PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

5 Mobile Payment Processing Trends 2020: Increase Your Sales and Keep Customers

By Sahid Mansuri
April 22, 2020
in Contactless, Credit, Debit, Featured Content, Industry Opinions, Mobile Payments, Processing
0
91
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
5 Mobile Payment Processing Trends 2020: Increase Your Sales and Keep Customers

Internet payment arena has gone for drastic changes in the recent years with an increasing popularity and companies jumping on to this arena are launching their own payments apps.

The trends in the mobile payment apps industry are moving at a brisk pace and so do the preferences of people to transfer and receive payments over web.

The trends we are to discuss are in a way a conscious effort by firms to let technology evolve and make mobile payments more convenient than ever before.

Let us have a look at the mobile payment processing trends in 2020 that are redefining the way the payment is done on your palms.

Cash payments seeing considerable decline

If we go by the report by McKinsey & Company, there have been a steep decline in cash transactions going down to below 80% from almost 90%.

As per experts, this is just the beginning since the cash payments are only going to decline, especially with new digital m-commerce options coming up daily in the form of one or the another mobile payment system.

Think about how convenient it is for businesses to collect payments via mobile instantly for any products or services sold, since mobile payments are fast, secured, and encrypted.

Payments are going to be contact free

With NFC (Near Field Communication) technology gaining prominence, consumers need to simply wave or tap their phone to do instant payments, with a wonderful example of transit metro or buses wherein the technology is extensively used in transit cards used in commute.

Banks issue such cards and with a specific amount top-up into the card, the money is deducted every time when you wave or tap your card for commuting purpose.

Think how much convenient it would be for e-commerce and other online businesses wherein the payment is done right away with a simple tap or wave and making mobile payment solution extremely comfortable for customers to purchase online without worrying about the tiresome checkout.

Automatic payments in no time

The impact of Internet of Things (IoT) is just so powerful that now no more need to get yourself standing in any queue waiting for your turn of payment since just like toll booths you can simply bypass and the RFID (Radio Frequency Identification) sensors scans your card so that a payment receipt is generated on the app and even sent to you via email and text.

As per this study from Accenture, a world class customer experience is the one that differentiates the best from the rest and that is where IoT can be a wise step to put forward with any digital payment trend.

With invisible payment processing in place, people no more to worry about waiting for payments to process by inputting their information after being in the queue for a while before making an exit.

Payments at places where they aren’t expected

Payments are showing up at places wherein you least expect them and this is just amazing since now you can have payments rapidly done everywhere.

As an example let us consider the absolute intelligent smart cars introducing mobile payments and soon you can see it getting incorporated across a range of sectors whether be drive-throughs, gas, tolls, or more, you can expect mobile payments taking up everywhere.

Since, it is very much feasible and convenient to pay through digital wallet app as compared to other modes of payment, it won’t be surprising to see payments coming up at avenues that are out of reach.

Security to be more acute with time

It is not just the consumer convenience which is at stake with mobile money solution, but even secured authentication matters big time with an authorised access only to the buyer, who provides the payment details in lieu of purchasing the offerings from the e-commerce store.

Data security has been a top priority with tech advancement going ahead, and that is applicable to even mobile commerce arena, taking payments to a whole new level.

When the security comes integrated within the mobile payment platform, customers can be fearless in providing their sensitive payment details, and make as many purchases as and when necessary escalating business sales and revenue, in turn preventing frauds from taking place.

Stay up to date with latest mobile commerce payment trends

It is very much essential to check out mobile payment trends so that it can be of major assistance when you plan to build a mobile wallet app.

Mobile payments is an arena with a long bright future to go with no possibilities of getting diminished in near time to come.

Not just enabling customers to pay online but even enabling merchants or businesses to pay with ease, without any long procedure, or without dealing with technical issues, can be macro achievements when planning for your own mobile payment processing app.

91
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Mobile AppMobile PaymentsPeerbits

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    commercial card, Allpay ClearBank Prepaid Payments, wealth transfer

    How Banks Can Capture the Wealth Transfer from Boomers to Gen Z

    June 20, 2025
    embedded lending

    Embedded Lending as a Growth Strategy for ISVs—How to Maximize Revenue Potential

    June 18, 2025
    merchant ai

    Merchants Find More Use Cases for AI Amid Risks

    June 17, 2025
    prepaid payroll

    Taking the Check Out of Paycheck: The Role of Prepaid in Payroll

    June 16, 2025
    Banking-as-a-service BaaS

    Remodeling Main Street: How Community Banks Can Leverage the Banking-as-a-Service Paradigm

    June 12, 2025
    How Employee Performance Enhances the Customer Experience

    Three Strategies to Maximize Loyalty in the AI-Driven World 

    June 11, 2025
    PFM tools

    How FIs Are Cutting Through Subscription Clutter with PFM Tools

    June 10, 2025
    child identity theft

    Stranger Danger: Protecting Your Children from Identity Theft

    June 9, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result