Nets identifies key trends in the 2021 payments industry

Wednesday 12 May 2021 08:47 CET | News

Nets, a digital payments provider, has released its 2021 Payments Outlook Innovation Report, which captures key trends affecting merchants and the payments industry considering the COVID-19 pandemic.

The purpose of the report is to understand the impact and consequences of the pandemic to help merchants prepare for the new normal. It identifies a total of 64 trends that sit within four categories: consumer, technology, market, and regulation. Nets subsequently worked to further analyse these trends through internal and external industry and innovation workshops, grouping them into eight key themes that they say will define the payments landscape going forward.

The Nets Payments Outlook Report notes developing seamless ways for consumers to access funds is a way for merchants to craft new, personalised experiences via new touchpoints and fresh value propositions. Digital payment adoption is increasing, as especially mobile and contactless payments are gaining traction. On top of this, the value with which consumers pay is evolving in multiple directions, further disrupting the payments ecosystem as it is known.

Meanwhile, the report shows commerce will become more fluid thanks to customers of all generations and nationalities adapting to online shopping because of the pandemic. Buy online pick-up in store (BOPIS) has grown by 200% from April 2019 to April 20201, demonstrating the importance of retailers being able to identify the consumer decision journey, predict their demands and offer a wide range of solutions to accommodate these.

The report also predicts data will become more fundamental to the evolution of the payments sector. Customers demand personalised products, services and experiences, as the clearer the benefit for sharing data the more willing they are to do so. 

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Keywords: Nets, digital payments, report, merchants, COVID-19, data
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce