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Mobile payments are on the cusp of widespread adoption for several years, accelerating the competition in the market due to which various mobile payments technology trends have emerged.
FREMONT, CA: The payments industry, already one of the most dynamic sectors in financial services, continues to evolve, propelled by technological innovations. The new age payment processing ecosystem is a complex network of customers, merchants, banks, and payment processors. Last few years have witnessed a monumental shift from physical payments to digital. Online sales, smart devices, and mobile payments are not only changing the way consumers make payments, but are also changing the way payment processors accept, secure, and facilitate payments. Here are some of the innovations that are shaping the future of how consumers make payments and how mobile payment gateways enable new services.
• Contactless Payments
The notion behind the development of contactless payment is to provide users with a more secure platform for transactions. This allows users to make the payment without undergoing the hectic of carrying opening wallet every time we make a purchase or carrying cash all the time. The devices in contactless payment use radio-frequency identification or near-field communication. These frequencies connect with the smart chip on the card, proving the transaction security to the user.
• Near-Field Communication and Bluetooth Payments
Near-field communication payments are similar to the contactless payment method. The difference is that it makes use of two devices, that when brought in contact exchanges some data. The device carries a chip that produces a radio frequency field. The complex system of near-field communication makes the payment secure and more cards can be augmented in the system, either by scanning those cards through an app or filling out a form on which confirmation is done through messaging.
One more convenience that technology is providing to customers is Bluetooth payment. The payment through Bluetooth takes place with the assistance of the sensors integrated into the tiny batteries of it. The significant benefits it offers users is the increased range than near-field communication and contactless payment along with enhancing speed for processing transaction. The technology lets customers make a transaction without even taking the mobile device out of the pocket, which results in the efficient payment process.
• Mobile Device Personal Assistant
With customers’ inclination towards non-cash payment, various digital assistants are emerging at high-speed to assist customers. The personal assistance through mobile device retrieves all the data relevant to the user’s interest, habit, and behavior based on search and other purchase histories. This data assists in providing user’s insights on the current deals, promotions which they can avail by making payments through a mobile phone.
• Mobile Wallets
Mobile wallets are among the fastest-growing trends concerning the future of mobile payment technology. Mobile wallets offer speed, convenience, and security for customers. It is freeing consumers from carrying the purse everywhere. Now, it is a single mobile phone that is needed for performing various tasks. The mobile wallet gives a customer’s card details such as information on the debit card, credit card, and reward card in digital format. The user only has to install the mobile wallet app and enter the card’s information. The information on the wallet is then secured by setting a key for access. Whenever the user has to make a transaction, the only thing to do is entering the key for approving the request. Mobile wallets can also store other information such as details about the driving license, healthcare, and more.
The increased usage of mobile phone is accelerating the advancement of the payment system. The above trends are now delivering better, faster, and more relevant banking experiences. With so much innovation and an ever-broadening ecosystem at play, future years will surely bring more excitements.