Paying with technology has been increasing in popularity in recent months, and now that 2018 is here the payment methods most commonly used are still changing. Here are three payment trends that are going to change things up in 2018.
1. Rewards for Purchases
Quite a few companies that offer reward cards are adjusting what and how much they offer. They are doing this because consumers will often change their cards to other companies if they can get better rewards that are more valuable to them. Being aware of that is vital to help companies bring in more customers, and it also entices past customers who may have left to come back again.
2. Artificial Intelligence and New Payment Forms
Phones are commonly being used to pay today, but that is not the only new option. Connected devices of all type can be set up for payment methods. This is partially accomplished by the development of AI, and how well it can be designed to read new items and use the data on them to make a payment for a product or service.
3. Boosting Data Security With Tokenization
With EMV tokenization, there is a higher level of data security. This works by adding anonymity to transactions carried out in a retail setting. It can also restrict the usage of the token to particular devices, merchants, or types of transactions. It helps isolate threats as they occur, and can reduce a potentially serious problem to one incident. That makes things safer for consumers and easier for merchants, as well. The system will become more universal and complex over time, to continue to reduce security threats.
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