Keeping up with the rapidly evolving payments industry and tech advances can be challenging. Merchants need to secure an easy, financially sound payment method to make sales and keep customers engaged. Fortunately, there’s a plethora of ways to pay in 2024 that can be tailored to almost any situation. With a bit of research and guidance, merchants can offer consumers convenient, secure options to pay while building their unique business.

From eChecks to mobile and wireless payments, businesses can consider many different methods to process transactions. These diverse payment trends present varying degrees of security, speed, and accessibility. To learn which payment option best suits a business, owners must keep abreast of the benefits and disadvantages of current trends.    

Mobile Payment Industry Trends Today

An increasingly vital tool, smartphones are at the forefront of innovation and are key to the growth of the payments industry. In addition to payment options, built-in apps offer a cornucopia of features like camera systems, scheduling solutions, and travel services. Financial experts valued the mobile payment market at $53.5 billion in 2022, expecting it to skyrocket to $607.9 billion by 2024. These accessible forms of payment maximize convenience without compromising speed and security protocols. The five most popular forms of payment today include:

• SMS payments
• Mobile Wallet
• Peer to Peer
• Mobile eCommerce
• Mobile point-of-sale payments

Despite wide use and broad adoption, the payments industry is not without challenges. Issues being faced in 2024 include regulations, security, privacy, changing consumer behavior, and competition.

2024 Global Payment Trends

Inefficient payment methods can drive consumers away fast! They want speed, convenience, efficiency, and security.  The payments industry is stepping up to address and improve how merchants and consumers engage. The emerging trends below are expanding the payments space in 2024.

BNPL, or Buy Now, Pay Later

With larger expenses, some customers prefer to pay in smaller increments. Similar to a loan, BNPL allows the buyers to purchase their goods or services at a fractioned price and pay the remaining balance over time. Most BNPL options have minimal or 0% financing and do not require a credit check. The Buy Now, Pay Later market has skyrocketed in recent years, according to the Consumer Protection Financial Bureau, which reported a 970% growth in BNPL loans from 2019 to 2021.

Biometric Payment Technology

Advancements in identification technology introduced several new ways to pay, including the budding use of biometric payments. Like the face recognition features on your smartphone, a biometric payment uses a buyer’s physical features to unlock access to funds. These biometric authentication methods may scan a person’s retinas, irises, facial features, and even vein patterns to identify the correct user.

Biometric identification often requires a 2-step authentication process but provides a quick and simple way to process transactions.  

Social Media Payments

Social media has revolutionized communication and continues to break social boundaries. Reportedly, social commerce brought in $728 billion in the U.S. in 2022 and is predicted to increase in 2024. Business owners can no longer ignore the impact social media has on buyers. Consumers can now buy products directly from stores integrated with Facebook, TikTok, and Instagram, utilizing the convenience of these platforms while staying connected to their peers. In 2024, more people are expected to use social media, giving companies additional opportunities to market their business. Key payment trends in social media may focus on:

• Subscription services
• In-app purchases
• eCommerce integrations      

Working With a Payment Partner

Running a successful business often requires the hard work of a dedicated team. Fruitful partnerships rely on the strengths of the members; the right payment partner can directly affect the uphill trajectory of a business. An experienced merchant account provider can connect merchants with tailored payment processors that serve all business exigencies.

Fostering a partnership with PaymentCloud and Kiflo can unlock a bevy of benefits that ensure smooth payment processing.  

PaymentCloud and Kiflo use advanced hardware and software to seamlessly integrate with your WordPress or HubSpot website. With Kiflo, business owners can create customized sales reports to share with internal and partnership teams. By connecting with payment platforms such as Stripe, Kiflo creates and streamlines your automated rewards systems and bulk discounts.

Using a dependable merchant service provider like PaymentCloud and Kilfo organizes your payment schedules. You’ll simplify communication by incorporating solutions such as Google Calendar, Freshchat, Intercom, and more. Kiflo helps you grow your business by tracking website visits, generating leads, and recording referral link information.        

Choosing a Merchant Account Provider

To keep your business moving, all cogs must seamlessly function and work toward the same goal. Your business’s specific needs may vary depending on your field, level of risk, size of business, and other factors. No matter your needs, PaymentCloud and Kiflo provide custom plans and experienced merchant account managers who work with you to find the best solution for your payment integration goals. Explore PaymentCloud further, get a quote now, and pay your partners easily.

The article was written by La’Von Gittens, a Content Strategist for PaymentCloud. Gittens earned a B. A in Arts Business Management with concentrations in Creative Writing and Viral Marketing from Suny Purchase. His expertise includes storytelling and search engine optimization (SEO) in the eCommerce, legal, non-profit, and entertainment fields.