Payment trends to watch for in 2017
Wherever you are in the world of commerce and payments, you can expect 2017 to be another year of evolution in the ways that we pay. Big or small, developer, business or financial institution—whatever channels you use, here's a look across commerce about what to expect in 2017.
5 integrated payments trends:
1. Small companies get big data insights - 62% of retailers report use of information, big data and analytics as a competitive advantage.
2. Merchants make a big move to EMV - 32% of U.S. storefronts now accept chip cards.
3. Fraudsters shift focus to mobile payments - $3.11 billion of the global mobile payment security market expected by 2020, up from $1.06 billion in 2015.
4. Payment become seamless - 4x growth in global could traffic expected.
5. NFC payments soar - $240 billion in mobile payments via NFC-enabled handsets expected by 2021.
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5 eCommerce trends:
1. Brick-and-mortar stores will adopt omni-channel strategies - 39% of consumers plan to use in-store pickup service this holiday season, up 32% from last year.
2. Businesses are going to expand online payment options - Over 90% of large omni-channel merchants accept or plan to accept 1 or more digital wallets as part of their digital/mobile payments strategy.
3. Online sales continue to outpace traditional retail - $523 billion in online sales expected in the U.S. over the next 5 years.
4. Mobile apps and eCommerce sites will adapt for speed and convenience - $4 trillion in merchandise is expected to be abandoned in online shopping carts.
5. loT and commerce continue to integrate - Over 25% of Amazon Alexa-powered device owners shop 'very' or 'somewhat' often by voice.
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