Article | September 20, 2018

Three Payment Technology Innovations ISVs Should Know About

Source: Paragon Payment Solutions
Computer Technology

The importance of keeping up with the rapidly-evolving world of payment technology is a no-brainer for any ISV who wants to remain aggressive, successful and relevant. But which of these innovative payment solutions are the most essential to be competitive in a crowded ISV field?

Embracing developments in the payment software field can sometimes be tricky; not all innovations resonate with consumers and some fall well short of their initial promise. Here, we identify three of the most talked about pieces of technology in the payments industry. These pieces of emerging technology have created a lasting change in how consumers conduct transactions and how software developers can best address this new paradigm.

If you’re an ISV and you are not fully informed on these three major disruptors in the world of payments, you are running the serious risk of falling behind the competition.

  1. Wearables:

Consumers have begun to embrace wearable payment technology that frees them from having to carry a wallet or physical payment cards with them wherever they go. According to Visa, and the Wearable Payments Report by Tractica, the value of “payment volume via wearables is expected to grow to $501.1 billion, approximately 20 percent of all proximity payments, by 2020.”

Not only is the processing value of these transactions growing, so, too, are the devices from which consumers can make payments. Activity trackers and smart watches are still the most popular wearable devices, but payment technology is expanding into everything from jewelry to eyewear.