KUALA LUMPUR, Nov 8 -- Payvision, a global financial technology and omnichannel payments provider, has released a new ebook exploring the future of commerce payments.
The research looks into how the next generation of payments is reinventing the shopping experience, giving merchants clear insight into key strategic retail trends, according to a statement.
The future of payments is instant and invisible, triggered by the needs and demands of today’s modern consumers -- millennials and Generation Z.
By next year, the spending power of both consumer groups is projected to reach US$1.4 trillion (US$1 = RM4.13) and US$44 billion respectively, meaning that the future payments experience will be largely driven by their behaviour.
The technologies used to deliver frictionless payment experiences include tokenisation, sensor fusion, cameras, machine learning, and data analytics.
Invisible payments are already happening through recurring billing, queueless checkouts, and cashier-less checkouts, as by 2023, invisible payment technologies will power US$28 billion in transactions.
Payvision’s latest ebook analyses all factors, practical use cases and technologies fuelling the upcoming commerce payments transformation.
-- BERNAMA
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