2016 years payment industry development trend

2016 is a year of rapid mobile payment development, we can not only pay on the smart phone, but also through wearable smart devices to pay, such as watches, bracelets, rings, more people slowly develop the habit of cashless payment.

1. Mobile Payment

In 2016, Total mobile e-commerce in 46 global markets was estimated at $972.25 billion. And the transaction done through the mobile payment is 5% of the completed volume of the card payment. China has contributed 58% to the total volume of global mobile e-commerce transactions.

According to data, around the world, 57% of people born before 80 will be shopping on mobile phones, and more than 80% of those born after 80 years will use their mobile phones to shop.

The younger generation of consumers in the future market are more willing to try fresh technologies, including new payment methods. They prefer to buy products and services via mobile phones.

2. NFC

The full name is near Field communication, in addition to the payment on the mobile side, credit and debit cards can also be added to the NFC chip, speed up the POS payment process, no need to fill in pin code or signature.

3. Security

Several of the latest payment validation inventions in 2016 enhanced the security and convenience of the payment process. For example, the password, PIN code, fingerprint recognition, in addition to voice recognition, keystroke verification, finger vein recognition and so on.

4. International cross-border trade

More and more businesses and individuals are starting to expand overseas, but it's not so easy to get the local people in other countries. First of all, to translate the website language, to establish effective logistics.

It is also important to provide local payment methods to increase the flow of the website and retain new customers. Especially in Asia, Latin America and Eastern Europe where credit card penetration is low,

Locals prefer to pay with their trusted local payment methods , and for merchants, it is best to work with third-party payment companies.

5. Instant Payment

Instant payment is especially suitable for transactions with electronic virtual goods, which can be shipped immediately upon receipt of the buyer's payment confirmation.

6. Bitcoin

Unlike most currencies, Bitcoin does not rely on a particular monetary institution for distribution, it is based on a particular algorithm and is generated by a large number of calculations.

Bitcoin is a network of virtual currency, limited in number, but can be used to cash in: can be exchanged for most countries of the currency. You can use Bitcoin to buy some virtual items, such as clothes, hats, and equipment in online games, and you can use Bitcoin to buy real-life items as long as someone accepts them.

7. E-Money accounts

In 2016, e-Money accounts gained more public attention. Because it is easy to get, no bank account is required.

8. Declining cash

The demise of cheques, the popularity of debit and credit cards, and the advent of digital innovations such as Alipay, Apple pay, and Bitcoin are all indicative of a cash-free society coming. Although the number of mobile payments and credit card payments is increasing, cash payments still occupy around 85% of all consumer payments in the world.

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