How Mobile Payment Trends Change the Future of Online Payments

In the mobile-driven world, people tend to perform routine tasks using smartphones, and online payment is no exception. Though millennials are highly responsible for the surge in the number on mobile-based transactions, we just cannot ignore the role of salaried men, working women, and even retired persons in promoting mobile payments. A Business Insider survey has estimated that mobile payments will grow at CAGR of 80% to reach $503 billion by 2020.

Simply put, the future of mobile payments is bright as companies and consumers embrace this futuristic trend in favor of a cashless society. Ease of use, automation, convenience, streamlining of processes, and assurance of safe transactions are some of the major reasons why the trend of mobile payment has gained ground globally. Here are futuristic trends of mobile-based payment from the perspective of a mobile app development company.

• Mobile Wallets

The rise of eCommerce and mCommerce has paved the way for mobile wallets. As per a survey, every 6 in 10 consumers have used mobile for online shopping. The paradigm shift from laptop-based shopping to mobile shopping is greatly responsible for making mobile wallets one of the fastest-growing trends of mobile payment. When it comes to speed, safety, and convenience, custom wallet app solution always remains handy.

It is predicted that mobile wallet-based payments will reach $500 billion by 2020. Many eCommerce companies and B2C enterprises tend to contact the wallet app development company for developing feature-rich wallet apps. Software giants like Apple, Google, and Samsung have mainstreamed the mobile wallets and the consumers embrace them for paying through their smart devices with ease.

Mobile wallet app development services are expected to thrive in the coming years. The mobile wallets can also strengthen contactless payment methods like credit and debit card-based payments, wearable payment devices, etc. using NFC (Near Field Technology).

• Mobile POS (mPOS)

In today’s app-driven world, credit card-based payment has also got a touch of mobile. The rise of Mobile Point of Sale (mPOS) units provides an easy, simple, and wireless way to accept payment. These devices enable merchants to accomplish transactions at the customer’s location. In a way, consumers can also get rid of completing transactions at a centralized checkout location.

Read Related : How Much Does It Cost to Develop E-Wallet Mobile Application

mPOS works just amazingly at Apple stores. There is no need to go to the cashier for payment, as Apple resellers provide the checkout facility through any employee. Business Insider has predicted that there will be over 27 million mPOS devices in 2021. This prediction indicates a great scope for these devices. What’s more, mobile point of sale devices can be readily used beyond brick-and-mortar locations. Merchants can conduct their business from anywhere thanks to mPOS devices.

It is fair to mention that mPOS is one of the most promising mobile payment trends. Be it agro market or concerts, trade shows to a craft fair, everywhere mPOS devices can remain useful for the companies and consumers alike. In a way, mPOS and mobile wallet contribute a lot in establishing a wireless and cashless economy across the world.

• Social Shopping

Social channels have a lot of influence on shopping decisions and searching for products. People keep on visiting their Instagram, Facebook, and other social media accounts throughout a day. Therefore, no business can avoid social media. It is beneficial for enterprises to target a huge audience on various social media platforms.

When people find any product or services on particular social platforms, they tend to get reviews on the same platforms or other platforms before purchasing the product. Once they make a decision, they can simply click a ‘shop now’ or ‘buy now’ button without leaving your business app. In other words, when you integrate social media feature in the app, you can get benefits of social shopping.

Here, you need a flexible and robust mobile payment gateway or processor that can be readily integrated with mobile shopping cart and social media. You can hire wallet app developers to combine such a process with mobile shopping and social media features.

• Digital Authentication

Be it through mobile wallets or mPOS, the mobile payment always offers convenience and speed. But then, it is necessary to make the payment secure to enhance the trust level of customers. Therefore, wallet app development services focus on integrating safety features in the wallet. One of the important features is digital authentication.

Many mobile wallets demand dual authentication for access. A PIN is necessary to complete online payment through a mobile wallet. Another authentication method can be face detection or fingerprint-based access. Many smartphones have such features that can be used as dual authentication to enhance the safety of mobile payments.

• Wearable-based Payment

After the launch of Apple Watch, the smartwatch ownership is on the rise. Around 12 percent of adults use smartwatch globally as per official research. The number of smartwatch owners is also increasing to set the stage for the wearable payment. Though there is no competition between mobile payment and wearable payment as of now, we can expect that the wearable payment will see a steady expansion over the period.

Android app development services have started to integrate wearable app development. It can take the wearable-based payment system to the next level. However, we need to wait till wearables and smartwatch are adopted in the full swing.

Though mobile wallet and mPOS are the major trends to watch in the mobile payment technology, we just cannot rule out the emergence of automated payment capabilities. However, this functionality seems a distant dream today, the advancing technology can make it a reality soon. It can be considered as a future trend of mobile payment and payment gateways.

Wrapping Up
Mobile payments are all set to grow worldwide as companies and consumers prefer them for online transactions. Companies can get a new stream of revenue whereas people can get a convenient and secure way of digital transactions. We can expect that in the coming time, the mobile application development company will come up with user-friendly and unique app solutions for mobile-based payments.

If custom wallet app solution is all you need, Solution Analysts can be your one-stop destination. We have developed customized mobile wallet apps or integrated the mobile payment trends in business apps. If you want to know more about the scope of mobile wallet integration in your app, simply mail us at sales@solutionanalysts.com. Our experienced business consultants will reach you shortly.