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The Past, Present, and Future of Mobile Payments

Cash, property, and the concept of ownership were always of primary importance to humanity long before we became civilized.

Since then, there have been some massive changes in the form of payments.

In many ways, the payment form reflects our civilization’s current state. The advent of the internet and smartphone gave birth to mobile payments through mobile financing solutions, which can be considered the state-of-the-art payment method. But how did this begin? What’s it like now? And from the future, what can we hope for?

                    

Mobile Pay Timeline:

  • 1997–Coca-Cola launches SMS distribution systems. Exxon Mobile launches Speedpass to make payments using RFID technology.
  • 1998–The foundation of PayPal.
  • 1999–The purchase of movie tickets by some mobile phones.
  • 2001–Domino’s Pizza is starting to take orders through cell phones.
  • 2004–Donations through SMS to non-profit organizations.
  • 2009–Square is introducing its products. The demand for mobile payments is $69 billion in revenue.
  • 2011–Google is launching its wallet service.
  • 2014–Apple launches Apple Pay.
  • 2015–Available Samsung Pay and Android Pay.

 

Present Trends of mobile payments Today!

#1: Contactless Payments:

As the name suggests, there is no interaction between the machine and the user between the contactless payments. This allows customers to press a credit card to make payments or wave their phones over the scanner.

Contactless payment is quicker compared to a card being inserted or swiped. Organizations such as Google, Samsung, and Apple have respectively GooglePay, SamsungPay, and ApplePay using the contactless payments.

Also, due to many other factors such as contactless card availability, customer demand, and business adoption, there is a huge possibility for them to expand. Let’s talk about it one by one.

 

#2: Smart Speaker Payments:

Over the years, smart speakers and home helpers have seen tremendous growth. With their smart speakers, many major names such as Amazon, Google, and Apple came forward.

Smart speakers are accepting users ‘ voice commands. Users can give various types of commands, such as booking Uber, obtaining information about the nearby restaurant, or updating the weather.

Amazon has certainly taken the lead when it comes to smart speaker payments. Several businesses have shown a keen interest in using smart speakers to integrate their transactions. Domino’s, for instance, has now allowed its users to place orders through Amazon Echo.

 

#3: Omnichannel payment:

Customer shopping habits have grown rapidly after the smartphone’s penetration. Over the years, in-app purchases and one-click trade have become immensely popular.

Most traders have now learned to manage multiple channels and retail formats. App Developer Dubai has improved the in-store sales efficiency, post-sales products, customer satisfaction, and can fraud cases by applying an omnichannel payment strategy in their clients’ projects.

 

#4: Mobile Point of Sale:

The payment preferences of people are not the only thing that goes mobile. With mobile point-of-sale (mPOS) technology, the processing of credit card payments is also mobile. Mobile point-of-sale or mPOS units are the wireless devices that are made to imitate sales terminals and traditional cash registers.

MPOS units provide merchants with a fast, portable, space-saving and easy way to accept payments. Check out 5 Steps to make it easy to prepare a budget for app development.

 

#5: Biometric Authentication:

Biometric is nothing other than the measurement of physical characteristics such as fingerprints, retina, iris, tone, head, infrared vein thermogram, ear, or combination of all these properties.

Several banking institutions have rapidly embraced biometric authentication as the latest form of digital security. And biometric authentication is a safer alternative to the PIN or any other process.

 

#6: Social Commerce:

The tech-savvy generation of today spends most of their free time clicking on various social media platforms such as Instagram, Facebook, Twitter, Snapchat, and much more. Besides, the chatbot help and checkout speed up the autofill. Mobile App Developer Dubai is looking forward to introducing this to your mobile app.

 

Conclusion:

Finally, you saw the future mobile payment trends. Trends that will make mobile payments ever more revolutionary.

The mobile payment path would be packed with drastic changes. And we might see mobile payments take on a whole new form in the coming years. But what it is going to be, only time is going to tell.

 

Let’s Get in Touch:

Get in touch with me for bringing these trends to life in your mobile app payments.

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