a customised experience . And once your company has more data , artificial intelligence and machine learning come into play . For example , Square ’ s consumer finance service Cash App uses Google Cloud AI and machine learning to provide personalised client services . As a result , its customers can make more informed financial decisions — and Square can predict their future spending habits .
Security : Crypto and Consumer Identity Confidence in cybersecurity , however , is at an all-time low . While we ’ ve grown used to data given to Google , Apple , and Amazon , recent news has made many cautious . According to EY , digital security is a top concern of 68.5 % of companies . Fraud , ransomware , and payments scandals worry consumers ; fail to take note and buyers will shun you . They ’ ll only provide data in exchange for customised services if your company keeps it safe .
Consequently , some companies and governments have turned to cryptocurrencies . China ’ s central bank announced plans to roll out a state-backed cryptocurrency in seven companies , including Alibaba and Tencent . Others have turned to authentication companies , such as Ping Identity , that can help them verify , register , trust , and authorise digital payments — as well as ensure smooth , secure interactions with remote workers .
THE SHIFT TO HIGH-TECH
Fundamentally , palm payments , EPOS solutions , QR codes , cryptocurrencies , digital loyalty schemes , and ML data analytics are shifting how consumers buy and companies get paid . Embrace it . Mastercard predicts that 74 % of consumers will keep using contactless payments after the pandemic . This means that you can reach new markets by meeting customers where they ’ re at and making it easy to check out . After all , these trends aren ’ t going away . Said Stefan Merz , Chief Operating Officer of PPRO : ‘ 2021 will be all about addressing that change and seizing the opportunities ’.
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