Invisible payments to take the stage as the new commerce norm

The research looks into how the next generation of payments is reinventing the shopping experience, giving merchants clear insights into retail trends. By 2020, the spending power of millennials and Gen Z is projected to reach USD 1.4 trillion and USD 44 billion respectively, meaning that the future payments experience will be largely driven by their behaviour. 

These consumers expect digital shopping experiences that are as natural as possible – unconscious, even. Furthermore, in their quest for the best products and services, consumers want a seamless, integrated shopping experience, regardless of touchpoint. For them, the barriers between channels will blur so heavily as to become essentially nonexistent, proving that the payments transformation demands a clear need for omnichannel services. 

Consumer behavior, regulatory developments such as PSD2, and modern infrastructure are converging to enhance innovation and growth in the payments ecosystem. As a result, mobile wallets such as Apple Pay, Google Pay, and WeChat Pay are growing in popularity. The day will soon come when you’ll no longer need to pull out a debit or credit card – in fact, Payvision estimates that 56% of all ecommerce transactions will be paid through mobile wallets by 2023. 

Invisible payments are already happening through recurring billing, queueless checkouts, and cashierless checkout. By 2023, invisible payment technologies will power USD 28 billion in transactions, according to Payvision.