5 Payment Trends In 2018

If you have ever watched movies like Back to the Future, you can see that now, in 2017, we are living in the high-tech world just like the characters in the Sci-Fi films did.

The best thing about the future is that you can’t always predict it and it`s a surprise to see what every day brings. However, predicting trends in an industry, such as the payment industry, are easy to predict and not so surprising.

Let`s take a look at 5 payment trends that we will see in 2018:

1. Chatbots

Chatbots are shaping the payment and financing world, and they will have a significant impact in 2018. Chatbots will help users to open a bank account, check their balance and even to receive and send payments.

Some big banks in the United States and Europe have already employed chatbots to interact with users and help them with their payments.

2. Fraud

Unfortunately, with better technology comes more sophisticated cyber fraud and cybercriminals who are getting more and more dangerous.

As the payment industry has moved to chatbots, applications and social media payments, all of these segments will be impacted by cybercriminals.

It`s a circle that we keep going around, but it`s essential to update your security when using payment applications and online invoicing tools.

3. Mobile Payment

Mobile payment trends are still in expansion and will keep expanding next year. In the US alone, in 2017, 46% of all retail purchases have been made by mobile payments. Retailers are working to expand their payment capabilities and add more payment options, one of them being mobile payments.

If you keep in mind that Millennials make the more prominent part of all retail revenue in the US, and they use modern technology like payment applications, chatbots and no-scan credit cards, it`s reasonable for retailers to make payments convenient for the larger group of shoppers.

4. Over the Border Sales

The internet has connected people from all over the world and made them closer than ever. You can order something from China while you are in France, and have it shipped to your US address, all within several days.

That being said, invoicing tools will be used more because they give the option to pay from all parts of the world and to receive money in your currency.

5. Go Green

Many governments all over the world have agreed that starting in 2018, they want to move everything online; all payments will be made online.

This is not surprising if you see how convenient it is to use online invoicing tools for all parties and not to mention that helping the environment is an essential heritage that we all need to consider.

Unfortunately, habits die hard.  Seniors don`t like changes and accept technology with a bit of fear, and I believe that it will take time for them to neglect the check as a payment option.

Final Thoughts

Trends are changing every day. We have moved from Excel invoicing to online invoicing, from paper checks to chatbots.

Trends in 2018 will bring more innovations and Artificial Intelligence to chatbots in the payment and financial sector. Are you going to accept them or you will stay aside and fall behind? It all depends on you.

For more information on online invoicing, go to our invoicing site, here at Sighted.com. It’s free to get started.