Mobile technologies are emerging day by day which aim at fulfilling the expectations of users with high efficiency. They even play a significant role in making payments through apps and wallets while ordering products online. With retailers going digital, they want to diversify their options to customers when it comes to payments. The adoption of mobile payments allowed people and businesses to gain more advantages. Nowadays, retailers focus on creating mobile payment solutions for customers to make the transaction process a simple one.
Here are some mobile payment trends to watch out for in 2021.
- Contactless payments
A majority of customers like to avoid cash when buying products from a retail store. Apart from that, cash can lead to unhygienic conditions that will cause several problems. As a result, cashless payments are gaining popularity enabling customers to complete transactions with high security. Furthermore, they even utilize scanning techniques letting customers make payments as soon as possible.
- Mobile wallets
A mobile wallet is a convenient way to make payments quickly that will save time. Mobile wallets turn a smartphone into a contactless payment by addressing the essential need of customers. Moreover, they provide methods to link with debit cards and credit cards that help to make payments accurately.
- Real-time payments and peer-to-peer payments
A real-time payment allows customers to transfer money between banks and banking systems instantly. It will benefit both businesses and consumers in different ways. With real-time payments, customers can manage their cash flow significantly. A peer-to-peer payment is a part of RTP which provides ways to make payments over the internet from any device without any hassles. As consumers and businesses embrace digital payment methods, RTP networks give ways to make payments faster and safer.
- Biometric payments
Biometric payments will replace the practice of entering a PIN that provides more protection to customers. Fingerprints, facial recognition, voice recognition, and thumb impressions are some techniques that will increase in 2021. The primary advantage of a biometric payment is that it will help approve payments without using a PIN.
- Mobile POS
A point-of-sale, shortly known as POS, allows customers to make contactless payments anywhere that will save time. Even the smallest brick and mortar stores can benefit more from mobile POS technologies enabling them to overcome unwanted issues. MPOS will enable shoppers to ensure more checkout options letting them accomplish goals while buying products.
- Artificial intelligence
Artificial intelligence (AI) will impact mobile payments significantly because it contributes more to prevent fraud and other problems to a large extent. Businesses can even increase their productivity levels with AI mobile technologies. Apart from that, AI gives ways to prevent unauthorized transactions effectively to ensure peace of mind.
- Flexible payment options
Most customers these days are looking for maintaining a budget when they want to purchase products or services from a store. The mobile platforms will provide flexible payment options for customers enabling them to process transactions without any hassles. Also, they enable customers to remove the barriers efficiently when they want to complete a purchase.
