News

HM Revenue & Customs (HMRC) has nearly doubled the amount paid to individuals providing tip-offs about suspected tax evasion, disbursing almost £1 million (£978,256) in the 2023/24 financial year compared to £508,500 the previous year.

The increase comes amid growing pressure to reduce the UK’s £39.8 billion tax gap—the difference between the tax that should be collected and what is actually received.

According to data obtained under the Freedom of Information Act by accountancy firm Price Bailey, HMRC received 151,763 anonymous tip-offs via its fraud hotline in 2023/24, slightly fewer than the 157,270 reports in 2022/23 but still the second-highest in seven years.

Andrew Park, Tax Investigations Partner at Price Bailey, described the payouts as “paltry” when measured against the billions lost to tax fraud annually. He suggested that significantly increasing rewards could incentivize more individuals to come forward with high-quality information. “A transparent system in which the reward is proportionate to the amount of tax recovered would go a long way to encouraging big-ticket tip-offs,” Park said.

Price Bailey highlighted the contrast with the United States, where the Internal Revenue Service (IRS) offers substantially larger rewards. In the most recent financial year, the IRS paid out $89 million to 121 whistleblowers, leading to the recovery of $338 million in taxes—averaging $735,537 per whistleblower.

Park noted that the UK system is less transparent and that awards are discretionary and not linked to the amount of tax recovered. This lack of significant financial incentive, coupled with the potential risk to employment for whistleblowers—many of whom are employees of the companies they report—may deter individuals from reporting major tax fraud.

He also pointed out that the lengthy process of resolving tax disputes serves as an additional disincentive. “Anything HMRC can do to make its reporting system more accessible and transparent would be welcomed,” Park added.

Read more:
HMRC doubles payouts to tax whistleblowers amid calls for larger rewards

A growing scandal over mis-sold motor finance could leave lenders facing compensation bills of up to £30 billion, according to a warning from leading credit rating agency Moody’s.

The estimate is the highest so far and raises concerns that the issue could mirror the payment protection insurance (PPI) debacle, which ultimately cost firms around £50 billion in redress.

While major banks like Lloyds Banking Group, Barclays, and Santander UK may be able to absorb the impact, smaller and more specialised lenders—including Close Brothers, Aldermore, Investec, and the financing arms of Ford and Volkswagen—could suffer a “more significant hit to earnings and capitalisation,” Moody’s cautioned.

The motor finance industry has been under increased pressure since the Financial Conduct Authority (FCA) banned discretionary commissions in car loan deals in early 2021. The regulator was concerned that such commissions—paid by lenders to car dealers or credit brokers for arranging finance—were unfair because they incentivised higher interest rates for borrowers.

Consumer complaints about these payments have escalated, prompting the FCA to announce a wide-ranging review in January, examining discretionary commissions dating back to April 2007. This ongoing inquiry has unsettled the industry, fuelling speculation that the watchdog may compel car loan providers to compensate affected borrowers.

In July, the FCA indicated that the likelihood of requiring compensation was “more likely than when we started our review.” Moody’s estimates that potential redress costs for the industry could range between £8 billion and £21 billion.

The situation could worsen if a recent Court of Appeal ruling is upheld. Last month, judges determined that any commission not properly disclosed to a borrower was unlawful, making lenders liable to repay the money to consumers. This ruling applies to all types of commission, not just the discretionary arrangements under the FCA’s focus, potentially adding a further £9 billion to the compensation bill, according to Moody’s.

By setting a higher standard for commission disclosure, the court has opened the door to a new wave of consumer complaints. Close Brothers and FirstRand (owner of Aldermore), the lenders central to the ruling, plan to appeal to the Supreme Court. Meanwhile, the judgment has thrown the industry into turmoil, with some lenders temporarily halting their car loan operations to ensure compliance.

Santander UK delayed its third-quarter results to assess the impact of the judgment and is expected to release its figures on Wednesday.

There is uncertainty regarding the scope of the judgment, with speculation that it could extend to commissions paid in other types of consumer finance. Moody’s warned that if this is the case, it would “result in a significantly broader and more negative impact” on many lenders.

Most banks and the finance arms of car manufacturers have yet to set aside funds to cover potential motor finance compensation. Lloyds Banking Group is one of the few that have made provisions, earmarking £450 million.

As the industry grapples with the potential financial fallout, comparisons to the PPI scandal have intensified. The scale of the possible compensation payments raises serious concerns about the stability of smaller lenders and the broader impact on the UK’s financial sector.

Read more:
Moody’s warns car finance scandal could cost lenders £30bn

Researchers at the University of Richmond in Virginia have discovered that rats can be trained to drive miniature cars and appear to enjoy the experience.

The study, led by Professor Kelly Lambert, found that not only can rats learn to operate tiny vehicles, but they also exhibit signs of excitement and anticipation when given the opportunity to drive.

In the initial 2019 study, rats were taught to steer a car made from a plastic cereal container by grasping wires that propelled the vehicle forward. The rodents quickly mastered the skill, steering with surprising precision to reach a piece of Froot Loop cereal as a reward.

Building on these findings, the researchers developed improved “rat-operated vehicles” equipped with rat-proof wiring, durable tires, and ergonomic driving levers. They observed that the rats showed intense motivation during training sessions, often jumping into the car and initiating the driving mechanism before the vehicle began moving.

Professor Lambert noted that the driving-trained rats eagerly approached the side of their cage during testing times, similar to how a dog might react when anticipating a walk. This behavior led the team to question whether the rats were motivated solely by the food reward or if they found the driving experience itself rewarding.

To investigate further, the researchers offered the rats a choice: they could either take a short, direct path on foot to obtain the treat or drive the car on a longer route, delaying their reward. Surprisingly, two out of the three rats chose to drive, suggesting they derived pleasure from both the journey and the destination.

Physical signs of positive anticipation were also observed. One rat held its tail upright with a crook at the end, resembling an old-fashioned umbrella handle—a posture linked to the release of dopamine, a neurotransmitter associated with motivation and reward.

Professor Lambert concluded that these findings highlight the importance of stimulating environments and novel experiences for cognitive development. “Anticipating positive experiences helps drive a persistence to keep searching for life’s rewards,” she said. “Planning, anticipating, and enjoying the ride may be key to a healthy brain.”

Read more:
Rats learn to drive miniature cars and show enjoyment, study finds

The Technology Secretary, Peter Kyle, has commissioned new research into the impact of social media and smartphone use on children, signalling that the UK may follow Australia’s lead in considering a social media ban for under-16s.

Australia is pressing ahead with plans to prohibit social media access for all individuals under 16, regardless of parental consent. Prime Minister Anthony Albanese declared earlier this month: “Social media is doing harm to our kids and I’m calling time on it.”

Kyle stated he is “looking very closely” at Australia’s proposal and remains “open-minded” about implementing a similar measure in the UK. A 2019 review by the Chief Medical Officer found insufficient evidence to draw strong conclusions about the links between social media, smartphones, and children’s mental health.

Believing that technology companies possess unshared research on the issue, Kyle’s department is initiating a six-month study, alongside a multiyear project, to “help direct future government action.”

The call for swifter action has intensified among campaigners and parents, especially following the publication of The Anxious Generation by American social psychologist Jonathan Haidt. The book attributes the rise in childhood anxiety and depression to smartphone usage, though some academics have challenged its conclusions.

Additionally, the Safer Phones Bill, proposed by Labour MP Josh MacAlister, includes a mechanism to ban social media for under-16s and is set for debate in March. Kyle is also urging Ofcom to report on its progress with the Online Safety Act. The regulator is finalising new laws, coming into force in the spring, which will compel tech companies to protect children online and remove illegal content.

However, civil society groups argue that Ofcom is not being stringent enough on tech companies. They contend that the current rules might, in some cases, require less action from companies than they currently undertake.

Kyle has issued a “statement of strategic priorities” for Ofcom, emphasising that the regulator should ensure safety is integrated into platforms from the outset, remain agile, address emerging harms such as generative artificial intelligence, and foster an environment resilient to disinformation.

Ian Russell, chair of trustees at the Molly Rose Foundation, welcomed the announcement, stating it “outlines a much-needed course correction” and “lays down an important marker for Ofcom to be bolder.”

An Ofcom spokesperson responded: “We welcome the draft statement of strategic priorities, which, once finalised, will help shape this important work.”

Read more:
UK considers social media ban for under-16s as Minister orders new research

Jaguar is set to retire its renowned “growler” logo—the iconic teeth-baring big cat that has adorned its cars for decades—as part of a bold rebranding strategy aimed at attracting younger, wealthier, and more diverse customers.

The move comes as the British luxury carmaker shifts its focus towards an all-electric future, with plans to launch three electric models in 2026.

While the “leaper”—the emblematic jaguar in mid-flight—will remain, it will be updated with a more angular design set against a striking backdrop of 16 bold lines, inspired by IBM’s logo. The reimagined branding also introduces a new “device mark,” a monogram combining the letters J and R within a circle, and a refreshed typeface that “seamlessly blends upper and lower-case characters in visual harmony,” according to the company.

The “growler” logo is being ditched as the company aims to “change people’s perceptions of what Jaguar stands for”

Accompanying these visual changes is an “exuberant colour palette” featuring vibrant reds, blues, and yellows, moving away from flat colours to capture the attention of a contemporary audience.

“This is a reimagining that recaptures the essence of Jaguar, returning it to the values that once made it so loved, but making it relevant for a contemporary audience,” said Gerry McGovern, chief creative officer at Jaguar. “We are creating Jaguar for the future, restoring its status as a brand that enriches the lives of our clients and the Jaguar community.”

No turning back on electric vision

The rebrand signifies a significant shift for Jaguar, which has removed existing new car models from showrooms over a year ago to create a clear distinction between its legacy vehicles and forthcoming electric lineup. The company expects to retain only 15% of its existing customer base, viewing the overhaul as starting with a “clean sheet.”

Senior managers have emphasised that there is no Plan B beyond their electric vehicle strategy, stating the company must be “fearless” and challenge convention to survive in the evolving automotive landscape.

Rawdon Glover, managing director of Jaguar, explained that taking new cars off sale was an intentional move to reset consumer perceptions. “From a marketing sense, at the moment, there are lots of people out there that know what Jaguar stands for, and actually it doesn’t stand for them,” he said. “We need to change people’s perceptions of what Jaguar stands for. And that’s not a straightforward, easy thing to do. So, having a fire break between old and new is actually very helpful.”

Read more:
Jaguar retires iconic ‘growler’ logo in electric rebrand to attract new generation

UK inflation climbed to a six-month high in October, surpassing the Bank of England’s 2% target, driven primarily by increased household energy bills.

The Office for National Statistics (ONS) reported that the annual Consumer Price Index (CPI) rose to 2.3% last month, up from 1.7% in September—the highest rate since April. This figure exceeded both economists’ forecasts of 2.2% and the Bank of England’s projection of 2.1%.

The rise was widely anticipated following Ofgem’s decision to increase the energy price cap in October. The ONS noted that housing costs, reflecting higher gas and electricity prices, were the largest contributors to the inflation uptick. There were also smaller increases in transport, furniture costs, and restaurant prices. Conversely, the recreation and leisure sector saw declining inflation, making its smallest contribution to the price basket in two years.

Grant Fitzner, chief economist at the ONS, said: “Inflation rose this month as the increase in the energy price cap meant higher costs for gas and electricity compared with a fall at the same time last year. These were partially offset by falls in recreation and culture, including live music and theatre ticket prices.

“The cost of raw materials for businesses continued to fall, once again driven by lower crude oil prices.”

Key sub-components of inflation also saw increases. The services sector inflation, closely watched by the Bank of England, strengthened from 4.9% to 5%, aligning with the Bank’s forecasts. Core inflation, which excludes volatile food and energy prices, edged up from 3.2% to 3.3%, defying expectations of a drop to 3.1%.

Andrew Bailey, Governor of the Bank of England, warned that inflation in the services sector remains “incompatible” with the Bank’s 2% target over the medium term. Despite cutting interest rates for the second time this year to 4.75%, policymakers are divided on the future path of inflation. Four of the nine members of the Monetary Policy Committee expressed differing views during a parliamentary hearing on Tuesday.

Official figures due tomorrow are expected to show an uptick in the Consumer Price Index to 2.1% in October, driven by rising household energy bills. Traders currently do not anticipate another interest rate cut this year, with expectations of a maximum of four cuts in 2025, potentially lowering the base rate to 3.75%.

The UK’s 2.3% inflation rate in October compares with an average of 2% in the eurozone and 2.6% in the United States.

Read more:
UK inflation rises to 2.3% in October on higher energy costs

Sales of vintage teddy bears have surged dramatically as nostalgia grips the collectibles market ahead of the release of Paddington in Peru next month.

Vintage Cash Cow, the UK’s leading marketplace for pre-loved treasures, has reported a remarkable increase in demand for classic Paddington Bear memorabilia. The company notes that sales of these cherished toys have experienced an unprecedented rise, with collectors and fans eager to own a piece of Paddington history.

Mike Hinchcliffe, Head of Sales and Revenue at Vintage Cash Cow, commented: “It’s always fascinating to see how certain toys, particularly Paddington Bears, become such coveted items following the film’s release. Vintage toys hold emotional value that goes way beyond any monetary worth, and it’s clear that these classic items are finding their way into the hearts and homes of people once more.”

Experts suggest a clear connection between major cultural events and consumer behaviour, with new film releases often sparking increased interest in associated collectables. However, it’s not just Paddington capturing the imagination. Across the board, vintage teddy bear sales have risen by 100% over the past 12 months, highlighting a broader trend of nostalgia-driven purchases.

This surge extends beyond teddy bears. Vintage Cash Cow has also observed a notable uptick in sales of other retro toys, including vintage Barbie dolls, classic Lego sets, Tamagotchis, and action figures. These collectables, once tucked away in attics and cupboards, are now being celebrated as timeless treasures by both seasoned collectors and new generations alike.

The growing interest in retro and vintage toys reflects a wider desire among consumers to reconnect with cherished childhood memories. As excitement builds for Paddington in Peru, industry insiders expect the demand for vintage Paddington Bear collectables to continue increasing in the coming weeks.

Read more:
Vintage teddy bear sales soar amid Paddington Bear revival

Email marketing remains one of the most effective tools in the digital marketer’s arsenal. However, its success is no longer measured merely by how many emails are sent or received, but by how well those emails resonate with the audience.

Enter email segmentation—a powerful technique that ensures your message lands in the inbox of the right person at the right time. This article dives deep into email segmentation, its benefits, and actionable strategies for leveraging it to maximize your return on investment (ROI).

What is Email Segmentation?

Email segmentation involves dividing your email list into smaller, more targeted groups based on specific criteria such as demographics, behavior, purchase history, or engagement level. Rather than sending a one-size-fits-all message to your entire audience, segmentation allows you to tailor your content to meet the unique needs and preferences of each group.

For example, instead of sending the same promotional email to both first-time buyers and loyal customers, you can create two separate campaigns. One could introduce new customers to your brand, while the other rewards loyal customers with an exclusive discount.

Why is Email Segmentation Important?

Email segmentation is crucial for crafting campaigns that resonate with your audience. Unlike generic emails, segmented campaigns deliver personalized content tailored to the specific needs and preferences of each subscriber. This relevance leads to higher open rates, improved click-through rates, and stronger conversions.

One major benefit is increased engagement. A well-segmented list allows you to send targeted messages, such as product recommendations based on purchase history or exclusive offers for loyal customers. These tailored experiences build trust and foster deeper relationships with your audience.

Segmentation also reduces unsubscribe rates by ensuring your emails are meaningful and not overwhelming. Additionally, it boosts ROI by focusing your resources on the most promising segments. Leveraging advanced tools in email marketing platforms makes segmentation seamless, helping businesses optimize their campaigns for maximum impact.

Key Criteria for Email Segmentation

To create effective email segments, you need to base them on criteria that align with your business goals and audience behaviors. Here are some of the most popular segmentation strategies:

Demographics
Segment by age, gender, location, income, or occupation. This is particularly useful for businesses with products or services that appeal to specific groups.
Behavioral Data
Group users based on their actions, such as browsing history, purchase frequency, or interaction with past emails. For example, a customer who frequently views a specific product category may appreciate updates on new arrivals in that category.
Purchase History
Use past purchases to recommend similar or complementary products. Loyal customers might enjoy early access to sales, while first-time buyers may respond to a discount on their next purchase.
Engagement Level
Identify active users versus those who haven’t opened an email in months. You can send re-engagement campaigns to dormant subscribers or reward highly engaged ones.
Email Preferences
Let your subscribers choose the type of content they want to receive. For instance, some may prefer weekly updates, while others are only interested in sales promotions.
Lifecycle Stage
Segment based on where a subscriber is in their customer journey—lead, prospect, first-time buyer, or repeat customer.

Best Practices for Email Segmentation

While segmentation is a powerful tool, it needs to be executed strategically to yield results. Here are some best practices:

Start with Clear Goals
Determine the purpose of your segmentation. Are you looking to increase engagement, drive sales, or improve retention? Clear goals will guide your efforts.
Leverage Data Effectively
Use analytics tools to gather insights on your subscribers. The more data you have, the more precise your segments will be.
Use Dynamic Content
Dynamic content allows you to tailor parts of your email based on the recipient’s profile without creating multiple campaigns. For instance, you can display different product recommendations depending on user preferences.
Test and Optimize
Conduct A/B tests on segmented campaigns to determine which messages resonate most with each audience. Use the results to refine your strategy.
Keep Segments Updated
Regularly update your segments to reflect changes in customer behavior or preferences. A segment that worked six months ago may no longer be relevant.
Don’t Over-Segment
While segmentation is valuable, overdoing it can lead to management challenges. Focus on the most impactful criteria for your business.

Examples of Email Segmentation in Action

Retail Industry
A clothing brand can segment its audience by gender and season. Men receive emails about the latest men’s fashion trends, while women see promotions on women’s apparel.
E-Commerce
An online store can target customers who abandoned their shopping carts with a reminder email offering a discount.
Software as a Service (SaaS)
A SaaS company can segment users based on their subscription level (free trial, basic, premium) and send tailored onboarding emails.
Travel Industry
A travel agency can segment by location and past travel preferences. A frequent traveler to Europe may receive updates on discounted European tours, while a beach lover sees promotions for tropical destinations.

Measuring Success: Metrics to Track

The ultimate goal of email segmentation is to improve your campaign’s ROI. To gauge its effectiveness, monitor these metrics:

Open Rate
Indicates how many recipients opened your email.
Click-Through Rate (CTR)
Measures the percentage of recipients who clicked on a link within your email.
Conversion Rate
Tracks how many recipients completed a desired action, such as making a purchase.
Unsubscribe Rate
High unsubscribe rates may indicate that your segmentation needs refinement.
Revenue Per Email
Calculates the direct ROI of your email campaigns.

Email segmentation is no longer a luxury—it’s a necessity in today’s competitive digital landscape. By delivering personalized, relevant content to specific audience groups, you can enhance engagement, build stronger relationships, and ultimately maximize your ROI. Start by understanding your audience, defining clear goals, and leveraging the right tools. As you fine-tune your segmentation strategy, you’ll find that even small adjustments can lead to significant results.

In the end, email segmentation isn’t just about sending emails—it’s about creating meaningful connections with your audience.

Read more:
Understanding Email Segmentation: Targeting the Right Audience for Maximum ROI

Discovering the perfect Apple Watch wristband for your active lifestyle can make all the difference in your fitness journey.

As more fitness enthusiasts incorporate Apple Watches into their routines, finding a band that provides comfort, durability, and style is crucial. Whether you’re running, swimming, or hitting the gym, the right wristband ensures your watch stays secure while enhancing your workout experience.

Why Choosing the Right Apple Watch Wristband Matters

Selecting the right Apple Watch wristband is more than just a fashion statement. Here’s why it matters:

Comfort: A comfortable band makes wearing your watch pleasant throughout the day.
Durability: The right material ensures your band can withstand workouts and daily wear and tear.
Skin Protection: Wearing an ill-fitting or inappropriate band can cause skin irritation. It’s important to choose a band that minimizes these risks. Healthline discusses concerns like rashes and other skin issues related to improper bands.

Problems can occur if your band isn’t a good fit. Some common issues include:

Chafing and Irritation & Limited Mobility: A too-tight or loose band can cause discomfort or restrict your movement during workouts.

Using a well-fit band improves your experience, ensuring your focus remains on your activities, not wrist discomfort.

Types of Apple Watch Bands for Different Activities

When choosing the right Apple Watch band, it’s important to consider the activity you’ll be doing. Different materials and designs cater to various needs like comfort, flexibility, and moisture resistance. Here’s a rundown on some popular types:

Silicone Bands: These are perfect for those who engage in sweaty activities. They are durable and easy to clean, making them ideal for both gym and outdoor use. Silicone’s sweat resistance is a big plus, offering comfort during long workouts.
Nylon Bands: Nylon is lightweight and breathable, making it a great choice for running or hiking. Its woven material allows for airflow, keeping your wrist cool. Nylon bands also come in various colors, allowing for personal style.
Metal Bands: For individuals who have more laid-back activities but want a classy look, metal bands are a go-to. They’re stylish and durable for casual outings or work environments but might not be the best for intense workouts due to weight and less flexibility.

For specific activities, consider the following:

Swimming: Opt for silicone or fluoroelastomer, as these materials resist water and dry quickly.
Running: Choose lightweight and breathable options like nylon bands to keep your wrist comfortable and prevent skin irritation.

For more detailed information on the durability of these materials, such as nylon, check out this insightful resource by Britannica.

Exploring the Best Apple Watch Wristbands for Intense Workouts

Engaging in high-intensity workouts requires a band that can endure sweat and regular movement without compromising comfort. Here are some recommended bands designed to handle these challenges:

Nike Sport Band: Known for its breathable, perforated design, it limits sweat buildup, ensuring maximum comfort. The durable fluoroelastomer material maintains its condition even during the most intensive exercises.
Adidas Run Band: Tailored for runners, this band offers adjustable features for a snug fit and prevents slippage. Its water-resistant properties make it suitable for all weather conditions.
Under Armour Sport Strap: Designed with athletes in mind, this band features sweat-wicking channels to enhance comfort during workouts. The strap’s flexibility allows a full range of motion, ideal for dynamic exercises.
Nomad Active Strap: Constructed with hydrophobic leather, it’s perfect for a seamless transition from gym settings to social gatherings. This stylish band is both water and sweat-resistant.

For additional guidance on which Apple Watch band to opt for, refer to Men’s Health.

These wristbands are built to support rigorous physical activity while ensuring durability and style. Depending on your routine, selecting the right band can enhance your workout experience and keep your Apple Watch secure.

Apple Watch Bands for Women with Active Lifestyles

Finding the right Apple Watch bands is crucial for women who lead active lives. These bands need to be both functional and stylish to match various activities without compromising on looks.

Key Features of Functional and Stylish Bands:

Adjustable Straps: Ensure the band fits snugly but comfortably on the wrist. This prevents irritation and allows for ease in switching between different wrist sizes.
Breathable Materials: Opt for bands made from materials like silicone and sport-style nylon. These materials are sweat-resistant and perfect for activities that raise your heart rate.
Attractive Designs: Fashionable choices can accompany workout gear or elevate a casual look. Bands that strike the right balance are ideal.

Best Apple Watch Bands for the Outdoor Enthusiast

If you’re an outdoor enthusiast, you need a wristband that can endure what Mother Nature throws at you. This involves balancing durability with outdoor-specific features.

Features to Consider:

UV Protection: Prolonged sun exposure can damage materials; choose bands designed to resist UV rays.
Durable Construction: Look for robust bands, perhaps crafted from materials like leather or rugged nylon.

Choosing the right Apple Watch band for outdoor activities ensures comfort and reliability, so you can focus on enjoying the great outdoors.

Apple Watch Wrist Bands for Everyday Wear

Finding a wristband for your Apple Watch that suits both active and casual settings is key for those who like versatility. Here are some top picks that combine style with comfort, making them suitable for everyday wear:

Hybrid Designs: These bands pair style with functionality. Look for bands with a sleek design that doesn’t compromise on comfort.
Material Matters: Consider bands made from materials like leather or woven nylon, which are comfortable and durable for daily use.
Easy Transitions: Opt for bands that can easily shift from a gym session to a dinner date without looking out of place.
Color Choices: A range of colors allows you to personalize your look, matching the band with your outfit.

Using such wristbands ensures you’re ready for both workouts and social gatherings without needing to swap accessories.

Conclusion: Choosing the Perfect Band for Your Lifestyle

Selecting the right wristband for your Apple Watch is essential for maximizing both its functionality and your comfort throughout the day. A few reminders as you make your choice:

Consider Your Activities: Different bands suit different activities, such as running, swimming, or casual wear.
Functionality Meets Fashion: Ensure your choice doesn’t just look good but also provides the needed support for your active lifestyle.

Ultimately, the best band for your Apple Watch provides a balanced combination of material, style, and function to meet your everyday needs.

Read more:
Explore the Best Apple Watch Wristbands for Active Lifestyles

Advancements in digital technology have made it easy to pay bills, shop, and transfer money with a single tap of a button. This has evolved the way financial transactions are performed around the globe.

Businesses have also immensely benefited from the same as they can easily facilitate cross-border payments hence boosting the economic growth of developing economies. Click here to learn more about the best solution for your customers. Today we will take a look at some of the growing trends in the digital payment industry:

Digital Wallets

Digital wallets can add inertia to the payment speed by storing all debit and card information of the consumer on their device. Businesses can benefit massively from adding digital wallets to their payment mode. For starters, it enhances the conversion rate and reduces cart abandonment rates. When customers have to type in credit card numbers manually, this can be highly time-consuming. This isn’t the case with digital wallets as it fosters a fast checkout process resulting in higher sales.

IoT

Tap On Mobile is currently in vogue as a payment mode that is evolving the e-commerce experience. Nothing can match the ease of use when you simply have to tap your card after availing of a product or service. Gone are the days when you had to type in credit card details manually or even remember the passwords of your digital wallets. Businesses also prefer Tap On Mobile given its inherent simplicity. All they have to do is download an app after which an ordinary smartphone can function as a point-of-sale sans any specialized hardware.

Buy Now, Pay Later

This is another popular type of digital payment wherein online shoppers can get an extended time for honoring the payment without having to bear the brunt of interest. This trend is a hit among young shoppers who often buy on a whim but feel relaxed when the payment obligation is delayed considerably. Financially fragile households can also benefit massively from the Buy Now Pay Later scheme as this helps them with their small purchases.

Frictionless Cross-Border Payments

Financial institutions in different countries can easily connect through cross-border payments. A large number of consumers are increasingly looking for cross-border payment options wherein they can transfer funds across international borders on a real-time basis.

Account To Account Payments

Account-to-account payments are massively taking over the payment landscape in 2024. These are real-time electronic fund transfers that take place from one account to another. The best thing about this type of payment is that they can bypass traditional payment rails leading to instant settlement in the recipient’s account. Countries like Thailand and Brazil are global leaders in adopting Account-to-account payment.

‍Digital Invoicing

E-invoicing or digital invoicing is rapidly transforming Business-To-Business and Business-To-Consumer transactions. It banks on invoice automation and intelligent accounting systems alongside electronic signatures. As a result, businesses can digitize their accounts, bills, and receivables management procedures to minimize paperwork and lower the overall cost.

Voice Payments

Modern-day banks, financial companies, and e-commerce stores are trying to bring in greater personalization for their clients. Given the increasing popularity of virtual assistants such as Google Home, Alexa, and Siri among tech-savvy consumers, businesses are trying to offer a similar line of services. They are combining language processing with voice recognition and machine learning algorithms to offer voice-mediated payments alongside an additional authentication layer.

Conclusion

The modern payment landscape offers innovative solutions allowing businesses to optimize their sales. The digital payments market is all set to attain rhetoric heights in years to come and merchants need to adopt modern payment methods if they wish to lure in new customers and retain old ones.

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Innovative Payment Technology Rapidly Adopted By Modern Businesses