 Payment Trends Expected to Develop in 2017
3. • Throughout 2017, there will be many new options
consumers and merchants alike will be able to choose
from.
• As the New Year begins, let’s focus on the top 5 payment
trends that are expected to develop in 2017 and lead the
way.
5 Payment Trends Expected to Develop in 2017
4. • When it comes to payments, having heightened security
features is essential to prevent potential threats and
breaches.
• Nowadays, credit card data can become compromised in
a variety of different ways.
• Since instances of fraud and data breaches are a
continued problem, 2017 is expected to be a year where
security solutions will continue to grow and additional
security features will become available.
1. Growth of Security Solutions
5. • Now that EMV technology has been around in the U.S. for
a little over a year, EMV adoption is expected to continue
expanding in usage, as more payment players and
merchants begin to integrate EMV-capable solutions.
• The longer merchants wait to integrate EMV solutions, the
more likely they could open themselves up to fraudulent
cards being used and experience an increase of
chargebacks.
1. Growth of Security Solutions
6. • Other options for increased security protection include
encryption and tokenization, which keep credit card
information safe from potential hackers.
• These two technologies transfigure credit card data into
unreadable code upon being swiped.
• Data is then tokenized, making the information only
accessible via a secure token.
• Together, they reduce the risk and liability associated
with payment transactions.
1. Growth of Security Solutions
7. • Mobile payments are expected to expand in acceptance
throughout 2017.
• During 2016, consumers expressed an interest in using
mobile point-of-sale (mPOS) payment methods to
purchase items.
• With this trend expanding, more merchants, especially
those not in brick-and-mortar locations, are integrating
mPOS solutions in 2017.
2. Mobile Payment Acceptance Expands
8. • mPOS solutions are a great option for merchants since
they are able to accept payments outside of a traditional
POS system, allowing them to be flexible and take
payment acceptance on the go.
• Consumers have also shown an interest in using mobile
wallets and apps.
• With Apple Pay®, Android Pay, and Samsung Pay
leading the way for mobile wallets, many consumers
have begun using their smartphone devices for
payments and adapting alternative payment methods.
2. Mobile Payment Acceptance Expands
9. Mobile Payment Acceptance Expands
• On a similar note, mobile applications are expected to
continue rising in popularity.
• Like mobile wallets, mobile apps store and process
credit card information, making it quick and easy to
process a payment via a smartphone device.
10. • Many restaurants and retail stores are coming out with
their own mobile app so that consumers can buy
products on their own time in advance without having to
wait in line.
• For instance, Starbucks has introduced a feature in their
popular mobile app that allows consumers to order
items in advance on their smartphones, which are ready
to pick up upon arrival without having to wait in line.
2. Mobile Payment Acceptance Expands
11. • 2017 will be an important year for cash and whether it
will remain a predominant form of payment.
• With more and more consumers using their smart
devices to make purchases and websites becoming more
mobile-friendly, consumers are shifting toward favoring
digital payments over traditional cash.
• Experts predict that around 75% of transactions will be
cashless by 2025.
3. Shift Towards Cashless Payments
12. • Global Mobile Money also reported that 66% of
consumers have used their mobile device to process a
payment transaction.
• On top of that, consumers view mobile wallets and apps
to be a faster and easier form of payment.
• All that is needed to unlock a mobile wallet or app is a
fingerprint scan or 4 digit code, which is a lot faster than
having to dig through a wallet to get cash.
3. Shift Towards Cashless Payments
13. • There are two forms of technology that have shown
growth regarding payments – NFC and Bluetooth.
• NFC (Near Field Communication) technology processes
mobile wallet payments and is also used at ticketing
booths, vending machines, and payment kiosks.
• Payment experts expect the NFC market to grow to
$47.43 billion by 2024.
4. Progression of Payment Technology
14. • Since Apple removed the headphone jack from their
latest iPhone 7 model, millions of consumers will now
have to rely on Bluetooth technology for many features,
including payments.
• As more consumers adopt Bluetooth, there will be an
advantage within the mobile spectrum to include more
products and solutions that integrate with Bluetooth.
• Google has already begun testing a new mobile
payment app called “Hands Free”, which uses Bluetooth
or Wi-Fi to connect to a users smartphone for payment,
allowing the user to remain hands free during the
purcahse.
4. Progression of Payment Technology
15. • Integrated payments are a seamless and cost-effective
way to combine a broad spectrum of business
applications with payment processing.
• Not only do integrated payments save money and
improve cash flow, but provide a comprehensive suite of
payment solutions that add value to a merchant’s
business software.
5. Growth of Integrated Payments
16. • With integrated payments, merchants can take
advantage of products such as recurring payments, an
account updater product that automatically updates
credit card information, and a virtual terminal.
• Likewise, integrated payments help make the payment
process seamless.
• With just a snippet of code, ISVs can easily integrate
various payment functionalities into their software.
5. Growth of Integrated Payments
17. • 2017 will be a prime year for new payment technologies
and trends to emerge that could make a difference.
• The growth of security solutions will provide merchants
added protection against threats while mobile payment
acceptance is expected to continue expanding in usage.
• The shift to a cashless society is possible as well, with
digital payments becoming more prominent.
• Progression of payment technology and integrated
payments are also expected to make a different in 2017.
5. Growth of Integrated Payments
18. Looking to incorporate payments for your business?
Contact First American Payment Systems and get started today!