The technological development has heightened the customer’s expectation from the business. The rapid increase in the smartphone in our lives has resulted in the creation of new apps. They now expect more ease for the services provided by the business in case of accessibility and payment.
This demand has accelerated the competition in the market due to which various mobile payments technology trends have emerged.
This article is centered on providing nurturance on the ten new mobile payment technologies and trends, therefore without wasting any more time let’s have a look below:
1. Contactless Payment
The notion behind the development of contactless payment is to provide users with a more secure platform for transactions. This allows users to make payment without undergoing the hectic of carrying opening wallet every time we make a purchase or carrying cash all the time.
The credit card, debit card, and smart card are all characterized under the heading of cashless payment. Its invention took place to meet the convenience and time-saving demand of the users. To obtain benefits from the contactless payment all you have to do is download any mobile wallet app such as Google pay or Apple pay.
The devices in the contactless payment use the radio-frequency identification (RFID) or near field communication. These frequencies get connected with the smart chip that resides on your card, however, the user has to make approval for the transaction that took place. This provides the transaction security to the user.
2. Application Programming Interfaces (APIs)
An application programming interfaces (APIs) are regarded as a system that makes the procedural calls required for processing the transaction. It has access to the database information through a server. The information is supplied in small packets ensuring the safety of the user personal information.
The API is the exchange of information between the two different components which have the particular software installed. The API is a secure way because the primary information of the customer is not at stack because it operates within the set laws of the particular country. The development of this technology has immensely augmented competition in the financial market.
3. Mobile Wallets
The mobile wallets have freed us from the hassle of carrying the wallet everywhere. In the coming years, a single mobile phone is what we need for performing various tasks. The mobile wallet carries your card details such as information on your debit card, credit card, and reward card in the digital form.
The user has to install the mobile wallet app and entering the card’s information. The information on the wallet is then secured by setting a certain key for access. Whenever the user has to make a transaction, he has to enter the assigned key for approving it. The mobile wallets can also store other information such as details about the driving license, details of health care, and more.
4. Near-Field Communication Payments (NFC)
Near-Field Communication Payments are similar to the contactless payment method. The difference lies in the fact that it makes use of two devices that when brought close to each other exchange some data. The devices carry an NFC chip that produces an RF field. The complex system of the NFC makes the payment secure. Furthermore, more cards can be augmented in the system yourself, either by scanning those cards through an app or filling out a form on which confirmation is done through an SMS.
5. Bluetooth Payments Technology
One more convenience that technology has provided us is in the form of Bluetooth Payment. The payment through Bluetooth takes place with the assistance of the sensors ingrained in the tiny batteries of it. The major benefits it possessed to the users is the increased range than NFC and contactless payment along with enhancing speed for processing transaction. The technology lets you make a transaction without even taking a mobile phone out of the pocket which results in the efficient payment process.
6. Assured Payment Systems
The payments that take place in this system are usually guaranteed by the third party (the bank typically). It follows an arrangement where the transaction that takes place at a particular time is guaranteed by the third party.
The businesses are provided with a guarantee by the bank of the payment, in case the consumer fails to pay. This obligation of the bank makes the payment more efficient and effective. It is the reason that users are holding multiple cards at one time.
7. Mobile device personal assistant
With the inclination of the individuals towards non-cash payment, various digital assistances are emerging at a high speed to assist the individuals. The personal assistance through mobile device retrieves all the data relevant to the user’s interest, habit, and behavior from the internet derived from his online searches.
This data assists in providing the user’s insights on the current deals, promotions which they can avail by making payments through a mobile phone.
8. Rewards for customers
The customers are seeking rewards in return for the payment they make. This has resulted in a new trend in the industry, as rewards are made available on the transactions that are made through cards.
This interest and benefit are driving people away from the use of cash and shifting them towards the use of cards. Various personalized rewards are been derived for the users to keep them motivated for its usage
9. Changed infrastructure
The traditional structure of the payment is not effective for the present digital payment processing. The companies that can provide technological flexibility for the processing of the transactions are the need of the time.
The Accenture report also reveals that immediate payment systems are required for conceding with the changes of the swift changes.
10. Shift to cards from the code for security
The development of technology is taking place through cards. The traditional payment method utilized the cards which had embossed number in series on them. These embossed numbers are stored in the company’s database on which the details about the clients are.
The transactions that we make through card are updated in the company database through the chip installed. This makes changes in the code that ensure the safety of the account. The increased use of the codes is said to take over the use of plastic cards. The development of the blockchain augmented reality, and the Internet of Things is making the credentials for payment virtual.
The increased usage of mobile phone is accelerating the advancement of the payment system. The nurturance on the ten new mobile development trends will enable every individual to make purchases anytime and anywhere easily making the transactional process efficient.
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