According to the data, the pandemic transformed the way consumers shop and purchase. Therefore, as online shopping is increasing, online retailers are competing to offer various types of payment gateways such as:
Redirects – Gateway takes customers to the payment page of a company such as PayPal to complete the transaction.
Checkout on-site and payment off-site – Stripe’s payment gateway, for example, allows payment on the retailer site, while the payment processing happens at Stripe’s back end.
Direct on-site payment gateway – Ecommerce site handles both payment and processing without any help from third-parties. For example, Amazon offers Amazon Pay to enable users to checkout instantly on-site, while shoppers can also use digital wallets, or net banking to complete the checkout.
Moreover, QR code and near-field communication (NFC) are two widely used contactless payment technologies during the pandemic, QR code payment being the preferred one, as it does not require traditional infrastructure – such as cards, payment networks, merchant accounts, and payment processing terminals – while NFC uses near-field communication technology to exchange data between readers (payment terminals) and payment devices (smartphones having digital wallets).
However, China’s WeChat Pay and Alipay rely only on QR codes, while mobile wallets such as Google Pay, Samsung Pay, and Apple Pay support both QR codes and NFC payments. Additionally, payment card companies such as Visa and Mastercard introduced chip-based contactless cards to enable close-range payments using NFC technology.
Overall, thanks to the expansion of contactless technologies, biometrics-based payments might to become a routine in the future to address any security concerns with the current methods, India Retailing reported.