Receiving Payments Trends
To understand the key trends in Receiving Payments for small and medium businesses of the United States, Canada, India and Brazil in order to potentially create a product. The trends may be legal, technological, social and business-related.
- The receiving payments market for small and medium businesses is fast-evolving due to demographic shifts, enhanced technological capabilities and new consumer expectations set by larger retailers and companies.
US Technological Trends
Key technological trends affecting the receiving payments space for small and medium businesses in the US are the need for simplified, all-in-one payment solutions, the rise of mobile payments and the shift to digital invoicing.
Simplified Payment Solutions
- By 2017, 39% of US consumers were already using smart and mobile wallets and in 2020, mobile payment volume was expected to reach $503 billion.
- Mobile payments strategies include mobile payment apps, integrated mobile payments and mobile point-of-sale terminals.
- Within this new payment space, mobile solutions now being offered on the market are able to provide enhanced security measures that protect business and customer data.
- The most common apps for mobile payments in the US include Square, Apple Pay, Google Pay and Venmo.
Summary of Early Findings
- The initial hour of research was able to identify 3 key technological trends affecting the receiving payments space of small and medium businesses in the US.
- The research showed that this is a fast-evolving market with many changes taking place and affecting its growth which further research can help to identify.
Proposed next steps:
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