The TV broadcasting industry is reshaping its operations thanks to the significant shift in today’s payment technologies. Traditional and linear TV models are being supplemented, if not replaced, by subscription services and innovative monetization strategies.
A Forbes survey shows that 99% of all American households pay for at least one or more TV streaming services. To tap into this market of consumers, TV broadcasters are swiftly adapting, leveraging advancements in digital payment technologies to optimize revenue streams and enhance viewer experiences.
With consumers demanding greater flexibility and personalized content, broadcasters are reimagining their payment structures, offering tailored subscription packages and pay-per-view options.
Additionally, partnerships with payment gateway providers like iCG Pay, formerly iCheckGateway.com, are becoming essential for staying competitive.
In this blog post, we’ll examine how technology and content consumption habits are transforming TV broadcasting payments in 2024.
Here are the emerging payment trends to look out for in 2024.
Integration of Digital Wallets and Payment Gateways
Integrating digital wallets and payment gateways has become a cornerstone of modern TV broadcasting payment solutions. With the surge in digital payment options and the increasing popularity of digital TV platforms, broadcasters are partnering with payment gateway providers like iCG Pay to offer seamless and secure payment processing for their viewers.
By leveraging digital wallets, viewers can store their payment information securely and complete transactions with just a few taps, bypassing the need for manual processes.
Payment gateways act as intermediaries between broadcasters and financial institutions, facilitating the secure transmission of payment data, banking as a service, and enabling electronic payments. This integration not only enhances convenience for viewers but also opens up new revenue opportunities for broadcasters by expanding their reach to a global audience.
Contactless Payments and NFC Technology
During the COVID-19 pandemic, contactless payments and Near Field Communication (NFC) technology gained significant traction in TV broadcasting. The NFC market size is expected to reach $34.9 billion by 2025 globally. This growth is attributed to the adoption of wearable technology and the expansion of mobile payments.
NFC technology enables viewers to pay by tapping their NFC-enabled devices, such as cards and smartphones, against a compatible terminal.
Additionally, broadcasters are investing in other forms of contactless payments, such as IVR systems that allow customers to complete a payment over the phone. Unlike other over-the-phone payment systems, IVR payments are flexible, so customers can make ACH transactions more quickly.
This shift towards contactless payments enhances the safety of transactions but also aligns with broader trends towards digitization and cashless payments.
Biometric Authentication for Subscription Services
Biometric authentication is becoming common in the world of TV broadcasting subscription services by offering enhanced security and user convenience. This technology leverages biometric identifiers such as fingerprints or facial recognition, making it easier for broadcasters to authenticate viewers' identities and grant access to subscription content.
When consumers have access to a streamlined payment process, they are more likely to stay loyal to your brand. With payment fraud on the rise, it's becoming more essential to partner with payment processing providers like iCG Pay, which provides advanced technologies that integrate biometric authentication. This way, you can access secure, PCI-compliant payment systems.
Tokenization for Secure Transactions
TV broadcasters accept different types of electronic payments, including credit card payments. However, credit card fraud is quite common, with about 426,000 reports recorded in 2023. This is why tokenization is important in the TV broadcasting industry.
Data tokenization replaces sensitive payment information with unique tokens for each transaction when a customer uses credit or debit cards. It encrypts payment data, rendering the original payment information unusable to malicious actors. This way, broadcasters can protect against data breaches and ensure the security of electronic payments.
Dynamic Pricing and Personalized Payment Plans
Dynamic pricing and personalized payment plans are revolutionizing how pay TV broadcasters monetize their content and engage with viewers. With the rise in streaming trends, they can use data analytics and viewer insights, broadcasters to tailor pricing strategies and payment plans to individual preferences and consumption habits.
For instance, you can compare ACH payment vs. wire transfers to determine which customers prefer. This enables broadcasters to maximize revenue generation while providing viewers with flexible and personalized payment options.
Payment gateway providers like iCG Pay enable broadcasters to implement dynamic pricing algorithms and offer personalized payment plans through their platforms. This trend enhances the effectiveness of payment solutions and drives customer loyalty and retention.
How Do These Payment Trends Benefit TV Broadcasters?
As a TV broadcaster, you need a payment process that makes it easy to settle advertising payments electronically and manage all customer accounts. These emerging online payment methods can be beneficial in the following ways:
- Enhanced revenue opportunities: By integrating payment gateways, you can tap into new markets and gain additional revenue streams. Capitalize on the growing popularity of digital TV platforms and increase the ad spend through targeted advertising and subscription offerings. Payment gateways also allow you to offer more payment options, including virtual terminals, SMS payments, eCheck payments and ACH processing.
- Improved user experience: Contactless payments and NFC technology enhance the convenience and safety of transactions for viewers. Customers can enjoy a positive user experience thanks to the frictionless payment options.
- Strengthened security measures: The advancement of payment technology comes with robust security measures to protect against data breaches and fraudulent activities. Your broadcast television payment services can use biometric identifiers to safeguard sensitive payment information and instill trust and confidence among viewers.
Streamline Your TV Billing
The TV broadcasting industry is evolving fast. Therefore, it needs payment technologies that align with these progressions and evolving consumer behaviors. As a broadcaster, you should keep track of these emerging payment trends to stay ahead of the competition.
To navigate this dynamic environment successfully, you need to forge partnerships with trustworthy payment gateway providers like iCG Pay. Our services allow you to process payments much faster, prevent fraud, and save time and money.
Schedule a call with our experts to learn more today.
