Practice tip of the week: 3 digital payment trends that healthcare providers need to know

With all the useful information available on Physicians Practice, it is easy to become overwhelmed.

With this in mind, the tip of the week is a chance to reflect on some of the wisdom found all across the site. In a December 2021 article on 3 digital payment trends that healthcare providers need to know, Curtis Bauer, Chief Product Officer, Sphere writes the following:

A streamlined digital experience is something consumers have come to expect in every area of their lives – yet traditionally healthcare has lagged in this area. Fortunately for providers, some changes loom on the horizon that could begin to reverse this trend. Following are three digital payment trends that have already begun and will continue to accelerate in the coming years.

The continued rise of contactless payments: In recent years, most merchants have migrated towards the acceptance of chip-enabled (also known as “EMV-enabled”) cards and away from the traditional swipe-enabled option.

Mobile phones are the new payment terminals: More than half of all smartphone users are expected to use contactless mobile payments by 2025.

Deeper integration of providers’ payments systems with digital wallets: Digital wallets, represented by services such as Google Pay, Apple Pay, Venmo, and Cash App, are another form of payment that has become increasingly popular with consumers. However, these services do not come with the application programming interfaces (APIs) needed to seamlessly integrate data into providers’ payment information systems.

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