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Originally Posted On: https://businessnewsbill.com/evolution-of-online-payments/
E-commerce and online payments are the foundation for an ever-growing number of convenient applications that make it possible for us to shop, pay bills, get groceries delivered, hail rides, and more.
To envision how far we have come from Amazon and Uber being novel ideas in our world as opposed to everyday necessities, consider the fact that it was just 24 years ago that the first online payment was made. It went from there to become an integral part of our daily lives, where consumers today are expected to spend nearly $4.6 trillion in eCommerce sales by 2022.
The early twenty-first century saw the rise of eCommerce. The first major eCommerce like Amazon, Alibaba, PayPal, and others were launched in the nineties. In 1999 mobile purchasing became available. People start buying movie tickets using their phones. And in 4 years, in 2003, over 95 million people worldwide made everyday purchases on their mobile devices.
The rise of mobile shopping led to appear of digital wallets. Major mobile companies introduced their e-wallets for consumers. Apple Pay, Google Pay, and Samsung Pay completely changed online payments starting in 2014. This payment method gained millions of users in a couple of years.
In 4-5 years, over 40% of US customers made at least one transaction a year using digital wallets. Starting this time, most online merchants were looking for an online payment provider to offer their customers multiple payment methods to expand their businesses globally. The Solidgate fintech solution can be implemented with a unified API to improve the payment infrastructure for your business. With its help, you can collect almost any payment type available, like card acquiring, local payment schemes, and other solutions.
The Next Step
When it would seem that everything in the world of online payments had already been invented, Amazon made a huge leap further. With the introduction of Amazon Go, a series of retail stores offering an online shopping experience, the online retailer is taking things to the next level. While customers have previously had to complete payment after shopping at offline stores, the introduction of their “just walk out” system lets customers pay for their purchases in-store by syncing their session and account with the Amazon app.
This union of online and offline stores allows customers to make everyday purchases without fuss. Unlike traditional physical and electronic commerce systems, this amalgamation allows shoppers to buy from a physical location without having to pay using traditional payment methods or doing any additional actions. The system has already been introduced in some locations and is set to expand across America over the coming months.
What this story also tells us is that online and offline retailers will have to use their creativity to keep up with the times. They also have to meet the expectations of generations who are used to buying online and are looking for ways to simplify their shopping experience.
Customer’s Convenience Is The Future
In the last decade, we witnessed a steady growth of eCommerce, especially on mobile. eCommerce is turning into one of the most convenient ways of shopping – and now it is only getting better.
Consumers are looking for a true omnichannel experience. They want to order their products on any preferable device and buy them at any store they prefer. With an innovative solution, you can create a simple and flexible infrastructure to allow consumers to purchase goods from your store using their favorite device and convenient payment method.
As the nature of retail changes, new technologies will also need to change – that is why online payments will play an even more significant role in the future than it does now. It looks like customers will see additional innovations that are set to improve their online experience. The next generation of online payments will enable you to combine different payment methods into a single one – to give users the freedom and convenience of paying for what they want, wherever they want.
The Bottom Line
In the next couple of years, we will see many changes in the world of eCommerce, mobile wallets, and online payments. It might seem impossible to imagine now, but these will be household names in the future, just like Amazon is today.
To stay competitive, retailers need to look for a payment solution that can keep things simple for customers and enable them to do their shopping on whatever device they prefer. And do not forget about the customer experience – and soon, you will enjoy all the benefits that come with it.