The past couple of decades have seen a complete upheaval in where we buy things and how we pay for them. New technologies have led to huge shifts in consumer behavior and expectation, while businesses have benefitted from faster and more efficient processes.
Today, with physical businesses closed and much of the world’s population still being asked to stay at home, we find ourselves in an unprecedented situation. As a result, the growing acceptance and adoption of digital payments – a trend which was already strong in APAC – has seen years of progression in a matter of months.
As we look towards an uncertain future, it is useful to reflect on the journey so far to look at the challenges those in the payments space have, are, and might face – and how they can overcome them.
Milestones in Consumer Payments
The first decade of the new millennium saw a boom in online payments, with companies like Amazon, eBay and PayPal managing to build payments experiences that were relatively frictionless, as well as demonstrating that online payments were secure.
The decade that followed was the era of mobile. Apple released the first iPhone in 2007, firing the starting gun on a race for innovation and new business models that has been as fast as it has impactful. Mobile payment options began to emerge and Google wallet was introduced in 2011, offering consumers the ability to store and pay with credit cards on a mobile device.
Apple responded with Apple Pay in 2014 and the number of global mobile payments skyrocketed, surpassing desktop transactions for the first time.