Payments Trends for 2016.
Scenario of payment industry is changing fast and 2016 expected to unfold more surprises. 2015 saw a great development in payment industry and it came out with lots of innovations. Introduction of NFC, wallet, EMV cards, mobile payment apps are the top payment choices of today’s consumer. In 2016 consumers expect their payments to be more fast, convenient and hassle-free. As the expectations are high payment industries are striving hard to reach the heights. Top payment trends expected for 2016 are:
Mobile payments: Mobile payments are revolutionizing the payment industry such as Apple Pay and Samsung Pay, android pay and further expansion is anticipated for 2016. Mobile payments providers will introduce more alternative ways like smartwatches introduced by apple pay it is expected in 2016 bracelets and even rings will enable us to pay on the move.
New POS devices: Instead of traditional POS terminals new generation POS devices will connect to phones via Bluetooth or Wi-Fi wirelessly.
Biometrics Authentication: In 2016 mobile devices will be enabled with biometric authentication system and customer verification will be performed without entering a pin. To make authentication process user friendly new biometric processes like voice recognition, keystroke detection, finger vein scanners and pulse recognition are also in the pipeline for 2016.
Marketplace banks: This year, we will start to see new marketplace banks offering customers digital wallets, credit and debit cards, and even bank accounts. The extension of banking APIs to third-parties might make 2016 the year of the challenger bank. Through the API, marketplace banks will be able to consult with all of its third-parties, including traditional banks, financial institutions and fintech companies, and offer new products.
Peer-to-peer lending: New peer-to-peer (P2P) lenders are directly connecting borrowers to individual lenders, creating online marketplaces. P2P lending start-ups have also attracted an enormous amount of attention from venture capitalists, 2016 will be the year PTP will find its way to B2B and corporate sectors.