IPTV is already a star in the entertainment world, and it has made cinema halls feel like a dwarf in front of it. People all around the globe enjoy millions of programs and movies of all types and categories and are willing to pay for them through subscriptions. The IPTV merchants are happy about it, but they also must keep a close eye on how the global payment trends are changing. Accordingly, the payment methods vary in every industry because something becomes a trend when customers accept it.
Today, people have different payment priorities. Away from the traditional ways, they have shown their interest and inclination toward the fastest and least payment methods. To keep the users happy and retain them, the merchants follow the payment priorities taking round as the global payment trends. Today, the payment industry can provide innovative payment solutions to merchants from all sectors. IPTV businesses are among the most desperate ones to exploit every relatable opportunity.
Here are some of the latest global trends that IPTV payment gateway companies are following –
1 – Mobile and digital wallets are the influential trends
According to research, mobile wallets can claim around one-third share of global POS transactions, which is 33.4%.
One of the most significant achievements of technology is its mobility, and payment methods are not an exception. Mobile payments and digital wallets are the preferences of the new era. Especially after the pandemic in the past three years, the need for contactless payments has made these two methods more popular. Merchants desperate to make a significant customer base willingly provide mobile and digital wallet payment facilities.
A significant benefit of these methods is the prevention of fraud. No additional device or physical interaction is required for making a payment.
Another study shows that by 2024, digital wallets will account for 51.7% of transaction volume.
The merchants must decide which digital wallets and mobile payments they want to accept because local preferences vary according to geographical differences. According to the mobile and digital wallet payment type, a merchant should choose the IPTV merchant account solutions.
2 – Customer Loyalty Is More Profitable Than Money
Customer loyalty develops through good experience, and the IPTV provider can improve the experience through an enhanced payment system, which is the responsibility of the payment gateway. The payment gateways working for IPTV businesses know that a company that retains its customers is the richest. To improve the overall payment experience, the gateway providers pay attention to uncompromised safety and transaction speed. The merchants have a focus on the digital-first mentality of the customers. They offer rewards and profitable customer loyalty programs to enhance user experience.
In the past three years, only those businesses could survive that were lucky enough to have customers that are loyal to their services. Today, users change their minds in a few seconds and switch to other IPTV platforms. Content is available in a variety on every platform, and it is challenging to retain the users. By providing a good payment experience, the payment gateways try everything to earn customer loyalty for their merchant clients. A loyal customer is the biggest and most precious asset of a commercial entity.
3 – Omnichannel has Gained More Importance
The omnichannel payment system is the new choice of the merchants to provide comfort to the customers. With digitized payment methods getting more critical, omnichannel is the most suitable option for IPTV merchants. It integrates all payment procedures of a company and provides revenue-driving solutions. Businesses are excited to embrace it because it gives the customer a personalized and engaging payment journey.
One prominent condition in omnichannel payment is that the safety measures should be uncompromised because the channel holds fragile customer data. IPTV, already a high-risk business, cannot afford to make any mistake here. While looking for the best payment gateway for IPTV for omnichannel processing, a merchant should always focus on the safety part. It is a synonym for versatile payment industry solutions that are enhanced daily with the help of technology.
4 – Payment Orchestration Is another help to Merchants
New era technology keeps sending new surprises, and businesses know how to exploit them for the benefit of their customers. Payment orchestration, a newcomer but with a stunning entry into the payment industry, offers a better payment journey experience. It connects acquirers, payments processors, and payment gateways (even more than one for a merchant) to facilitate faster transactions.
The market share of payment orchestration is expected to grow by $2 billion by 2025. It is also increasing at an impressive rate of 26.7%. It gives higher payment approvals, a faster and smoother checkout process, and much more. The companies that offer payment orchestration also provide additional security tools while remaining within the industry rules and regulations. The good thing is that this technology is also renowned for handling customer data safely. Merchants can gain the trust of their customers only if they prove reliability in every aspect. The typical buyer of any service or product gives importance to its hard-earned money. A merchant should first make arrangements for a smoother payment processing. A business becomes a brand by providing value-to-money services to the end-users.
IPTV payment gateways are part of a tough race due to the diverse competitors for their merchant clients. To keep the merchants closer to the customers, the payment gateways for IPTV merchants are chasing the latest payment trends. Some trends sound timeless as if they will never change, especially the customer loyalty point.
We all have seen how the market, the world, and the international economy have changed over the centuries. When customers have so many options, available customer loyalty will be the most vital factor in favor of an IPTV service provider. The merchant who has his customer’s loyalty is the king of the market. If you run an IPTV business, staying tuned to the newest wave of payment preferences is best and earning more customers through exemplary service.