Top 5 Mobile Trends that Will Drive The Future of Payments

By CIOReview | Monday, July 29, 2019

Mobile payment technology has already changed the way purchases are made. here are the top mobile trends that will drive the future of payments.

FREMONT CA: The trend of mobile payment has escalated quickly because it is easy to use, convenient, and also increases the security of the transaction. Here are five mobile trends that will drastically shape how the merchants will accept payment in the upcoming years.

1.  More In-Store Mobile and Contactless Payments

Consumers have already embraced mobile or digital wallets so that they can easily make their payments. They also love the fact that it is convenient, secure, and does not require entering credit card information on the websites.

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2.  Increasing Demand for Mobile Point of Sale

The merchants will get free from the in-store payment systems and brick-and-motor locations because of the high demand for mobile-point-of-sale (mPOS). It will become easier for merchants to reach out to customers and collect payments through credit cards and mobile phones. mPOS technology will make the payment process much easier and faster.

3.  Biometric Authentication will Increase

As the problem of theft and fraud increases, the demand for fingerprint, iris scan, and biometric authentication also proliferates among merchants. In the next few years, these methods will become a more reliable source for the merchants to verify the identity of the customers with whom they are dealing.

4.  Artificial Intelligence is Getting Smarter

Artificial Intelligence-based assistants being utilized for voice commands to order and pay for products. The trend of relying on this AI assistance is bound to grow, which will force the merchants to provide AI shopping in their sites.

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5.  Social Commerce Speeds Things up

Merchants have also started to reach out to their customers through social media like Facebook and Instagram. Now, the customers can check the products they want to purchase directly from their social media profile rather than directly visiting an online store.