This is the time of the year when companies begin to define objectives, new projects, and identify opportunities that contribute to the immediate future. The growth of the world of fintechs has demonstrated its ability to expand the possibilities of financial inclusion to a greater number of people and this makes it a sector with enormous potential. The need to get closer and retain customers is increasing, which is leading many companies to venture into this field.
However, to remain competitive, existing players and new players must be prepared and anticipate changes as the buying and selling experience will continue to transform, seeking greater efficiency, security, agility and comfort for users. In this sense, Geopagos shares four trends that are beginning to gain strength in the Latin American market for digital payments.
“One-stop shop”, all solutions in a single connection
Increasingly, companies need to offer different payment solutions so that consumers can choose how to pay according to their convenience and needs. To do this, it is no longer enough to offer a financing method to accept credit and debit cards, all market solutions must be offered (QR code, instant payment, payment link, online store, etc.). And in search of agility and ease, companies are beginning to opt for these alternatives, both for sale in the current world and in the non-current world, which offer value solutions through a single connection.
The metaverse, virtual reality already impacts the payment industry
The metaverse economy is expected to reach $13 billion by the year 2030, so financial institutions have begun to explore the opportunities of the virtual world. In this context, payment for digital assets will be the main tool to create a perfect user experience. The means of payment sector has brought bank branches to the internet and mobile devices. Now the metaverse promises to take people out of their living rooms and into the next generation of virtual spaces. If successful, there will be a whole new market for big brands to be the first to tap into the new demand.
Integrated payments: more experience and less fiction
Technological disruption has promoted changes in consumption and faster transactions; integrated payments may be the answer to this new paradigm: they consist of improve the customer experience, maximizing the most attractive phase (the service received) and minimizing the least exciting (the payment phase itself). An example of achieving this is requesting the customer’s credit card details once, and then retrieving that data for subsequent transactions.
interoperability
The concept of interoperability allows people to make payments regardless of the bank with which they have a registered account, and can even be used by people who have a digital account or manage a prepaid account. In the case of Latin America, more and more entities exercise interoperability, mainly through the QR codes and the Open Finance theme, contributing to the financial inclusion of small businesses and unbanked buyers. What is already being talked about is taking interoperability to another level that allows paying with the same ease regardless of the country of origin and destination.
“The speed at which the world of payments is changing is getting faster and faster. For this reason, Latin American consumers demand more security and confidence in the alternatives they have to adequately access services and products through versatile financial systems. It will be up to small and medium-sized companies to develop their adaptability and close possible gaps through changes in habits and new solutions. driven by the digital age”, comments Anderson Vera Fernandes, Geopayments Country Manager in Brazil.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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