Security enhancements and technological advancements are likely to impact the mobile wallet trends in the future.
FREMONT, CA: The popularity of mobile technology has already entered the banking business space. Mobile payments have gained significant traction in the past five years. Mobile wallets offer a convenient way of making in-store payments and are used at merchants listed with the wallet service provider. With the advancements in technology, mobile wallets are also becoming simpler to use. Future trends in mobile wallet technology will also be driven by security and customer needs. Some of the emerging trends in mobile wallet technology are here.
Customer Retention Programs
Loyalty programs are an essential means to retain customers. Mobile wallets can also use discounts and offers, thereby incentivizing customers for their loyalty. Increasingly, retailers from across the world are using loyalty programs into their in-store payment options to power their mobile wallet transactions.
Biometrics for Security
While biometric security capabilities are already mainstream in the present consumer products, the technology is also becoming popular in the mobile wallets. The technology adds an extra layer of security in mobile wallets.
Cryptocurrency is a relatively new concept for mobile wallets. However, the progress has been swift as there are dozens of mobile applications that offer support for various cryptocurrencies. Cryptocurrencies eliminate the need for a third-party during the transaction process resulting in more secure transactions.
The mobile wallet first came into the picture in 2014. However, significant advancements have been made since its inception. Traditional banking institutions are readily using mobile wallets to boost their mobile banking efforts. The shift to cashless transactions has also powered mobile wallet transactions. At present, financial institutions are coming up with digital wallet solutions of their own.
The above trends are expected to impact the future of mobile wallet transactions. With consumers becoming more tech-savvy, firms will concentrate more on mobile wallet technology.
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