How The Future of Mobile Payment Technology
The contemporary payment processing ecosystem is a intricate network of consumers, merchants, banks, and payment processors. The last decade has seen a monumental shift from physical payments to electronic
Online sales, smart devices, and mobile payments are not only changing the way consumers find and pay for services and goods, they are also changing the way payment processors accept, protected, and ease obligations.
Because mobile payment technology is evolving so rapidly it can be difficult to keep up with the latest trends. Here, we’ll cover a few of the innovations that are shaping the future of how customers make payments and the way that mobile payment gateways enable these transactions.
Mobile wallets widely used in part because they are easy for customers to use. They just download a cell wallet program for their phone or mobile apparatus, add payment info, and utilize their cellular wallet as a payment system in person or online.
This secure mobile payment technologies includes user authentication and other security features like never having to enter credit card information on websites rather than needing to give your bodily credit card to a cashier.
Not many cellular wallets utilize the moniker mobile wallet. Among popular digital wallets are goods from Samsung, Apple, as well as our own eWallet solution. These consumer-friendly apps are changing the way customers pay for products and services.
Disappearance of Physical Payment Cards
Component of this growth of mobile pockets naturally signifies a decrease of bodily payment cards. Debit and credit cards continue to be the dominant form of non-cash payment. Over 70% of Americans use at least one credit card. Slightly more than 15 percent of Americans possess 5 or more credit cards. To put it differently, charge card use is fairly common.
The ubiquity of charge cards isn’t going away. What is going away is your actual, physical card. Mobile payment apps and other kinds of electronic payment (bitcoin, peer to peer transactions) are minimizing the need for bodily Physical-Payment-Cardscards.
Future mobile payment processors are going to be able to manage a variety of payment options-including cash, conventional cards, and cellular wallets.
Let us face it, folks like to be on their phones. They like to scroll Instagram, Facebook, Snapchat, and many other social networking sites. With all these eyeballs on social networking, it’s only natural that companies attempt to market to such a huge audience.
Social-ShoppingWhen social users locate a product or service that they like on particular platforms, they no longer have to leave the program to find the business enterprise. They can easily click a store today button and start purchasing –all without leaving the app.
This streamlined social shopping experience needs a flexible, dynamic cellular payment processor that may integrate with cellular shopping cart and social media technology. This societal shopping gateway signifies a essential capacity for the future of mobile payment gateways.
Looking Forward — Automated Upgrades, Intuitive Click & Brick, and More
The future of mobile payment technologies is dominated by mobile wallets and mobile point of sale devices. We see the tendencies starting–swipe readers on smartphones in farmer’s markets, people purchasing lattes with easy-to-use mobile payments, etc.. On the other hand, the remote future of mobile payment includes automatic payment capabilities.
While there’s still much development to be done, the leadership is apparent. Mobile capacities represent the future of payment, payment processing, and payment gateways.
Know more about the potential for mobile eCommerce and contact us today.