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Payments in 2021: What Lies Ahead After the Digital Boom

Retail TouchPoints

It has been a year of momentous change for the payments industry. Years of transformation transpired in just a few months with rapid shifts in both consumer behaviors and merchant expectations for e-commerce. So after a year of such rapid transformation, what can we expect to see in 2021?

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Study Forecasts Accelerated Adoption of Digital Wallets and Buy Now, Pay Later

Retail TouchPoints

The pandemic accelerated not just ecommerce but also digital payment methods: digital wallets reached 29.3% ecommerce share in 2020, up from 23.7% The wallets are expected to unseat credit cards as the preferred online payment method in the coming years, according to the FIS Global Payments Report 2021.

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For the pandemic-hit fashion industry, the future is digital

Inside Retail

As global apparel revenues plummeted almost 20 per cent in 2020, e-commerce has emerged as the silver lining of the fashion industry’s challenging year. E-commerce fashion sales are expected to grow almost 39 per cent between 2020 and 2023. Online shoppers want variety – and they want it for everything, including their payment options.

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Contactless transactions surged in 2021 as shoppers and merchants benefitted from £100 limit increase

A1 Retail

The value of payments made contactlessly increased 40.2 per cent compared to 2020. The contactless limit increase to £100 in October 2021 increased the average number of transactions by 27.5 Thursday 23 December was the busiest day for contactless payments with the value of eligible transactions 121.4 per cent**.

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Reports: Microsoft’s Bing Quietly Launches Marketplace in Bid to Compete with Google Shopping

Retail TouchPoints

-based online sellers” are reportedly participating in the beta test of Buy Direct, but a source told Business Insider that Microsoft hopes the service will drive $25 million in gross merchandising value (GMV) by fiscal 2023, which ends June 30, 2023.

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Does Customer Age Matter for Fraud Prevention?

Retail TouchPoints

In 2020, consumers spent approximately $630 billion on online shopping, and merchants lost $12 billion to fraud. Account takeover fraud, which is driven by impostor scams, increased by 50%, with no signs of slowing down in 2021. K eep bots out of your customers’ accounts and checkout.

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Top Retail Trends of 2021

365 Retail

As 2021 reaches its close, the retail industry has undergone a number of dramatic changes within the past several months. Continue reading to familiarise yourself with the top retail trends of 2021. . In 2020, social media giant TikTok entered into a global partnership with multinational e-commerce company Shopify.