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What's New in Online Payments: Trends in 2024

Stay ahead in 2024 with insights into the top online payment trends in this article. Discover the latest technologies and consumer preferences shaping digital transactions.

3 mins read
22nd January 2024
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Leatherback

Leatherback

Leatherback Content Team

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Curious about the top online payment trends in 2024 and how to navigate them successfully?  If yes, you’re in the right place. 

It's not just about keeping up; staying ahead of trends is crucial for enhancing customer service, adapting to changing buyer behavior, embracing new technology, and outperforming your competitors as a business owner.

This article is your comprehensive roadmap, ensuring you're well-prepared for the unfolding developments in the payments industry throughout the year. Keep reading to discover not only what to expect but also practical insights on implementation. 

Top 3 Online Payment Trends in 2024 

Here, we highlight the top 3 trends in online payments that we anticipate becoming more prominent:

1. Automated Software for Transactions: In e-commerce, a key trend for 2024 revolves around the growing need for automated software, particularly in payment gateways. 

With online sales projected to surge to $6.5 trillion by 2024, the importance of having strong and secure payment gateways cannot be overstated.  These gateways do more than just facilitate transactions; they act as a primary defense against fraud, underscoring the need for substantial investment in cutting-edge security measures.

Our API product, One Access by Leatherback, simplifies payment collections and payout processes for businesses.  It offers flexibility by allowing you to process cards in various currencies (NGN, USD, EUR, GBP), access open banking and accept bank transfers. View our API documentation here.

2. The Fight Against Cyber Crime: With more people using digital payments, there's a higher chance of cyber threats. In 2024, the financial sector is set to ramp up its defenses.  By incorporating advanced technologies such as AI and machine learning, the approach will extend beyond reacting to threats; it will involve proactive anticipation and prevention.

There are several ways that businesses can prevent digital payment fraud, one of which is partnering with financial technology companies that will provide them with the protection they need.

Leatherback ensures solid encryption across all communication channels and security controls to protect your money and information. Click here to read about the security measures we’ve put in place for you.

3. API Integration: Internal APIs are now widely used in various industries, signaling a widespread acknowledgment of their transformative impact on how organizations manage workflows, collect payments, and process payouts. 

This shift towards incorporating APIs highlights their increasing role in fostering seamless collaboration and improving business operational efficiency.

As a business dealing with online payments, you can integrate One Access by Leatherback for timely payments, swift settlements, currency conversion options, and more.

Ready for a seamless payment experience? Book a demo with our team at api.sales@leatherback.co

Conclusion

In 2024, online payments are evolving rapidly. Businesses aiming not only to survive but to excel must not just keep up with these changes; they must take the lead in adopting emerging trends.

The future of online payments is already here, and those who actively seize it are not just set to survive but to thrive in the ever-changing digital landscape.

For more information on One Access by Leatherback, contact us at api.sales@leatherback.co. Follow us and get resources on LinkedIn.

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