Game-changing payment innovations: what's on the horizon for 2024?

The year ahead is paved with an array of exciting payment innovations. Consumers, businesses, and payment professionals are arriving at a crossroads where the old and new converge, bringing forward a wave of faster, smarter, and more secure ways to handle transactions. Whether you're a business owner, a savvy shopper, or have a curiosity around payment innovations, read on to discover the trends set to make waves in commerce this year.

More than just a tap: a new era in contactless

The growth of the contactless payment sector is undeniable. From the days of pulling out a physical card and inserting it into a terminal, we've moved to tapping a card, then a phone, and now even a watch or ring. But what's next could revolutionise how we think about transactions altogether. Imagine a future where you won't need to tap anything. Secure tokenisation, where your real card details are replaced with a unique digital identifier, or "token", could remove the final point of friction both online and in-store. This evolution reflects not just in wearable tech like Apple Watch, Fitbits, and payment rings but also hints at a future where biometric methods and even gesture-based payments could become commonplace.

Embracing these innovations, small and micro businesses find contactless payments more accessible than ever. With solutions like ‘Tap to Pay on iPhone,’ any small business can now accept payments with nothing more than their iPhones, demonstrating that high-tech payment innovations are becoming more accessible regardless of the shape and scale of your business.

Stepping up security in a smarter world

As we embrace these seamless payment methods, security remains at the forefront. The upcoming PCI DSS 4.0 standards signify a leap towards stronger defences against fraud, ensuring that the convenience of new payment methods does not compromise security. This balance between innovation and safety is critical as we move towards a world where payment authentication could be as unique as a smile or a fingerprint, underscoring the importance of advanced security measures to protect against smarter threats.

Buy Now, Pay Later evolving

The 'Buy Now, Pay Later' train continues to pick up steam. Despite new and stricter regulations governing the industry, BNPL providers are evolving to deliver products that provide more benefits to merchants, like marketing and shopping assistance, and, venturing into products like debit cards, which aim to bridge their services into the brick-and-mortar space. 

Rewarding loyalty  

In a world where every business is competing for sales, the end-to-end journey has become crucial for securing brand loyalty. To stand out, and enhance the customer experience, savvy businesses are weaving their loyalty programs right into the checkout process, making every purchase a seamless path to perks. At Till, we’ve teamed up with Velocity to bring exclusive reward offers that make every transaction feel like a treat. Find out more via www.tillpayments.com/offers/velocity

Scan-free checkouts

Imagine strolling into a store, grabbing what you need, and just walking out—no scanning, no fuss. Thanks to new tech like RFID checkouts and smart carts, shopping at brick-and-mortar retailers is becoming more frictionless than ever before.

These new technologies not only benefit the end customer through an enhanced shopping experience but also streamline retailers’ operational efficiency, ultimately delivering cost savings in the long run.

Redefining the customer experience with mobile POS

Mobile POS is transforming the scene, especially for businesses in retail and hospitality. These systems enable staff to meet customers where they are – no counters, no queues. It means businesses can deliver one-on-one, personalised service, reduce time spent in queues and enhance the overall customer experience

As we make our way through the year, it's clear the payment landscape isn't just shifting—it's making rapid strides towards a simpler, safer, and more enjoyable way to make and take payments. For businesses looking to gain a competitive edge, staying curious, informed, and adaptable are the keys to a successful year in payments and business for 2024.