Payments professionals recently surveyed at the Electronic Transactions Association’s TRANSACT 14 conference said new payments technology will gain the most momentum this year, ahead of product integration, consolidation and stronger partnerships.
The survey, conducted by CAN Capital, found that 42 percent of payments professionals expect new payments technology to lead among the most popular trends over the coming year.
Approximately two-thirds of all payments professionals said mobile payments technology was the fastest-growing offering over the past year. Other trends over the past year include the rise of cloud accounting services and automated business loans.
Despite the rising popularity of mobile payments and other alternative payments methods, approximately one in three small business payments professionals said interchange—or swipe—fees pose the biggest challenge for small business owners in the industry.
Payments professionals also said small businesses face compliance burdens associated with changing payments security standards, limited ability for physical retailers to implement mobile and e-payment technology and substantial costs after data breaches.
“As consumers continue to turn to mobile to complete everyday tasks and purchases, payments providers must be able to offer innovative mobile transaction solutions in order to remain competitive,” CAN Capital CEO Daniel DeMeo said. “In our partnerships with companies in the payments industry, we’ve seen firsthand how important it is for both processors and their customers to stay ahead of the curve in terms of new industry technology.”