In the past ten years, there has been a tremendous shift in favour of digital payments over physical payments. The new community of payment processing is built on an intricate web of merchants, consumers, payment processors, and banks.
Mobile payments, smart devices, and online sales are rapidly transforming the methods customers locate and pay for products and services. They are also altering how payment processors accept, facilitate and secure payments.
Innovations That Are Shaping The Future Of Mobile Payments
Because of how quickly mobile payment technologies are developing, it’s quite hard to keep abreast with the most recent trends. Let’s discuss some of the revolutions that are forming the future of mobile payments and how payment gateways authorize such transactions.
- Mobile wallets: because they offer speed, ease-of-use, and security, mobile wallets are one of the most rapidly growing trends in the future of mobile remittance technology. Mobile wallet payments are predicted to grow by 80% by 2020.
- The universality of mobile apps: consumers can easily use mobile wallets by simply downloading mobile apps and using them for online or in-store payments. Brands like Reinvently are building customer-friendly mobile apps that are transforming how consumers pay for goods and services.
- Digital authentication: many mobile wallets require dual authentication before use. Biometric authentication and pins help ensure that only permitted users can buy from a smart device.
- The retreat of physical remittance cards: the fast growth of mobile payments means the natural decrease of physical payment methods, including cards. Credit cards are prevalent so that they will remain ubiquitous for a long time, but hard copy physical cards will fade away. Different types of digital payment and mobile payments are already cutting down the use of physical cards.
- Social shopping: people are getting involved with their phones more than ever, and retailers are using this as an opportunity to market their goods. Social users can make purchases without leaving an app. This efficient social shopping venture needs dynamic, adaptable mobile payment gateways.
Indicators That Mobile Payments Will Grow
There are distinct indicators in favour of the growth of mobile payments. These indicators will be a powerful driver for the future of mobile payments.
- Convenience: because mobile payment transactions are speedy, future growth is strongly predicted. Most customers will welcome any opportunity to save them a few more seconds while making payments. The choice to make contactless payment is hugely appealing as opposed to rummaging through wallets for cash or cards.
- Security: advanced technology like NFC (Near Field Communication) is utilized for contactless payment. Financial apps and mobile wallets like Samsung Pay and Apple Pay are incredibly secure because of this. Payments will not be initiated unless customers intentionally take action. Payments are even tokenized, so that card information is unavailable in a decipherable format.
- Loyalty: with digital wallets, it is easier for customers to redeem loyalty points and use them at checkout points. Mobile-powered loyalty is projected to be the element with the highest potential of driving customer adoption and mobile payments.Let your customers leave with a good last impression by offering varied payment methods so they can utilize their favored choice. More customers are discovering the convenience, security, and loyalty affiliated appeal of using mobile payments. Provide them with the option to create a positive experience.
Why Retailers Should Catch Up To Mobile Payments
When shoppers go into a store to explore, they make their selection and join the cue to checkout. They have made several decisions to reach this point and are faced with the determining choice of the day, which is payment options. This is the moment that retailers should seek to make super seamless for their customers.
That is precisely why more retailers are opting into mobile payments. Customers can make quick phone payments with one tap instead of counting bills or deciding which credit physical card to use. Mobile payments have come to stay, and retailers will do well to follow in the steps of other retail giants who are paving the way for this new technology.
Don’t let your customers get frustrated by failing to offer them forward-thinking solutions. Join the bandwagon and watch your business soar.
While developments are still underway, it's clear to see the direction the trend will continue to take. Mobile capacity epitomizes the future of remittance processing, payments, and payment gateways.
Mobile payments are setting anticipations for an exciting future and gaining steady popularity all over the world. Even though adoption is currently moving slowly, data shows that the future of mobile payments is vibrant.