Technology is currently expanding at an exponential rate as the age of digitalisation takes further root in society. The modern payment concept seems to combine a traditional cash transaction that is slowly but surely coming to an end with an ever-growing network of ePayment via smart devices as the old and new battle it out as digitalisation comes of age. Of course, as the technology develops rapidly, keeping in touch with the latest trends can often be a tricky concept, but there are some features which are obviously taking hold in society. It is those listed here that will dominate the future of mobile payment technology.
The mobile apps are upping the game
Scan the Android library or the Apple app store and what greets you is a continuous stream of applications to download and use. Most of these you see are game-related, whether it's games on https://www.facebook.com/ or https://www.usrealmoney-casinos.com/, there is an incredible array of choice. With epayment becoming a vital part of how consumers now purchase services, all it takes is one click of a button and an add-on or wager can be bought or placed instantly.
Some apps that are making the future of mobile payment much easier though are those that provide a so-called ‘ewallet'. Enabling customers to purchase whatever they want in person or online, the ewallet is revolutionizing how payments are being made, but why is that?
How improved security has fired mobile wallets into the public eye
The whole purpose, essentially, of the mobile wallet is convenience. Taking out your physical wallet or purse and trying to sift through the notes or coins to pay for goods and services can often be a bugbear for consumers. Pulling out your phone, however, and going straight to the wallet app can make things easier - there's no faffing about for the right change and it's a simple transaction.
But, convenience alone is not enough to convince the average consumer to ditch the bulging pocket or handbag for a mobile phone. Security is also a major factor when handing over hard-earned money - and so it should be.
Digital authentication is the name of the game for mobile wallet apps. And, most offer or require dual authentication to use. So, even if people make a purchase with a mobile wallet, a pin could still be required. Some smartphones take this authentication and security even further by possessing biometric authentication.
It sounds complicated, but it ensures that only authorized app users are able to use a phone or smart device in order to purchase a product or make a deposit on Paripop, thereby providing an ideal way of identifying the owner of an account and thus reducing chances of identity theft and fraud.
If you don't believe the writing, then believe the statistics; by the end of this year, payments on a mobile wallet are predicted to hit $500 billion - a massive rise from the $75 billion accrued in 2016. That rise accounts to a yearly growth of almost 80% over a period of half of a decade.
What this means for physical payment cards
Despite them being popular with the older generation, all this hype and growth surrounding mobile wallets has obviously prompted the decline of physical payment cards. As cash effectively gets trumped by the online world, the need to have an actual physical card in your pocket is decreasing with each passing year. Of course, non-cash payments are still a credit and debit card hotspot, with over 70% of Americans using at least one credit card.
But it's not just a mobile wallet where the future of payment lies. The concept of near field communication - or NFC - is transforming how transactions between consumers and merchants are completed, meaning payments can be made on the go, rendering physical forms of payment in various environments obsolete. The reliability and efficiency of such notions has been a key catalyst to the soaring of mobile payments.
The concept of mPOS and its societal impact
Where the future of mobile payment technology will centre around is the demand for mobile point of sale (mPOS) technology. Such units have come into being as a way of making or receiving payment without having to use in-store cash registers and sale terminals, driving the credit card into obscurity too.
The flexibility provided by mPOS as well as their portability - both compact and wire-free - make them ideal additions to trade shows, concerts and even food trucks as transactions can be completed wherever customers are. The Apple stores in particular showcase the mPOS in action perfectly. Customers are able to purchase goods with any employee instead of queueing in a line for the cash registers.
But, mPOS isn't just a trend that is around for a few years then disappears, it will be the future of mobile payment. There will be nearly 28 million mPOS devices in use by 2021, compared to the 3.2 million in 2014. Such a hike in numbers is largely down to the flexibility and convenience of mPOS in this current climate with merchants able to conduct business anywhere, whereas they were previously just used in brick-and-mortar locations.
Social commerce knocks shopping out of the park
If there is one trend right now that is showing no signs of letting up it's the power of social media. It is king with people in the streets, on public transport or merely at home scrolling for hours on end through endless sites and stories. No wonder then that businesses are trying to market such a huge audience.
But, technology has developed in such a way that when users sift through Instagram, Facebook or Snapchat and come across a product or service that they like the look of, no longer do they need to leave the app in order to search any further. All that is required is a click on the shop now button and the user can start buying - and all this without being redirected to an online store.
As a result, the payment process is much faster and smoother as a mobile shopping cart integrates with social media technology, and with the help of chatbot checkouts and autofill, customers tend to be satisfied much sooner than if they went in store.
Mobile is the future
Mobile wallets and mobile point of sale devices are where the future of mobile payment lies. The trends are already present - the ability to purchase goods in stores such as Apple from one particular employee rather than waiting for the checkout till. But, this will develop further into much greater automated payment capabilities, the type of which have been discussed above.
Though it will perhaps take years for the development to be perfected, it is clear that mobile is where the future of payment, payment processing and payment getaways lies. It's not a question of if, but simply when this will occur. The future of technology is exciting, but this could develop a cashless society much quicker than people think.