Cash payment was the only option in most countries that were available. The payment based on the card was on the rise and it could be afforded only by rich people. Then, technology is changing, and the worldwide era of smartphones has begun. Today, in the form of mobile payment solutions, we have more advanced payment methods than before.
Current Mobile Payment Technology:
Today, we are having many features of mobile payment thanks to technological advancements.
- Payments without contacts:
Payments without contact do not require any physical contact between the mobile device and the reader. It allows clients to tap a credit card or simply wave the reader over their smartphones. It’ll complete the process of payment.
- Omnichannel payment:
When implementing an omnichannel payment system, the mobile app development company can play a vital role. It addresses consumers ‘ changing needs and expectations based on smartphones. Some of the popular payment methods are in-app payments, one-click commerce, and the digital mobile wallet solution.
- Voice-based payment
Future Mobile Payment System:
Future mobile payment trends are based on emerging IoT, ML, and Blockchain technologies. The core focus of the digital mobile wallet solution will remain on improving security whilst improving functionality.
- Machine Learning
- Mobile POS (Point of Sale)
- Biometric authentication
- Social Commerce
At the end:
Advancing technology has paved the way for the development of mobile payments. Today, almost all sectors of the industry are dominated by mobile payment solutions, and we will soon see exponential growth in mobile payments worldwide. To make it more secure, fast, and user-friendly, the mobile app development company can integrate future trends into the mobile payment system.