The payment trends emerging for 2022 reflect the enormous impact of the global pandemic affecting us.
COVID-19 forced shoppers to turn to online commerce; many businesses had to rapidly evolve their model toward online sales to meet growing demand.
At the end of this dark year, companies must be ready to face and adapt to disruptions that will not stop tomorrow in order to remain competitive.
1. Buy now / pay later
The Gen Z reshapes the way retail commerce works by demanding that their preferences be respected. One of the main areas of emphasis is financial flexibility.
It turns out this group favors flexibility, values happiness over wealth, and appears to be saving money — something not always seen with previous generations. All of these factors are reflected in their shopping habits.
The "Buy now, pay later" concept is increasingly popular: this trend can both increase sales and boost customer loyalty.
The trend is even starting to normalize across all demographic categories, with the average customer age in the early thirties. It drives many retailers' sales, as consumers are more likely to add more items to their cart knowing they can repay over time.
2021 therefore saw the growth of immediate-purchase and deferred-payment services like Afterpay, Klarna, Affirm and Sezzle. This trend did not go unnoticed by established payment companies, as shown by the launch by the giant PayPal of " Pay in 4 ".
2. Improved authentication
Credit card data — the account number, CVV and expiration date, as well as the cardholder's name and even address — can be bought on the dark web for as little as $1 per account. These data are then distributed by sophisticated fraud networks and represent a massive threat to consumers, as well as to merchants, for whom fraudulent purchases can translate into a needless reduction in inventory and sometimes leave products unavailable for sale.
With this increased focus on cybercrime issues, preventive measures are expected to emerge.
It is necessary to have a fraud management solution to reduce the number of fraudulent orders recorded by online stores.
New authentication protocols will emerge: this form of fraud protection determines the identity of the device user by analyzing three sources:
- The user's offline data : the name, the address, the landline phone number, and the email address;
- The user's online data : theIP address, the cookie identifier or a mobile phone number, even the advertising ID assigned to their smartphone, are used to identify the user;
- Data from the user's device, such as IP behavior or the presence of a VPN, the use of the Tor browser…
This type of authentication is imperceptible to consumers, and therefore extremely convenient: without affecting the user experience, it provides the merchant with an additional guarantee.
3. Mobile payments
Mobile payments are considered one of the most significant changes in high-tech. 2022 will see ever greater adoption of mobile payments like Samsung Pay, Google Pay and Apple Pay. All banks now accept them as a means of payment.
But the trend goes much further: today, consumers want to be able to take out their phone, just as they take out their bank card, to pay for an in-store purchase.
Merchants who are still reluctant to accept "mobile" payments may regret it before rushing to adopt them.
4. Cryptocurrency payments in 2022
Gradually, cryptocurrencies are becoming mainstream and many sites accept these currencies: NordVPN, ShowroomPrivé.com, ma-carte-cadeau, OpenBazaar, ExpressVPN, Wikipedia…
Considered a promising trend, it's time to think about adopting it on your e-commerce site!
5. Chatbot payments
Another trend concerns payment via chatbot.
Given their playful nature and availability, these online agents can guide consumers through their purchases… up to initiating the payment.
Taco Bell, Oui.SNCF, Subway, Lufthansa, 1-800-Flowers… several companies already offer this service. Clearly, this payment method is part of the trend, given that 85% of customer-business interactions will involve the use of a chatbot in 2022, according to Gartner.
6. Omnichannel payments in 2022
The purchasing journey is now omnichannel. Consumers start with the mobile and finish their purchases on a computer. Sometimes they begin by doing research on their PC before going to a store. They may also order via a mobile app and go to a point of sale to pay and pick up their products.
It is essential to choose a true omnichannel payment strategy to increase salesThe ability to reduce the number of intermediaries by allowing the customer to pay directly in the company's app is increasingly attractive.
This is particularly interesting for restaurants and cafés that engage in click and collect " (or home delivery), not forgetting businesses that require major loyalty efforts, such as gas stations, for example.
Our tip
A wide range of options that the pandemic made necessary and that should enjoy great success in 2022.
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