A 2020 for innovation

Biometrics, wearables, Voice Commerce… Trends that are coming to stay in this new year.

Payment methods ecosystem evolves hand in hand with the technological environment, innovating at a dizzying rate to which end users adapt comfortably, but for which businesses must be prepared. Keeping up to date can be complicated, so we will make a brief summary of the main trends that cannot be lost sight of to be at the forefront of technology and payment methods in this 2020.

The first point will be basic and is the adaptation to the regulation. With the payment regulations (PSD2) that came into force last September, the changes to be made are numerous and complex, especially in terms of security and user authentication, aspects on which extensive work will have to be carried out by all the actors in the payment methods ecosystem. Thus, enhanced authentication (SCA) in consumers’ online purchases should be one of the most important points to be taken into account by the industry.

Following this same point, biometrics enters the scene as one of the great engines for innovation. We have seen over the past year how biometric systems have grown, incorporating fingerprint or facial recognition into numerous processes such as smartphone unlocking. But this technology will go further, both in terms of its scope and its level of security. The authentication of payments will be one of the major branches in which this technology is widely implemented, so its security will be essential.

Wearables should also be in the spotlight. Increasingly, the use of smart bracelets and watches is spreading among consumers, as well as all kinds of connected clothing and accessories. Among the many features of these items is the ability to pay, so those businesses with physical stores should ensure that their systems are prepared to accept contactless payments from these types of devices if they want to maintain the best experience for their customers.

On the other hand, new players will come into play that will allow ecommerce payments directly from the consumer’s account, without the need for a card. This is where payment initiators come in, a figure that the PSD2 regulations regulate and promote. The range of electronic payment methods is therefore expanding, becoming increasingly diversified to meet the needs of demanding consumers with very different preferences.

Finally, during 2019 we have witnessed the revolution of smart speakers, capable of multitasking and connecting to their users’ devices, allowing voice purchases. This technology is gradually spreading to the most diverse areas of daily life, gaining the confidence of consumers, so that voice can become a powerful payment method over the coming months.

These trends will be added to numerous technological advances such as Blockchain technology, Artificial Intelligence, Machine Learning or delivery with drones that will contribute to significant improvements in the user experience. From Sipay Plus, a payment gateway focused on innovation as a fundamental pillar to improve the experience, they emphasize that «the customer must always be placed as the center of any business, actively listening to their opinions and needs to satisfy them through innovation and improvement in products, services or processes, this being a continuous task and not a one-time action”.

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