Mobile payments As smartphones become more prevalent, mobile payments are becoming more popular. This includes using apps like Apple Pay and Google Wallet to make payments with a tap of a phone, as well as using Near Field Communication (NFC) technology to make payments by holding a phone near a point-of-sale (POS) terminal.
Contactless payments With the rise of mobile payments, contactless payments (also known as “tap-and-go” payments) are becoming more popular. This allows consumers to make payments by holding their credit card or mobile device near a POS terminal, rather than swiping or inserting their card.
EMV (Europay, Mastercard, Visa) chip cards EMV chip cards are becoming the standard in credit card processing. These cards use a small microprocessor chip to generate a unique code for each transaction, making them more secure than traditional magnetic stripe cards.
Payment security With the increasing use of online and mobile payments, payment security is becoming an increasingly important concern. This includes using encryption and tokenization to protect sensitive payment data, as well as implementing fraud detection and prevention systems.
Virtual payments Virtual payments are becoming more popular, this includes payments made through digital wallets, e-checks and e-wallets, and they’re becoming a preferred method of payment as they offer more security and convenience than traditional payments.
Subscription-based payments Subscription-based payments are becoming more popular, this is a recurring payment model where customers pay a fixed amount at regular intervals for a product or service, this is often used for streaming services, software and other digital products.