New Payment Methods Trending on Social Media

Given the fact that we now live in a digital and mobile world, it’s quite understandable that people expect the ability of a fast, easy and secure payment method anytime, anywhere. This is also confirmed by a study done by IT expert Walter Martin Helwich, which provides an analysis of last year's social network conversations about new payment methods.

Trends in payments shift the way we pay, making credit cards and cash a thing of the past. Although cards and cash are still ruling the FinTech banking infrastructure, there is a growing popularity of mobile wallets. Namely, both Millennials and generation Z cannot get enough of all types of innovations. They take the most out of emerging digital payment trends.

In order to keep up with the constant demand, payment service providers embrace numerous innovations. As a result, a number of new digital payment trends emerge, redesigning the value chain. Recent analyses done by Walter Martin Helwich clearly show that mobile payments represented more than 27 percent of total social network conversations when it comes to payment methods, while the total number of their referrals increased by 20 percent compared to the previous year. The mention of digital wallets on social networks has doubled since 2017. Users are getting increasingly more interested in new payment methods. These fast, easy and convenient payment methods are accepted in all major global markets.

People are looking for new technologies that can affect their lives. Last year alone, such attitudes on social networks have increased by 30 percent, reports Walter Martin Helwich. Today, almost 20 percent of all mobile payment conversations are focused on contactless payments and mobile wallets. In addition, consumers are interested in how artificial intelligence, QR payments and pay-per-view devices (so-called wearable technologies) will affect their lives.

All in all, people are becoming more adaptive towards these emerging technologies. In nearly 95 percent of the discussions regarding mobile wallets, they are described as favorable, while 30 percent of the posts praise the speed, efficiency, and simplicity of current products. According to Walter Martin Helwich, adopting these payment technology trends will reinvent customer experiences.