What’s In Store For Digital Payments This Year
The world of consumerism is now shifting. As the generation becomes influenced by technology, the consumer’s buying habits are changing as well. Now, business establishments are focusing on providing a faster way of making purchases. Soon, digital payment options will become the driving force behind millennial-driven investments.
So, if you’re one of the retail stores in Salt Lake City who need printer and PC repair services, here are some trending digital payment methods that Millennials are using these days:
Digital currencies are now starting to surface. It’s also making its mark in the financing world of business. Now that everyone is shifting to technology-driven payment methods, digital currencies may be the next best thing. That’s because this type of currency offers freedom and convenience, unlike traditional money. It also allows the borderless nature of transactions from businesses to consumers and vice versa.
Social media payment options
Social media sites will soon expand to a more massive reach. It’s possible by adding payment options to their services. Now, social media sites have money transfer options integrated into their system. It lets users transfer money through their connection via social media. It even allows them to pay merchants digitally as well.
Business Magazine says that even Snapchat now offers a quick money transfer channel. It’s called Snapcash, and it lets user exchange cash from one account holder to another in the touch of a button.
Mobile in-store apps and payment options
Almost 90 percent of millennials have their phones with them everywhere they go. Digital payments are playing a vital role in the millennials’ shopping habit. It’s only practical for businesses to use it to their advantage. They can do it by turning their mobile devices as a payment option. It’s an excellent payment method, especially when they want to buy something in the store. Currently, NFC and SMS payment options are available in almost every physical store.
In-store payment applications are also starting to become popular. Recently, PayPal and Apple release its payment systems in their respective app stores. These payment systems make it easier to pay for goods and is much quicker than waiting in line.
Mobile payment applications such as eWallets can help you make financial transactions easily. You only need to create an account and store your payment details in it. Once you’ve settled everything, paying for goods and services will be easy. Some of the mobile payment applications popular today are Google Wallet, Venmo, and Apple Pay.
Only Coin is another app that’s gaining popularity for its unique mobile technology. This app lets the user store his financial information on a device that resembles a credit card.
These are just some of the latest trends when it comes to digital payments. Consumers nowadays expect businesses to create a unique experience with every transaction. By making more streamlined payment options, it allows consumers to make purchases conveniently. Businesses of any size, in turn, can expect more sales and patronage from the consumers that they are targeting.