The millennial generation (born between 1980 and 1999) has always been part of a digital era in which technology is always evolving to meet the never-ending needs of consumers. Various research studies have predicted the expanding influence of millennials in consumer and entrepreneurial markets, as well as in food consumption trends.
Several innovative applications and services are stemming from cryptocurrency. One of these is the cryptocurrency hardware wallet that is gaining traction alongside digital currencies. Very functional, they are an integral element in cryptocurrency transactions and considered a reliable investment, preventing malicious attacks and guaranteeing peace of mind.
By analyzing the current market trends, it is apparent that online, mobile and digital currency payments systems are going to overtake conventional debit and credit cards for e-commerce payments. According to the United Nations Body on international trade and development, the share of debit and credit cards will drop by 46% by 2019, while digitization of services is soaring.
With the advent and success of the online industry in the recent past, we are looking at a major shift of focus of the retailers on the online sales in the near future. Find out the areas of focus of the retailers along with tips and tricks for enhancing your e-commerce sales. The trend is backed by a report published by Statista depicting the rapid pace of growth of e-commerce sales.
According to a recent survey by VocaLink in the United States, millennials are shunning the use of mobile payments in favor of cash, due to major concerns about security. While the use of mobile payment technology is on the rise in the U.S., with gross payments expected to catch up with other fast-growing countries, millennials are in the percentage that is not expected to jump on the mobile payments bandwagon.
The future of money in China is quickly moving away from the traditional paper currency, as the majority of people in the main urban centers of the country are now using their phones to pay for almost everything. And with the two major payment technologies, Alipay and WeChat dominating the market, mobile payments are almost totally taking over from cash as a payment option.
With fraud being a major risk factor in e-commerce in the United States and Europe, new ideas on fraud prevention are needed, to counter the rising amount of online fraud. One of the newest ideas in doing this is using new technology to prevent fraud and identify fraudsters and potential areas for fraud before they can be used.
With the evolution of technology, the mobile payment market is rapidly expanding, making payment processes more sophisticated and easy. In its recently published paper, Strategies for Improving the U.S. Payment System, the Federal Reserve has decided to implement a series of strategies to render the U.S payment system safe, efficient and broadly accessible.
Software as a Service (SaaS) has known a spectacular rise to prominence. With the numerous advantages that SaaS brings to the table, more development is expected to boost its growth. Experts predict that it might soon become an industry standard.