Better ways to pay in 2022
Payment technology is always evolving, and in 2022 we’re seeing a rise in new ways to pay online.
Yoello is leading the charge, by offering an open banking function that can authorise and authenticate payment on behalf of a bank. This, along with plenty of other payment trends, will change the way customers can make payments.
Take a look as we unpack the latest payment trends and predictions for 2022.
Some of the best ways to pay in 2022
1 - Open banking
Open banking allows banks and finance providers to deliver solutions using authenticated customer data.
By allowing instant payments in a safe way, open banking delivers a better service to the consumer. With real-time payments, both vendors and customers benefit from improved cash flow and instant payments.
Open banking will be a major trend in 2022, as businesses cut the middle man and take control of their finances with open banking.
2 - Buy now, pay later
Buy now, pay later options have grown rapidly over the last few years in line with the increase in ecommerce sales. As people opt to do their shopping online, they’ve opened their minds to online payment options that best serve them.
With many providers offering 0% interest for a certain amount of time, it makes sense for consumers to enjoy buy now, pay later options. With 4 in 10 brits using later payment options right now, the onus is on businesses to make these payment methods available where possible.
3 - Contactless payment
Contactless payment is nothing new, but in 2022 it seems that the majority of payments are going contactless.
This looks to be down to the COVID pandemic, and fear of touch cash. Many businesses have put measures in place to avoid the spread of COVID, including only accepting digital payments.
With more people becoming comfortable using contactless payment, this change doesn’t seem to have deterred customers. In fact, making contactless payments more readily available and socially-distanced will be key in 2022.
4 - QR Ordering
Within the hospitality sector, QR ordering has become a staple. By simply scanning a QR code and ordering online, customers can pay directly through the mobile.
Not only does this avoid the use of cash and minimise customer contact, it also streamlines the ordering process for businesses who may be thin on the ground. It’s a win win for customers who want to make a quick and easy order from the palm of their hand.
5 - Mobile pay
With face ID becoming widespread, it’s never been easier to order from your mobile phone. Once consumers set their cards up to their wallet, they can confirm a purchase by just showing their face and clicking a button.
This is a safe and effective method of payment, which has become one of the leading ways to pay in the UK.
6 - APIs
The increase in APIs that authenticate data and make data transfer safer and easier will be a key trend in 2022. In terms of ways to pay, we will see a shift whereby plenty of businesses are able to take their own payments using open banking platforms like Yoello.
APIs will improve the customer experience, and give businesses and consumers more control over their finances.
Offer better payment options with Yoello
By utilising APIs, Yoello’s Open Pay will allow clients to access technology outside of their organisation to process payments in a speedier and safer manner.
We’re harnessing the open banking legislation (PSD2) to cut out the middlemen and put the control back in your hands.