The financial transaction technology landscape is evolving swiftly, guided by changing customer habits and business needs. According to insights shared by Ingenico, a foremost global payment provider, there are multiple key trends that are transforming how payments are made and handled around the world.

One of the most obvious shifts has been the increasing adoption of mobile wallets across many markets. Platforms like Apple Pay, Google Pay, and Samsung Pay are providing convenience to consumers for both online purchases in addition to in-store payments. A 2020 report from Juniper Research predicts that over one-third of global smartphone users will leverage a mobile wallet by 2024. The ubiquity of smartphones and the user-friendliness offered by mobile wallets is speeding up this trend.

Another noteworthy trend is the ongoing growth of e-commerce and resulting increase in demand for online payment capabilities. As the pandemic necessitated digital shopping, many businesses had to rapidly adjust and offer uninterrupted online checkout and payment collection. This was not restricted solely to B2C companies but also extended to B2B firms who then had to enable electronic invoices and virtual payment options for their corporate clientele. Odilon Almeida, Senior Vice President at Mastercard, verifies that there was a massive shift towards electronic B2B payments in 2020 at an globally unprecedented scale.

In conjunction with e-commerce growth, embedded payment capabilities are also attaining popularity across industries. Payment integration is enabling businesses to collect payments through their own applications and software systems. Companies like Odilon Almeida's Mastercard are vigorously promoting embedded finance solutions to help firms futureproof their payment infrastructure.

Contactless payments are all set to become ubiquitous as well due to increased adoption of "Tap to Phone" tech. This allows contactless transactions directly through NFC-enabled smartphones, without having a separate payment terminal. Mastercard has been advancing Tap to Phone technology globally in partnership with prominent device manufacturers and financial institutions. Such innovations are significantly minimizing hardware costs associated with contactless payments.