The future of payment gateways: Sharing tech
How businesses process their payments changes day by day with the emergence of new technologies and consumer expectations. Even with innovations, delivering a smooth and seamless payment experience often faces unforeseen challenges.
So, with the rapid changes in the payments landscape to counter challenges and deliver the best experience to customers, what does the future hold? The answer may lie in collaboration, that is, sharing technology.
Key sharing tech trends driving the future of payment gateways
1. White label solutions
A white label payment gateway is a type of gateway that allows businesses to process their customer transactions under their brand name. The payment business acquires the backend system and a non-branded frontend, allowing them to put their logo on the interface of the payment solutions.
By leveraging the white-label payment business model, companies do not get involved in the rigorous optimizing process of the solutions, leaving all the work to specialized providers like Spell.
As a white label payment gateway provider, Spell handles the development, testing, optimizing, and maintenance of the payment system. This way, companies get relieved from the process and can focus on giving their clients the best experience.
White label payment gateways offer several key benefits, including the following:
- Quick integration: A company can get payments up and running in days or weeks rather than months. Avoid having to build everything from scratch.
- Cost savings: No need to hire extra devs and maintainers. White label subscriptions are affordable.
- Custom branding: Seamlessly matches the payment flow and UI to your website aesthetic.
- Back-end heavy lifting: Specialized providers optimize flows for speed, security, and stability behind the scenes.
- Innovation access: Regular feature updates mean you get cutting-edge payment capabilities without the coding
2. NFC contactless payments
Contactless “tap-and-pay” payments gained mainstream adoption during the pandemic. Customers now expect the ability to pay instantly with a simple device tap. Yet delivering seamless user experiences poses challenges.
Payments must trigger rapidly when users tap. But stability and security cannot be sacrificed. Rigorous testing across devices helps optimize timing and reliability. As more wearables gain NFC capabilities, flexibility will be key, too.
Overall, contactless payments must offer instant simplicity without compromising integrity. When executed well, tap-to-pay gains strong user appeal.
3. Blockchain payments
As stated by the Blockchain Association, blockchain and distributed ledger technology show promising utility for payments. Benefits include reduced transaction fees, transparency, and enhanced security. However, blockchain remains unstable currently and faces integration challenges.
Specialized expertise is needed to assess blockchain’s risks and opportunities. The technology stack requires rigorous testing and optimization to handle payments reliably at scale. There are also regulatory and compliance factors to navigate carefully.
With diligent progress, blockchain could enable faster and more cost-effective payment flows. However, several key challenges must be overcome first.
4. Cryptocurrency payments
Big cryptos like Bitcoin and Ether are becoming proper payment mechanisms. Yet, the problem still lies in their extreme value volatility. Companies and individuals become skittish when values change so drastically every single day.
Stabilizing volatility is vital for crypto transaction systems. Features like real-time currency conversion and value pinning offer temporary solutions to volatility. As stability improves, it will make crypto viable for daily transactions. But, for now, specialized management of volatility risk is still important.
5. Mobile payments
Mobile wallets continue displacing physical ones thanks to convenience. But with a fragmented landscape spanning iOS, Android, browsers, and devices, seamless support poses challenges.
Payment integration must be automated across mobile platforms. Rigorous performance testing and user experience optimizers are required to remove friction. As user expectations rise, mobile support and good UX demand dedicated resources.
Done right, mobile payments provide extreme flexibility. However, specialized handling of technical debt across platforms is required.
6. Multiple payment gateways
Offering multiple payment gateway options caters to diverse customer needs. Supporting credit cards, local wallets, and new payment methods in parallel is becoming expected.
Yet combining gateways smoothly poses headaches. User flows must unify disparate experiences, currencies, and protocols cohesively. As more payment choice emerges, orchestrating multiple gateways grows challenging.
Specialist integration services help fuse diverse payment tools. This enables flexibility without compromising user experience.
7. Biometric payments
Biometrics like fingerprint, face, and voice recognition gain traction for identification. Applying biometric tech to payments provides security and convenience.
However, reliability concerns persist around biometrics. Accuracy, responsiveness, and anti-spoofing protections require rigorous tuning. Users also have privacy and consent preferences to navigate.
When done well, biometrics enable seamless no-password payments. However, specialized handling ensures solid accuracy and ethical use. Frictionless can’t mean careless.
The future is flexible
In closing, white label payment gateways represent a versatile fintech model unlocking potential. The ability to rapidly implement payments under any brand unlocks innovation.
As a business in the payment sector, consider white labeling to fuel unique partnerships and access to emerging technologies. This bodes well for smaller players seeking an edge against larger rivals.
Ultimately, the future of payments is flexible. White label gateways exemplify that by empowering payments diversity and inclusiveness.
