The payments market has long been dominated by banks and some major credit card companies, and it was ticking over quietly, without significant growth. But the boom of e-commerce and the development of new methods of online payments have upset the order.
In 2016, for the first time, the value of transactions carried out by credit card worldwide ($ 23.1 trillion, or about €23,370 billion) exceeded that of transactions made in cash ($22,600 billion) according to Euromonitor International. The trend is expected to accelerate, and with it the market will explode.
Cards, Business or Corporate Cards, Virtual Cards, Purchasing Cards, Payment Rings, contact-less payments via credit card or smartphone and now payments by selfie, payment methods multiply and the choice lies in its reliability.
In the first place, the virtual card (linked to a card or a real bank account and a corporate card) has been developed to secure online payments. This card, created “on the go” makes it possible to limit the risks of fraud. It is indeed for single use and has a payment limit defined by the manager of this service internalized to the customer. While the possibilities of use remain limited, it nevertheless allows to manage a certain number of purchases “peripheral” to the business trip, especially for employees not equipped with business card or corporate.
Then, with the numerical developments going on, there appeared the contact-less payments, based on the NFC (Near Field Communication). This technology, used initially for payments of road tolls (Liber-T badge) and public transport (Monthly Pass), is now available with bank cards and smartphones of last generation. Maintaining the same principles as the virtual card, these payments are limited and secure.
Recent developments, Visa announces the launch of a contact-less payment ring and in October of that same year, it is its historic competitor Mastercard that announces the deployment in 12 new European countries of payment by selfie. If, at the moment, it is difficult for a Travel Manager to imagine deploying this type of solution, it must be prepared for it, as one of them expressed: “The future belongs to the bold, it belongs to those who seek, who take risks “.
Be careful not to think that this explosion of possibilities in online payment is over. There is no doubt that the GAFAM (Google, Apple, Facebook, Amazon, Microsoft) have not said their last word and … what about the possibilities that will soon be developed thanks to the Blockchains? The latter intend to revolutionize all data exchange chains (transactional or not) with an unprecedented level of security. We are not talking about web 3.0 but “New Internet”. Huge program to come.