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.