Members of Paysafe Group PLC, paysafecard, have predicted that prepaid payments will grow in importance and market share in 2016, as more and more people ask for quick, safe and convenient payment methods.
This applies in particular to online purchases, especially for small amounts, when buying digital goods. The growing concerns about the risks that come with passing on credit card or bank account data will help lead consumers to choose prepaid solutions. Against the backdrop of the following trends, identified by paysafecard, prepaid payments will gain further importance in 2016:
Trend 1: Wearables are becoming more important
In every aspect of life, internet usage will change. Not only is the classical stand-alone PC a relict, but almost all devices we use today will be outdated in a few years. New “devices” will become our favourite points of entry into online activities like paying. One day we will surf the Internet with the rings on our fingers or with the keys of our homes – not in 2016 on a broad scale, but we will we see the start and rise of such initiatives.
Trend 2: Biometrics as the new security standard
This has already started last year and will be one of the most visible developments in 2016: Expect more and more processes to use things like fingerprint, facial recognition, or iris scan in order to authorise online activities like payments. Even authorisation via selfies is already reality and might boom in 2016.
Trend 3: Mobile payments leading to more spontaneous purchases
With smartphone penetration approaching 100% in many countries (at least in a statistical sense), mobile shopping will definitely be on the rise in 2016. Convenience, speed and flexibility drive the soaring usage figures. More convenience in mobile shopping will lead to more spontaneous purchases, which require means of payments, like paysafecard, that reflect the same degree of flexibility and speed.
Trend 4: It’s not a man’s world
Over the last years, the realisation has grown that the digital world is not just a man’s world. Whilst this is obvious in regard to daily services like internet search engines or online banking, it will also become more obvious in other parts of the web, like online gaming or other digital entertainment. Prepaid solutions like paysafecard are the most important means of payment in this area and will therefore become more of a focus for female users in 2016, pushing aside more classical payment methods like credit cards.
Udo Mueller, CEO of paysafecard, commented: “At the beginning of 2015, many of the trends that eventually put a stamp on the year were not ripe enough to be predicted with any certainty. It is, of course, also difficult to give exact predictions for 2016. What we can definitely expect is a speeding-up of all the changes we can already see today in their early stages. The biggest surprise, of course, would be if there was no surprise.”