Today mobile or digital payments have transformed the way we transact our money. This new way of the transaction has reshaped how consumers purchase things and how merchants accept payments.
And as we continue to evolve from a cash society to the digital one, smart merchants are acquainted with the ways to accommodate their customers’ love of smartphones. The very trend of mobile payments is driven by the need for fast, convenient, and security to keep transactions safe.
Here we singled out 9 mobile trends that will transform how the merchants will accept the payments in the future:
More in-store Mobile and Contactless payments
Driven by technology giants including Apple, Samsung, Google, and more, mobile or digital wallets are being accepted by the consumers at an unprecedented pace. They find these wallets extremely easy to pay for all the things. They are in love with their efficiency, ease, and security and authentication come with it. Because of this, the consumers don’t have to carry the case or the physical card to do transactions.
In 2016, the payments through digital payments amounted to $75 billion in 2016, and now as per forecast, it will go to $500 billion by 2020. As per Visa card, about 29 percent of Americans are now making 100 payments with the help of a digital wallet. It implies 29 percent of people are not using cash.
In the same vein, in North America and the rest of Europe are making payments through digital wallets. As per the research shows that the number of merchants accepting contactless payment methods – including credit and debit cards, and wearable payment devices. This altogether could go to 74 percent over the next year.
Increasing Demand for Mobile Point of Sale
Mobile-point-of-sale (mPOS) technology-empowered merchants to detach themselves from old in-store payment systems, and their bricks-and-mortar locations. So that they can accept payments instantly from their customers, including Credit cards and mobile ones.
The mPOS technology can also make the payment process within the store faster, flexible with full-proof security, as the central checkout areas are replaced by mPOS devices.
As reported by Business Insider, “ there will be 27.7 million mPOS devices in use by 2021 compared to only 3.2 million in 2014
Biometric Authentication on the Rise
From the fingerprint to face to iris scans, biometric authentication is destined to grow as one of the most authentic identities for payments. And with the growing pressing concerns of fraud and identity theft, it is the most reliable way for merchants to verify the identity of the user.
As per some industrial data. “By 2021, we will witness more than 18 billion biometric transactions happening every year. If this happens at the same pace, the use of a password to make the transaction will be redundant.
Artificial Intelligence Gets Smarter
Artificial intelligence assistants such as Amazon’s Alexa are doing wonders in this digital era and people are already using voice commands to order and pay for merchandise. If we analyze its increasing unprecedented use, the use of assistants is a trend destined to grow more and will compel merchants to think of ways to accommodate AI shopping through their sites. AI will also be used more for cutting-edge fraud detection and defense against cyber attacks.
Social Commerce Speeds Things Up
People tend to love their phones to use social media channels like Facebook, Instagram, Twitter, Snapchat, and other social media feeds. So the platform of social media is a platform for sellers to reach out to their customers through social media and empower them with the ability to check out through the social network they are using at the moment, rather than being redirected to an online store.
The payment process becomes faster and streamlined, especially the chatbots, and autofill will help to speed this up. As per the statistics on the viability of social commerce: Like about 30 percent of online shoppers, social media plays a huge role in influencing their purchasing decision. And about 60 percent of Instagram users claim that they find new products through the network.
At the end of the day, mobile payment methods are all about keeping your eye on a moving target.
Smart things – the new age of mobile-connected smart objects
The word ‘smart things’ or the ‘smart objects’ was created for new technology – the Internet of Things.
Also known as IoT, it is an interconnected network of multiple devices that are embedded with sensors, electronics, and software. So that they can be operated with a device, irrespective of the location or proximity. Brands like Samsung, Xiaomi, Bosch, Honeywell have already gathered a significant market share in this segment.
These are few of these recent IoT app development trends including Kisi Smart Lock, Nest Smart Home, Google Home, etc.
Overall, the IoT is always meant to be a game-changing technology and hugely impacted the world of mobile application development. It is also predicted that the global IoT market is expected to generate $1.335 trillion US dollars in revenue by 2020.
Here are the future trends of IoT:
- Smart homes & smart areas
- Routers equipped with more securities
- Self-driving cars
- IoT in healthcare
Cloud – the necessary element of future mobile apps
Most of the organizations used to take cloud as a luxury option. But in today’s era, the cloud option has become quintessential. And the whole bunch of organizations, irrespective of their sizes, have already integrated cloud infrastructure and are reaping its benefits.
For instance, it reduces costs in hosting, improves loading capacity, and streamlined business operations at a greater pace
Presently, there were multiple security-related concerns now being solved with the help of the Cloud. And this sense of security has made the app development process more secure, fast, and reliable.
And now with the availability of cloud platforms like Dropbox, AWS, SlideRocket, and many more. It is now possible to run the apps, irrespective of their sizes, directly on the cloud.
It means any organization can run powerful apps without having an internal infrastructure in place through the cloud.
Here are the ongoing cloud computing trends in 2020:
- Quantum computing
- Hybrid computing
- Evolution of cloud services and solutions
Blockchain – beyond bitcoin & smart contracts
Ever since the introduction of blockchain, it has created a stir and opened up a world of innovative & exciting opportunities in the technology sector.
In 2018, we have witnessed the use of blockchain technology in creating cryptocurrencies and smart contracts only. But it has application beyond it; even in the app development world.
For example, with the applications of blockchain, it is possible to develop decentralized mobile applications.
If we talk about decentralized Mobile apps or the DApp. These applications are not owned by anyone, but it is impossible to shut it down as it has no downtime.
In the most plain words, Blockchain is expected to grow and contribute more in the mobile app industry by making the mobile app itself decentralized, just as bitcoin’s blockchain did for currency.
Here are some future trends of blockchain technology
- Asset tokenization
- BAAS (Blockchain-as-a-service)
- Trading on crypto-currencies exchange
- Crypto space and gaming
Wearables (future smart devices)
Undoubtedly, there is no denying that the market of the Wearables industry will grow at an unprecedented rate. According to a survey of Statista, the Wearables industry is expected to reach over $44.2 Billion by the end of 2020.
If you have seen the rise of the smartphone industry and witnessed how it blooms over time. The same can be expected from wearable devices, as it already created huge expectations from the fitness and healthcare industry.
Talking about its functionality, then the main control panel of any wearable device is the smartphone. And you can control many functionalities of smartphones simply on your wearable device.
Here are some wearables future trends for 2020:
- Wearable technology has claimed the first spot in the fitness industry.
- The increase in wearable watches has paved the way for the decrease of sales in traditional watches.