It is not surprising that, in 2020, the digitalization of ways of payments was quite expressive due to the quarantine of the coronavirus (COVID-19).
Data from the Brazilian Association of Credit Card Companies and Services (Abecs) related that, only last year, the payments through digital environments reached R$ 1.38 trillion. There were 16.3 billion transactions, being R$ 306.9 billion in non-face-to-face purchases, according to the Mercado & Consumo portal.
The data, by itself, suggests that the trend came to stay, gaining more and more presence in people’s new consumption habits.
Digitization: the number of online payments in Brazil are increasing, according to research.
To map how the coronavirus pandemic impacted on the increase of digital transactions in Brazil, the FIS, in partnership with the Ipsos institute, heard more than 2000 thousand adults, from different social classes and generations, including those who do not have bank accounts.
The survey, named Pace Pulse Brasil Report, concluded that consumers are quickly migrating from physical payments to digital payments, according to an article published by the Mobile Time portal.
Besides that, ¾ of the millennials – in the case of the interview, youth and adults between 24 and 39 years – had already adopted a digital wallet.
It is important to remind the recent projection of the Future Sales survey, from Gartner, where it is estimated that in 2025 80% of sales interactions between buyers and suppliers will occur through digital.
The data presented above made clear the importance of companies to understand that the digitalization of means of payment is here to stay and, thus, rethinking their payment methods, increasingly integrating digital solutions with the options already available.
Digitalization and consumers: Youth millennials are the most adapted to the new economy.
The report realized that 4 in 10 people interviewed benefit from the digitalization of payment methods in restaurants apps. Besides that, 26% of the interviewed claimed to use this kind of payment for scheduled delivery services or purchase via smartphone.
The survey has also concluded that the youth Millennials (between 24 and 28 years) are the most adapted to the “new normal” and the new digital economy: 46% of them uses delivery services, 47% assigned entertainment streaming services, distance learning and work; 38% place orders online or via apps for drive-thru pickup; and 35% use supermarket delivery. In all aspects, they are above the average of the total number of respondents.
It is worth highlighting that the millennials are the majority of the Brazilian population and correspond to more than 50% of the country’s workforce. The data are from the survey Millennials – Unravelling the Habits of Generation Y in Brazil, released by the portal Epoca Negocios.
The digitalization of payment methods has also become evident among the other generations interviewed. In the case of generation Z (18 to 23 years old and who responds for 19% of the interviewed by the survey), for example, 51% had realized payments via bar code or automatic debit; 49% use payment apps and 48% affirmed to do bank transfers.
Thus, once again, it becomes evident the importance of companies adopting digital payment options in their business.
Digitalization of payment methods is a post-pandemic trend, concluded survey.
When questioned about how the digitalization of payment methods had influenced their respective routines during the coronavirus pandemic, 82% of consumers reported that the quarantine made them change the way that they communicate with their banks.
Half of clients claimed that they already used online or mobile services for transactions that were previously made face-to-face.
Another point noticed by the survey is that 4 in 10 respondents utilize ATM’s instead of going to the agency.
About the post-pandemic, more than 2/3 of Brazilians made clear the intention of using online services or via apps instead of moving themselves to their bank agency. Between the youth Millennials, the percentage equals 75%.
Post-pandemic: FIS-Ipsos report pointed to an increase in the searching for call centers.
The FIS-Ipsos report has also concluded an increase on the searching for call center services after pandemic.
Considered essential service to Brazilian population services, more than 60% of the interviewed, mostly the generation Z and the millennials, plan to use the customer service central instead of going to physical agencies.
Besides that, 57% intends to use more payments without contact than physical cards after the pandemic. And, for 43% of consumers that does not plan to use payments by approximation, your main worry is on the payment security.
The statistics presented above, once again, makes it evident the strong presence of the digitalization of payment methods. In addition, they call attention to the fact that, besides new payment methods, companies also prioritize the implementation of security protocols.
Digital transactions are increasingly integrated.
Seeing the need of looking for innovative alternatives to sell on the internet during pandemic and correspond to the omniconsumer needs, the WhatsApp Pay – service that allows to make payments and bank transfers between the app users – should have your launch authorized on the first semester of 2021, according to an article published by mobile time.
It is worth remembering that 76% of Brazilians use the messenger to contact companies. Besides that, 60% support the idea of purchasing through the app.
Another point worth of highlighting is the fact that Brazil is the second bigger community of WhatsApp users, with about 120 million active accounts. Only in the pandemic beginning, in 2019, the number of users using the messenger increased in 300%.
These facts gave the country the chance to be the pioneer to receive the service.
It is, therefore, increasingly evident that the digitalization of means of payment is a strong trend for the coming years, and is well accepted by consumers.
Digital market main trends for 2021.
The new scenario, increasingly digital, where the population has living, makes it possible for the popularization and the advance of several means of payment.
Thus, some trends are previewed to the digital market in 2021, according to the card company Visa in an article published by the portal Mercado & Consumo.
Emergence of integrated trade.
It is really probable that this year, the integrated trade (union of physical and online operations) stops being a trend to become something increasingly common.
They are planning new ways of delivery and technologic advances for those who buy through apps.
Besides that, the investment in omnichannel solutions will be able to optimize operations and meet the constant needs of customers.
Digitalization of payment methods has become standard.
The data presented above make it clear that the global evolution in the digital payments industry, occurred in the last year, is irreversible. The use of payments by approximation became fundamental to the public health, in a way to avoid new cases of COVID-19. Besides that, nothing indicates that this way of payment will cease to be a reality in the post-pandemic.
Increasingly, it is possible to perceive small and large companies implementing the method of transactions by approximation in their systems.
As part of the extension, payments at points of sale and financing platforms will pass through a huge transformation to guarantee that digital-first options are viable.
When comparing the month of September 2019 with the same period in 2020, the Visa’s survey concluded that the increase of payments by approximation was almost five times more – conforming that the search for more safe, fast and clean payments were accelerated by the pandemic, and the payment by approximation is coming to stay on the Brazilian habits.
In comparison between the first and the third semester of 2020, it was possible to notice that the transactions by approximation practically doubled.
Tap to Phone
Once that payments by approximation becomes the standard payment experience at global points of sale, the technology called Tap to Phone – solution that transforms the smartphones or android tablets actual generation into POS terminals based on software (softPOS) – it will enable micro and small businesses to enter the digital economy in a simplified way.
Besides that, the technology will allow that salesperson accept payments by approximation without the need to purchase payment acceptance terminals.
The Tap to Phone is already reality in some regions and the expectative is that the next two years will be of great growth for this market, according to the popularization of the use of payments by approximation.
It is worth highlighting that there are already plans to launch Tap to Phone technology in Brazil, according to a note released by the brand Visa Card.
Every day, the world financial system is approaching a future with digital money and cryptocurrencies.
The digital money becomes increasingly present on consumers “Wallets” and in the minds of lawmakers, launching a new generation of currency that is expected to be significantly consumed in 2021.
Adoption of digitals marketplaces
Small businessmen will always be on the lookout for ways to enter markets outside their respective local communities, especially at a time when norms for face-to-face purchases and pandemic control dramatically changed the way they relate to customers.
In 2021, seeing the marketplaces as a new digital “Commerce street” will be fundamental for the survival of small businesses.
Besides helping to gain exposition, the marketplaces will allow them to achieve new potential clients, sell their products at any time of the day and the week and develop new service experiences to consumers that are digital-first.
Means of combating digital fraud.
During the pandemic, digital criminals took the opportunity to leave victims. Only on the first semester of 2020, the digital frauds on the country increased in more than 350%
To avoid the leak of sensible data, companies utilize tokenization systems in a way to keep good payment experiences to clients while their data is kept safe.
With the migration to the online-first, makes it necessary for small companies to pay attention to the handling of sensitive data and the implemented information security protocols, since these may not be as well equipped as large companies in terms of security.
Electronic payment facilities
Another trend pointed by Visa, says about the evolution of the credit card facilities.
The means of payment has several advantages, such as interest-free installments, loyalty programs, insurance benefits, purchase protection, price protection, extended warranty, as well as travel benefits.
Growth of online debit
The debit, by himself, has also gained space on 2021 trends. The use of the modality has assumed an important growth, since, in the midst of the instability of the moment, the population becomes to prefer cash payments, in addition to the use of digital payments for handling paper money.
The online debit category growth with the increase of the company’s presence on e-commerce.
The implementation of security technology, such as 3DS 2.0, for example, favored virtual transactions, and is expected to become popular, working behind the scenes so that everyone can have the best possible experience in their digital payments.
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