Top 8 digital payment trends for 2020
                     Top  8  diigiittall  
payymentt  ttrrendss  
fforr  2020
• Economics, money, and the way we make 
payments have undergone several 
changes since the time of the stone age. 
• In a sense all these are key indicators of 
our progress as a species. The primitive 
methods indicated our primitive way of 
living. 
• Similarly, the current payment methods 
powered by cutting-edge technology 
boast our technological achievements of 
today.
• In such times, it’s really exciting to 
see what 2020 has in store for us. 
• In this article, we will closely look at 
all those digital payment trends that 
will make it big in the year 2020.
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• Biometric authentication is a trend that 
you’ll see quickly emerging in the year 
2020. 
• Biometric authentication is a verification 
method which involves biological and 
structural characteristics of a person. 
• These verification methods include 
fingerprinting scanners, facial recognition, 
iris recognition, heartbeat analysis, and 
vein mapping.
• Biometric authentication is a unique and 
important payment method as it 
incorporates and provides accuracy, 
efficiency, and security under a single 
package. 
• Biometric authentication is a highly-
secured method since it involves an 
individual’s unique characteristics. 
• This factor also helps in building the 
customer loyalty and trust.
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• Before we proceed, let’s understand 
what generation Z is. The term 
‘generation Z’ or the ‘gen Z’ is used 
for individuals that are born between 
the years 1999-2012. 
• In simple words, all those who are 
aged 7-20 are the gen z which also 
happens to be the generation of the 
digital world.
• This is the generation that will have 
a higher dependency on the cutting-
edge, automated, quicker, and 
efficient technologies and services. 
• As a result the demand for 
digital payments systems will see a 
rapid growth in the coming year.
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• Early on, the bank accounts were simply 
recognized by random combinations of unique 
digits present on card.
• However, the emv technology (europay, 
mastercard, visa) has gradually picked up and 
introduced customers with more computerized 
and secured mechanism for payment.
• Moreover, the future of plastic cards is bound 
to be overshadowed by cutting-edge payment 
services that offer more convenient and 
seamless methods of money transfer and 
store.
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• Mobile-point-of-sale (mpos) is a revolutionary 
technology as it frees all the merchants from 
their bricks-and-mortar locations and in-store 
payments. It liberates them to go to various 
places like concerts, trade shows, food trucks, 
and many other where they can seamlessly 
accept payments from their customers.
• Not only that, the mpos technology also 
makes a huge difference in the payment 
process of a store by making it more 
streamlined and flexible by replacing the 
central checkout areas with sales staff 
equipped with mpos devices.
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• Home assistants or smart speakers 
allows its users to give voice commands 
to a speaker and receive a voice 
response in return. 
• The user can give voice commands for 
various things such as getting weather 
updates, traffic update, ordering from 
zomato or booking a cab from uber.
• Many giants have invested in the manufacturing of 
smart speakers. Amazon was the first one to come 
up with its first smart speaker in the year 2014. 
• Google home and apple joined amazon in the year 
2016 and 2017 respectively.
• Let’s have a look at some stats to understand the 
smart speaker situation better. According to statista, 
35% of users use smart speakers for buying 
products like home care, groceries, and clothing.
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• Security is the most crucial element 
whenever it comes to payment. People will 
always prefer using a payment method that 
has a high security. 
• That’s the reason why payment technologies 
won’t be able to go forward without 
developing a top-grade security.
• Banks receive a lot of customer details and 
payment data each day. And to detect all 
the possible threats within seconds, banks 
are now taking the help of machine learning.
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• Contactless payments are another 
payment method which you’ll see 
growing rapidly in the year 2020. 
• As the name suggests, the contactless 
payment allows the customers to 
simply wave their smartphone across 
the reader. 
• This method of waving is way faster and 
more convenient than inserting a card.
• Contactless payments are possible with 
the NFC (near-field communication) 
technology. That’s the reason why they 
are also termed as NFC payments.
• Nfc payments are used in many 
countries. For example, in china it’s used 
as a mode of payment in public transport. 
Similarly, in london the NFC payments is 
used in the bus and tube stations. 
• In japan this technology is used to 
provide information about the identity 
cards.
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• According to a report by retaildive, around 
2.1 billion customers are using mobile 
wallets in 2019. And this number is bound 
to increase in 2020. 
• A mobile wallet solution is nothing but a 
mobile application that tries to mimic an 
actual physical wallet. 
• With the help of a mobile wallet, you can 
send money to other users, receive money 
from other users, and store money inside 
the wallet. 
• Not only that, with the help of a mobile 
wallet, a user can also pay utility bills, buy 
tickets, get rewards, and many more.
• Big companies like apple, google, and 
samsung have their mobile wallets. 
However, all those wallets are brand 
and company specific. In coming 
years, more companies will try to 
create their own brand-specific wallet.
• Companies can easily assess the 
customer’s usage with the help of a 
mobile wallet. There are several 
players that are involved in a mobile 
wallet
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• Digital payments are future. In coming years 
we will see payment methods transitioning 
from physical cash to the digital payment 
methods. 
• Before the transition concludes, many new 
trends will appear and disappear. 
• These trends will play a vital role in shaping 
our future payment methods. 
• Many of the mentioned trends will also play a 
major role in that process. But only time will 
tell how it will all undergo.
:  +91 95740 78295 : www.digipay.guru
: [email protected] : B/703, Siddhi Vinayak 
Towers,
Off S.G.Road, Makarba,
Ahmedabad-380051
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