By now, the idea of making payments for bills, groceries, and more online is a standard part of life for the vast majority of us. Thanks to the incredibly rapid development within payments, however, most have missed just how far tech has come in recent years and how it has changed the face of several industries. Today, we’re looking at just some of the most heavily impacted.
Entertainment
It is impossible to go into any form of modern entertainment without going through a payment platform, whether that’s setting up a subscription for a music streaming service or renting a movie online. Thanks to the integration of faster and more seamless transactions, users can now set up things like recurring subscriptions in a matter of minutes rather than hours or days.
Source: Unsplash
What has also transformed is the range of payment types. Certain entertainment industries that require online payments, like iGaming, have expanded massively in payment variety. For example, thanks to gambling payment gateway software, online casino companies have been able to accept everything from standard credit cards all the way up to the latest kinds of crypto payments, all with the same level of ease. This software also utilizes anti-fraud systems to ensure the security of payments. In an industry focused on user experience, it has proven to be an invaluable asset.
Retailers
It has been well over a decade since the giants of online retail came into full force, and options like Visa and Mastercard have been there from the early days. Over time the process has been refined and refined to the point that payments are nearly instantaneous, and there are even partnerships in place to allow payment in installments directly from retailer sites at checkout.
Probably the most dramatic change has been the ease of access to these platforms for smaller enterprises and startups thanks to multiple dedicated e-commerce platforms such as Shopify. Where online payments were once a complex and costly feature to introduce to your site, they can now be plugged in for free with a few clicks.
Fintech
Naturally, the biggest impact has been within the circles of developers creating the tech itself, with something of a technological arms race developing within the fintech world to push the industry forward faster and faster. In the space of a couple of decades, payment technology has gone from basic card transactions to virtual cards and wireless reading.
Source: Unsplash
However, the most dramatic change has actually happened within fintech companies themselves. Thanks to the breakneck uptake of e-commerce around the world, the security systems behind the scenes have had to adapt equally quickly. Nowadays, you can expect the average payment app or API to be woven with multiple layers of encryption. Most recently, companies are utilizing AI threat detection to identify potential issues before they even appear. Cybersecurity has shaped fintech to be both innovative and cautious in equal degrees.
By its very nature, e-commerce is a critical function of business and therefore is set to be one of the key driving forces behind global tech development for decades to come. As things like blockchain, crypto, and AI come into common use, expect to see more industry revolutions sooner rather than later.
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