According to one report, the percentage of digital payment users has increased over the past two years. This report says that it has seen a majestic jump from 2021. In 2021, it was 51%, but in 2022 it jumped to 62%, indicating that the percentage of users is increasing day by day. But, what is the reason for the sudden increment in the number of users? There are multiple reasons for that, and this percentage will keep increasing.
Trends are not just about fashion; several trends will be followed by future payment apps as well. As we know, payment methods are using the latest technologies to make our payment journey more secure and convenient. And in 2023, payment apps like Cred have been adapting new trends.
Biometric authentication method:
Biometric authentication will be seen soon. It is a verification method which includes facial recognition, heartbeat analysis, fingerprint scanning, and vein mapping. In this era, technology is changing everything but with the same increases the possibility of risks and frauds. And biometric authentication is useful for providing accurate information. It is a secure and reliable method for digital payments or a bank app.
Using codes instead of cards:
We know that earlier, we were using a card with a unique combination of digits. And from that, bank accounts were recognized. But now new technology has arrived and it is known as EVM (Europay, Mastercard, Visa). It has provided more secure and computerized methods to their customers. This technology uses the codes at the time of any transaction, and it is a secure method and also increases the security of bank accounts.
Contactless payment is a method where users need to wave their smartphones in front of the readers. It’s a growing method of payment. It is faster, more secure, and more convenient and useful than inserting your card. This payment method is also more secure and faster than the pin method. Because pin technology also transfers some encrypted data to the cash register devices.
Supremacy of mobile wallets:
Here is another method called mobile wallets and 2.8 billion people already use this. According to few reports, this number will increase to 4.87 billion in 2025. In simple words, this mobile wallet is an application which is like a real physical wallet but in a virtual format. It is an easy method where users can send and receive money from others. We can also pay any bills, buy tickets for any transport, and also can get rewards. And even access to digital banking options such as Kotak 811.
Buy now, pay later (BNPL):
According to one study, there are 360 million users of BNPL from all over the world and this number is expected to increase up to 900 million in 2027. People who don’t have credit cards can use this method. It allows users to make purchases and pay later, and it is an easy and affordable way to pay.
These are just a few numbers of the methods, and we will keep seeing such incredible methods in the future. These digital payments and credit card payment are the future for our new generations. And these payment methods will play an important role in shaping the future of our future generations.