While every business today accepts credit cards, and even Grandma is getting savvy about transferring money via Paypal, the friction of making payments is going to be reduced even further in 2016.
With Apple Pay, Google Pay and a litany of mobile payment solutions flooding the market, the trend is toward making payments as easy as a click of a smartphone button, reversing transactions just as easy and sending automatic invoices by email a snap.
Right now this definitely is a business-led trend.
Only 17 percent of consumers in a recent Creditcard.com study said they pay for items using a smartphone most of the time, and adoption rates are low according to almost every study. But research firm, Gartner, predicts that the mobile payment industry will be worth $270 billion in transactions by 2017, up from $235 billion in 2014. That and a forward-thinking strategy has led businesses and technology firms to make a massive push for consumer adoption and the future of payments.
Earlier this year, Google bought Softcard for its Google Pay solution. Samsung acquired LoopPay, and turned it into Samsung Pay. Paypal bought Paydiant in March for much of the same reason. And, of course, there’s Apple Pay, which the company says currently accounts for two out of every three dollars spent using contactless payments.
In terms of merchant adoption, almost every day a new major retailer the likes of Target and Best Buy announces it’s now supporting one new payment system or another.