Here are the top 5 payment trends the financial sector is all set to embrace.
The way people transact is changing by leaps and bounds. When was the last time you stood in a long queue at the bank to send money to someone? Most of us would have a hard time to remember. Modern consumers are blessed with a myriad of way to make and take payments. Though cash and cards still dominate the payments landscape, there appears to be a higher acceptance of mobile payment technology, especially by younger demographic groups. Furthermore, the exponential growth rate of IoT is expected to fuel new payment trends and use cases in the years to come. According to a recent survey of 1,500 consumers in the United States and Canada by Accenture, an analysis of consumer banking and payments trends and the likelihood to embrace future payment technologies was studied. Thanks to the advances in technology, we have seen significant changes in the banking and financial sector in the previous year.
So, what payment trends are in store in 2018? Let’s take a look: