Embedded Payments have become a popular feature in the ecosystem of software developers who understand their role in driving better user engagement, value, growth, and competitive advantage.
But in the rapidly evolving world of digital payments, nothing stays the same for long. New trends and themes are constantly emerging, which may have you wondering—what’s in store for Embedded Payments in 2024?
We sat down with Worldpay/Payrix payments experts to answer that very question (and a few more) to provide you with a clearer sense of the road ahead and what it might mean for your business.
Ready to discover emerging trends and the strategic advantages of adding Embedded Payments to your 2024 roadmap?
Where is Embedded Payments technology heading?
Strategic partnerships and mobile-first experiences will be important considerations for software companies looking to win with Embedded Payments this year. The payments space can feel like a convoluted web of information, processes, and protocols. Therefore, software companies looking to optimize the user experience with payments must choose a payments partner wisely. A strategic payments provider is one that can help fill feature and functionality gaps, is up to speed on the latest trends (take the rise of digital wallets for example), and understands the importance of omnichannel capabilities, security protocols, compliance, and customer support.
How will security and compliance impact Embedded Payments?
It’s no secret that SaaS companies that embed financial products into their ecosystem run the risk of data breaches. Payment fraud is common, and the threat of a breach will likely continue to increase this year with the rise of AI (artificial intelligence) technology. Therefore, we expect that software companies will continue to heavily rely on encryption, tokenization, and PCI compliance to adequately protect sensitive data from fraud threats. PCI compliance will be particularly important for software companies (and their merchants) as the PCI SSC plans to retire its 3.2.1 edition of the PCI DSS this year and bring the new 4.0 standard into effect by 2025.
How important is data to Embedded Payments?
Leveraging data will be a game changer in 2024 and beyond. We predict that software companies will harness the power of digital data and automation tools to optimize their offerings and dev roadmap and strengthen fraud detection and prevention measures.
Will everyone be obsessed with customer experience?
According to our experts, all signs point to yes. You know better than anyone that vertical software providers are laser focused on creating ecosystems of solutions tailored to their respective industries and end users. As a result, we believe that software companies will continue to prioritize the integration of payment experiences in 2024 to directly address evolving customer needs, remain competitive, and offer customization and control over the user experience.
The future of Embedded Payments and what it means for software companies in 2024
There is a lot in store for Embedded Payments this year, from mobile wallet integrations to AI and new PCI standards. If you’re intrigued at the prospect of more revenue sharing opportunities, better addressing customer needs, and creating a frictionless user experience, but aren’t sure where to go from here, we have the perfect next step for you. Our latest eBook — Embedded Payments: Predictions for 2024 — takes a deep dive into our expert predictions and serves as a complete roadmap for embedding payments as a strategy to improve your customer experience and unlock new growth opportunities.
For a more in-depth look at our payments forecast and guidelines on how to apply our predictions to your business, download our eBook today.
