As the business world strives towards digitalization, companies struggle to adopt modern strategies and technologies due to outdated systems. While it may seem easy to implement contactless transactions or digital wallets, companies must adapt their entire infrastructure and architecture to support seamless and secure transactions.
Many enterprises struggle with resistance to change due to a lack of training or poor communication. As a result, they are unable to scale properly, have higher operational costs than they should, and deliver slow transaction processing.
Companies must realize they need scalable technology to support modern payment systems and not be left behind. These solutions are essential for accepting digital assets like ETH/BTC while enhancing compliance and working with providers offering customizable solutions.
So, in light of recent technological advancements entering the business sector, such as artificial intelligence, let’s see what the trends for business payments will be in 2025.
Instant payments
The fast-paced world has a massive influence on user experience, as customers value instant payments and real-time services. For example, the one-click purchase method allows users to complete an online purchase without having to enter their personal information again, as the website saves the data from previous purchases.
Bank and card payments, as well as digital wallets, are becoming faster by the year as companies offering mobile apps and online payment service websites must stay updated with customer demand. Therefore, payments can take only a few seconds to complete, so funds are available to recipients quickly.
Digital subscription
The rise of streaming services has made subscriptions one of the most convenient forms of payment for services. Subscriptions are usually cost-effective, offering discounts and advantages through tiered pricing plans. Moreover, they ensure accessibility of a service from multiple devices, so users can enjoy it on the go or while commuting.
Successful businesses employ digital subscriptions through:
- High speed on websites or apps on iOS and Android;Â
- Recurring billing systems, whether monthly or yearly;Â
- Order management systems to ensure orders are automated;Â
- Customer Relationship Management Software (CRM) to keep track of customers;Â
- Support software in multiple channels for customers to engage with the business;
AI and ML
Artificial Intelligence and Machine Learning are the hottest business technologies at the moment despite not being properly framed in terms of compliance. These technologies have a massive potential to improve the payment system, especially in terms of security. For example, AI can be used in fraud detection based on ML algorithms that analyze considerable volumes of transaction data to identify suspicious activities.
AI technology is also beneficial for the KYC (Know Your Customer) process when extracting data from raw texts, monitoring merchant sites, and selecting merchant categories. In addition, AI offers speed and efficiency in payments by eliminating bottlenecks by automating repetitive tasks.
Voice payments
Voice commands on iPhone and Android applications have become quite common, with Siri and Google Assistant keeping users organized. But that’s different from voice interactions, through which people can carry out administrative tasks or make transfers. Confirming the payment will only require the user to enter a password or scan their fingerprint.
Voice payments can be useful in peer-to-peer transfers, ordering products online, reordering, and paying off credit. This attractive new technology can help banks expand their range of services, making mobile banking accessible even for those with certain impairments. Finally, voice payments can reduce fraud since one’s voice is difficult to mimic.
Payment challenges to be wary of
Despite the technological newness of companies’ access, threats will still be present in 2025. The rising payments fraud and security issues make it difficult for enterprises to avoid data breaches or cyberattacks, especially since hackers target them with complex attacks. Identity theft, credit card fraud, and account takeover are difficult to prevent when users lack proper protection measures, and companies don’t prioritize strong technology.
The use of AI is also concerning, considering regulators have yet to design a proper framework. Consistent definitions for AI technologies must exist so regulations won’t hinder innovation. Moreover, solving the AI bias is necessary to ensure fairness to consumers.
Finally, regulators must consider the use case of digital assets, such as stablecoins, since their rapid adoption made financial institutions skeptical of their security. With proper classification of digital assets, consumer protection guidelines, and risk-based laws, paying with stablecoins can become the norm.
Digital payments are necessary to help the unbanked
According to the latest World Bank report on financial inclusion, about 1.4 billion adults lack access to a bank account. Most live in underdeveloped areas, where even small enterprises lack the credit and capital to contribute to the local economy. Therefore, the numerous barriers hinder economic growth and productivity.
Digital payments could become the solution since traditional banking methods are not suitable for people’s needs. Digital payment systems offer convenience, which is why FinTech could become the future of the modern world. Startups are working on using biometric authentication through fingerprints and irises to verify digital identities, while some merchants approach a hybrid model where users buy online but pay with cash.
These projects consider every user’s background, offering them services similar to those with unbanked benefits so the economy can benefit as well. Considering the world is slowly going cashless, adopting digitalization in payments and banking is necessary for everyone.
Finally, financial inclusion involves digital literacy, a much-needed feature of supporting the digital payment system. Users don’t need a myriad of financial products ― they need education to be able to make the best decisions regarding their funds and investments, which is why governments and startups should focus more on financial education events to help build up a flourishing economy.
What’s your take on digital payments?
The rise of technology has inevitably made payments faster, safer, and more accessible for the modern user. However, as customer demand changes, companies must adapt and make payments instant, including digital subscriptions, and approach AI and ML to improve their customer experience methods. Indeed, the challenges of cyberattacks and lack of AI regulation can hinder innovation, but with enough research and testing, digital payments can become the solution for the unbanked.Â
