There are a lot of changes that are in store for us in the year 2020. There are those that are obvious while some are not noticeable. For payment methods, the focus is one the user convenience and the enhancement of the customer experience.
We can expect that technological improvements will be made and innovations will be made because of the surging demand worldwide for online payment methods. The leveling up of payment methods would be to create new methods and to obtain increased security measures for online transactions with debit and credit cards.
There also would be technological improvements from online payment transactions to the mobile application being used for in-store purchases. There might be more contactless terminals in more area and even the mobile app might have new features. Using the retailers’ online payment app might have more rewards and other promotions to gain customer loyalty.
Is unification possible?
It is possible that there will be a unification of the now fragmented worldwide payment services and systems. The payment infrastructure can be unified throughout the world but because of the various currencies and even that of cryptocurrencies, it may be challenging to do for the global economy to have that one currency. Yet the connections can be created and can be done locally.
Security of transaction
There is the network tokenization that is vital to the security of the fund transfer transactions. As e-commerce continues to grow and expand, there is a requirement for technological support from the payment ecosystem. With the increase of those who subscribe, the economy is driven to make changes and there must be innovation.
Protecting the data
As the sensitive data is shared when the payment is completed upon checkout, there must be steps taken to protect and make sure that this information is kept secure. To protect the data from being used for fraudulent transactions, there are added security measures taken for tokenization, which is the method of replacing the debit or credit card payment number with a random string of numbers known as a token that is generated per merchant and per card.
Preventing data theft
Tokenization helps protect both the customers and businesses from the financial damage that may occur because of data thieves. Even if those cybercriminals do manage to get a hold of tokenized data, it is not possible for them to use the token for an online payment transaction because it cannot be linked to the payment provider.
Advanced payment methods
As we spur forward using mobile payments and online payment methods more often, there are sophisticated apps that have advance payment methods that might be providing us with the user experience. However, we must focus on using those online payment apps that have a record of reliability.
We also must choose online payment apps that are multifunctional. We don’t want to clutter our mobile devices with a variety of apps that make us store our money in different places. We may choose to use the app of a reliable payment provider for a multitude of payment transactions to include sending money internationally for free.