DIGITAL PAYMENTS
43 % of Gen Zers have missed their BNPL payments at least once this past year . It ’ s clear that a big part of consumers don ’ t truly understand the dynamics behind this option and are racking up on more unnecessary debt in the process . The average American household owes around $ 14,200 in credit card debt alone .
However , there are also dangers surrounding BNPL , as it could turn into a harmful addiction for consumers who use it excessively . Daniela Corrente , Founder and CEO at Reel , said , " Unfortunately , as a society , we have been led to believe that going into debt is the only way to buy what we want , and adding more debt-driven options like BNPL is just deepening that dependency even further ." Jimmy Fong , Chief Commercial Officer at SEON , added , “ Fraudsters are paying attention to this , and we ’ ve already seen that they are developing ways to commit fraud by exploiting the gaps in BNPL security .”
Payment processing and interoperability Many businesses across the world are turning to merchant account providers such as Square , Paysafe , and Stripe to accept payments . These merchants also offer card readers , which are relied upon by millions of users across the world . For example , UK-based SumUp ’ s products are used by a range of organisations from the Church of England to boutique clothing stores and fast-food outlets .
The card readers are generally batterypowered and have Bluetooth capability for mobile point of sale applications . They are also compatible with contactless NFC transactions using physical payment cards or mobile wallets such as Apple Pay and Google Pay , along with magnetic-stripe swipes .
Charlie Wright , Director of Operations at Epos Now , noted , “ A huge trend we ’ ll continue to see in the upcoming years is the adoption of integrated payments . Now more than ever , merchants are integrating thirdparty payment solutions on their platforms . By fully automating payment acceptance , merchants can offer their customers a frictionless , seamless checkout experience ,