PAYMENT SOLUTIONS
Controlling the movement of money has reached new heights through greater connectivity and the IoT
WRITTEN BY : JOANNA ENGLAND
“Real-time machine learning ( ML ) is the key to ensuring personal touch in a digital world ”
Avisual representation of just how vast today ’ s online payment network is worldwide would be mind-boggling .
According to data by the Nilson Report , there were 368.92 billion digital purchase transactions for goods and services globally in 2019 – translating into 1.01bn credit card transactions alone , daily .
Since the pandemic , consumer behaviour has shifted dramatically , and that figure has risen substantially . Global ecommerce sales rose to US $ 26.7trn in 2020 , making up 19 % of all retail sales . A report by
GlobalPayments Inc estimates that online shopping sales increased by 71 % in 2020 and are continuing to rise at the same rate in 2021 .
As omnichannel payment options increase , experts also predict that by 2024 , 27 % of all digital commerce transactions globally will be made via QR codes . And since the pandemic began , 46 % of UK consumers purchased a product online that they had previously only ever purchased in store .
The use of cash is diminishing fast , and in its place , increasingly innovative payment gateways , commerce platforms and inventive currencies are emerging .
IoT payment solutions
Stan Cole , Head of Financial Institutions at Inpay , believes digital banking has been a driving force behind the virtual payments revolution because it has altered the way people and their money interact .