Mobile Payment Trends of Yesterday, Today and Tomorrow
Reshares and Likes
A Swift Movement of Mobile Payment Trends!
4 out of 10 people hate math and the rest of 6 aren’t good at it. But everyone loves counting money!
Do you love to count it too?
Then sure you need to get yourself aligned with the latest mobile app development trends and get acquainted with their terminologies.
The Road from Barter System to Contact Less Payments
1997 was the year when the payments changed their face value from the simple barter system to digital currency.
For the first time in the world, Coca Cola came out with a beverage vending machine in which users could pay with nothing but just an SMS!
Same time around, Mobil, an oil company, came out with Speedpass, an RIFD device.
This device helped the users to pay just by placing their device near the sensors placed on the pump.
These two mobile payment services made use of a person’s mobile account that has been linked to the user’s device.
The SMS payment system soon evolved and gave rise to the introduction of the world’s first phone-based banking service. This service was launched by Merita Bank of Finland in the same year.
By 1999, movie tickets were bought through mobile devices.
Then came the pizza ordering apps and travels were arranged through the smartphone.
Another benchmark was laid down in 2007 when the networking giant Vodafone launched one of the largest mobile payment systems in the world.
Okay, we are still way too back in time.
Let’s take a space shuttle to the year 2011. The year when ace players like Google and Apple entered the field of mobile payment.
Google was the first major company that came up with a digital mobile wallet.
It was based on the NFC technology that allowed customers to redeem coupons, make payments and earn loyalty points.
The Present Day Picture of Mobile Payment Trends?
Multichannel Commerce Payment Infrastructure
The Shopping habits of consumers have evolved greatly after the introduction of smartphones.
One-click commerce and in-app payments have gained a lot of popularity over the years.
Nowadays, even merchants have learned to manage multiple retail formats and payment channels.
This way, merchants got to boost their efficiency, in-store sales, post-sales services and increase the levels of customer satisfaction.
These types of payments, as the name suggests, do not require any physical contact between the reader and the device. It lets the customers just wave or tap a credit/debit card to make the payments.
These are faster than traditional swiping methods and help save a lot of time for the customers as well as the retailers.
Giants like Apple, Google, and Samsung have ApplePay, GooglePay, and Samsung Pay respectively, all of which act upon contactless payments.
The possibility of these types of payments growing is very high since there are a lot of factors rooting in for its extensions like business adoption and customer demand.
Employing these trends in your business can help you reach a larger set of a global audience in a shorter span of time.
Smart Speakers Boom
Modern times have witnessed immense growth in the sector of smart home assistants and speakers.
In 2014, Amazon was the first to release its smart speaker followed by Google Home in 2016 and Apple speaker in 2017.
Smart speakers are more than just speakers which you can use to listen to songs. Users can take advantage of the voice recognition feature and command it to book cabs, check out the nearby restaurant’s location, getting weather updates, etc.
Further developments in technology, aided in making payments via smart speakers.
The food company, Dominos, in collaboration with Amazon, has allowed for the orders to be placed via Amazon Echo.
Business Intelligence predicts that there will be more than 70 million users of smart speakers by the end of 2022.
The future seems quite RIGHT and BRIGHT for the technology and integrating it with your business processes shall prove to be quite fruitful in the future.
Welcome to the Future
Now that we have discussed the current and prevalent mobile payment trends, let’s take a peek into the future and its holdings for business development.
The star authentication reports revealed that over 56% of the people globally trust biometrics that have already taken over a lot of verticals in our daily lives.
In the future, biometrics are said to be safer alternatives to the PIN generation process offered by various financial institutes.
Machine Learning is the New Jazz
Security is of the highest value in the matters regarding payment technologies and their evolution.
This is why many banks are opting for machine learning to scan frauds.
The constant feeding of ML with new transactions lets them differentiate between normal and fraudulent transactions.
One such real-time example of ML can be seen where you instantly get an SMS from your respective banks whenever a transaction is made to detect if it was faulty.
The Social Stage
All of us in our free time like to scroll through various social media platforms like Instagram, Snapchat, Facebook, etc. and marketers have felt this trend.
Merchants are now looking forward to enabling easy checkouts through social media platforms.
This shall make the transactions faster and more streamlined.
Mobile Point of Sale (mPOS)
mPOS are wireless devices that mimic the functioning of traditional cash registers and sale terminals.
They offer a wireless and convenient way for merchants to accept payments.
mPOS nullifies the need to go for a centralized checkout location. It can be done through an employee present at the location.
If yours is a business that requires setting up retail stores, opting for this technology can help you save time and add to the shopping convenience.
We have successfully seen how the payment modes have evolved with time.
We have also shed a light on the foreseen trends that are ready to make the future more futuristic.
These trends are bound to revolutionalize mobile payments forever.
The journey of mobile payments and the latest mobile app development trends has always been exciting. In the coming years, we might see a completely new form of trends taking over. But what exactly it will be, only time will tell.
What are your thoughts on these trends? And how do you propose the future is going to be? Tell us in the comments below.
And for more such insights, keep reading our blog posts.