According to Forbes magazine, there are a number of trends rapidly accelerating in the payments industry as 2021 begins. Among these trends are how fraud-prevention strategies will morph into CX strategies in the coming year. “Fraud-prevention vendors that have augmented their capabilities to help enterprises monitor shopper behavior across customer touchpoints will be increasingly well positioned,” they write.
Another trend on the horizon in the payments space is the contention that embedded finance infrastructure will rise, and quickly. Companies such as Shopify, Lightspeed, and Square have already benefitted from this trend, they say.
Additional trends this year include merchants reassessing the effectiveness of their payment-processing partnerships, the return of QR codes, and “super apps” that are really digital wallets, with a high value proposition (such as Square’s Cash App and similar).
This article was written by Jordan McKee from Forbes.