How to Cope With the Ever-Digitalizing Payment Landscape

Banking CIO Outlook | Monday, June 01, 2020

Niche service for tech-savvy consumers is fueling the payment method, where mobile payments have significantly revolutionized the financial sector.

FREMONT, CA: A report revealed that mobile wallet transaction value had reached $4,296 billion in 2018. By 2022, the value is expected to reach a whopping figure of $13,979 billion. The world is emerging from a cash-based society to make and accept payment through digital mediums. Convenience and ease of use have driven the mobile payment trend with heightened transaction security, and the automation and streamlining of payment processes. Here are a few tips that will shape the merchant payment-accepting mode.

Rising Contactless Payments 

Mobile wallets are one of the fastest-growing trends regarding the future of mobile payment technology. That is because mobile wallets deliver convenience, speed, and security for customers. This safe mobile payment technology comprises user authentication and other security features like not having to access credit card data on websites and not having to give a physical credit card to a cashier. 

Digital Authentication             

Mobile wallets provide convenience for consumers, but it isn't everything. It's the security features that cause customers to continue to embrace mobile wallets in the future. Multiple mobile wallets allow dual authentication for use. Many smartphones have biometric authentication for ensuring that authorized users of an app can make purchases from smart devices.        

Mobile Point of Sale (mPOS)

mPOS units is committed to wireless devices that replicate conventional cash registers and sale terminals. mPOS units deliver a simple, space-saving, wire-free way for merchants to accept payment. The flexibility of mPOS enables merchants to finalize transactions from wherever the consumers are.

The prospect of mobile payment technology is controlled by mobile wallets and mobile point of sale tools. The distant future of mobile payment comprises automated payment abilities. While there is still much improvement to be done, the course is clear. Mobile capabilities serve the future of payment, payment gateways, and payment processing.

Check out: Top Payment and Card Solution Companies

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