These days you’d have to look long and hard to find a sector of the economy that is not evolving to adapt to changing consumer needs. With advancements in technology, shifts in world culture, as well as many other factors, it’s practically a given that companies must constantly rework their methods of operation. Not only does this affect the goods and services on offer but it also changes the manner in which we pay for these items. Since payment methods are so relevant to the experience of being a consumer, we turned to Allied Wallet, a leading payment processing company, to get some information on how these technologies may shift in years to come.
One common topic of conversation in this space is the steady advancement of artificial intelligence and its effect on the economy. Though these types of technologies have been around for quite some time, many experts agree that we are now finally reaching a point where their power and adaptability are poised to make a real impact on life in general. A prime driver of this sentiment is the availability of data in the modern marketplace and the potential for companies to use that data to better serve consumers and create more targeted customized experiences for all.
In addition to customization, artificial intelligence has shown itself to be a powerful contributor towards efficiency in business transactions. This is especially relevant in the payments industry where even slight improvements can result in lower fees and faster service for consumers. By using machine learning to help predict consumer habits, payment processors can focus their efforts on the features that will most benefit their customer base. These features can include increased responsiveness in automated communication technology, quicker access to balances and account transfers, and even more robust protocols for security and fraud prevention.
New device support
Another area in which payment processing has changed greatly in recent years is the emergence of mobile phones and tablets that can act as mobile point of sale (mpos) units. To take the tech on offer from Allied Wallet as an example, the company’s mpos capabilities allow merchants to accept all major credit cards anywhere they have a wifi or data connection. Transactions completed in this way are PCI level 1 secured and can be utilized with a simple card reader and companion app. Compared to older technologies that required much more complicated setups, these advancements provide clear advantages to vendors seeking to conduct transactions in non-traditional commercial environments, such as trade shows or open-air markets.
In light of the increasingly connected nature of all digital devices, the potential for ongoing shifts in the payment processing sector is quite extensive. For instance, it is becoming more common for many consumer devices, such as kitchen appliances, televisions, and cars, to be connected to the internet. As this trend continues, payment technologies will be able to provide additional options based on the needs of a consumer using a specific kind of device. Many in the payment field also expect advancements to be tied to the emergence of personal digital assistants and smart speaker technology.
Mobile wallet usage
Another development that has already changed quite a bit about the way payment transactions are handled is mobile wallet technology. With these types of applications, consumers can use their phones and other portable devices to make quick payments from anywhere. Some mobile wallets come preloaded on devices and only require users to connect the account to a credit card or bank account to start using them. Other wallets are associated with specific online payment processors and allow consumers to use their existing account with the payment company to complete transactions.
One of the biggest trends in this space is the migration of technologies from emerging markets, such as China and India, to other parts of the world. Many of these wallets are connected to specific merchants or communication platforms as well. Notable examples of this include payment features on offer from Alibaba and WeChat. To adapt to this trend, online payment processors are forming partnerships with these tech giants to allow consumers in other parts of the world to take advantage of their functionality. A recently announced deal between Allied Wallet and WeChat Pay has served to underscore just how much of an influence technology in these countries can have on the global payment landscape.
Role of payment processors
As technologies emerge and continue to impact worldwide commerce, providers of payment solutions will continue to have a large impact on the experiences of everyday consumers. Allied Wallet has become a prime example of this with its wide offering of applications and features that allow customers to make payments on their own terms. With the advent of new payment methods as well as the changing needs of users, the company has showcased an agility that has singled it out as a top tier option in its field.
Of course, any technology is only as strong as its ability to deliver on its promise and in the realm of payment processing a big aspect of that promise is security. As artificial intelligence, devices, and payment applications continue to evolve, so too do the methods of malicious third parties. With a focus on high-level encryption along with adherence to some of the most stringent security protocols in the industry, the payment processing company has provided consumers with the assurance that the use of emerging technology is not tied to a compromise on security.
Though the nature of commerce has shifted drastically in recent years, leaders in the payment processing industry have been able to utilize a variety of technologies to keep pace with consumer needs and expectations. In the face of continued change, these companies are now looking to the next generation of tech advancements such as the use of artificial intelligence and newly-connected devices. Through its efforts in this area, Allied Wallet has become a prime example of the ways in which modern payment processors are adapting to the world around them. Look to the above overview to understand how payment processing and commerce will continue to change well into the future.