Payment methods are getting a new look. This can be seen in current consumer behavior. Learn more about it here
In this context, along with all the changes in the ways of paying, there is also a new way of behaving the consumer. To top it off, the pandemic is accelerating this transition process.
In short, in this content, we will address these issues, presenting, therefore, what are the trends for the future and the existing means. Keep reading!
Pandemic accelerates the use of new means of payment
We constantly hear phrases such as: just approach; the PIX drops on time. These two forms of payment have fallen to everyone’s taste, being popular for both companies and individuals.
According to data from a survey carried out by the consultancy McKinsey & Company, last year alone, non-face-to-face transactions grew 32% . In this sense, approximation payments totaled R$41 billion .
Above all, with the focus on preventing Covid-19 and making online shopping viable, digital purchases grew by around 30%.
Types of payment methods
In this way, get to know some new payment methods, which have become popular in recent years.
QR-Code
In summary, the QR-Code is a type of code that allows, among other things, to make payments by reading it through a cell phone camera . That is, for this, it is only necessary to place it in front of him and the charge is automatically carried out.
Currently, many companies use the QR-Code not only as a means of payment, but also to advertise promotions and even menus, in physical locations, for example.
Digital wallet
So, did you realize that you only need to enter your credit card data just once on the device?
In other words, the digital wallet is a resource enabled to use the customer’s bank details that are stored in a secure environment, as in the Android and IOS systems of cell phones. Once entered, they will be saved.
Thus, an interesting number in relation to this means of payment is that those who use a digital wallet spend 23% more than those who do not.
Near Field Communication (NFC)
In summary, this is one of the means of payment similar to QR-Code. Therefore, instead of reading a code, the payment is transmitted by radio frequency . Now, just approach the cell phone, card or even through smartwatches and that’s it: transaction carried out.
Cryptocurrencies
Cryptocurrencies are virtual currencies used for transactions. That is, they are stored in a digital wallet and the value can also be converted into real value.
For example, in Japan it is already possible to use them to pay for purchases in the Apple Pay and Google Pay app stores.
Payments per selfie
Do you like to take a selfie? Now, just one of them is enough to pay for your purchases at the Neon digital bank. So, with a Visa brand card, users can now carry out transactions using facial recognition.
Mastercard has also started testing selfies, in this sense, through an app that recognizes and confirms a person’s facial features.
Biometry
Biometrics has already been used as a means of identity recognition in various types of businesses. Therefore, health plans and gyms are examples of companies that already make use of the resource .
It is definitely considered one of the safest payment methods. Visa and Mastercard have already developed and continue to test biometric identification for carrying out transactions.
Case PIX: banking revolution
Now a dream has come true: making transfers and payments between any bank, at any time of the day, without paying ANYTHING, without using machines and in less than 10 seconds: this is PIX.
In this context, developed by the Central Bank, this means of payment became effective in November 2020. In less than two months, in December, PIX already had 133,877,957 keys registered, according to the BC.
In other words, PIX proves to be one of the most advantageous means of payment. With it, the competitiveness among financial institutions is increased, with regard to offering greater agility and ease for consumers. It is simpler, faster and has a total cost of zero compared to other forms of payment.
Shopkeepers also approved the idea. With Pix, it is possible to receive payment immediately, unlike using credit cards , for example.
However, this does not mean that, despite the large number of PIX members, all payments will be made in this way. There is still a large portion, more than half of consumers , who make their payments via credit card.
Forecasts for the future
Therefore, the evolution in the way of consuming does not stop here and the trend is more easiness and agility with:
- mobile wallets, which allow any type of purchase and payment;
- IOT applications, or Internet of Things: have you ever thought about making a payment with your refrigerator?
- less use of paper money and plastic cards;
- increase in voice payments;
- reinforcement of payment security, with the application of Artificial Intelligence and Machine Learning, which will reinforce biometric authentication.
Whow’s tip for those who are in doubt about which type of payment method to use is: get to know your customer .
Therefore, depending on the type of business, it may not make sense to accept payment in cash, in the same way that not accepting PIX can cause a company to lose sales.
