There is simply no stop to the continued rising popularity of mobile technology. Currently, the mobile application development companies are bestowed with foresightedness to anticipate the future course of modern technology. Any possible new invention is likely to grab their attention first and all the app developers jump together to compete in harnessing the technology first. Digitization and mobile phone technology have offered numerous scopes for them to explore and mobile payment is one such example that is currently trending in the market. Mobile developers design applications so that the users can taste the fruit of online payment technology. This market is booming and has drawn quite a number of players that includes the Search engine Guru, Google as well.
The cashless transaction method adopted by most nations and currently India has given the much-needed boost to this sector.
So which are the common 8 mobile payment trends that are likely to dominate the present year?
Let’s begin with:
Mobile payments across numerous devices- Mobile manufacturers are tuning up with the app developers to come up with mobile payment solutions across different devices. Eg: Samsung Pay combining fingerprint scanners to guarantee added security benefits. Such a move only strengthened the adoption of mPayment solutions among nations’ worldwide especially developing countries, where low- and mid-range budget handsets are more popular.
On-demand service on the rise- On-demand economy offers the easiest way for consumers to purchase their requirements within a few hours rather than waiting for days. Mobile payment options provide instant opportunity to pay off bills, rents and or sending money across to others. This very application of smartphones eliminated the need to wait in long queues outside ATMs.
Preference to cashless transactions- Countries such as India has motivated the use of cashless transactions which triggered the recent popularity of mobile e-wallets and digital transactions. Fraudulent actions and large-scale scams can be checked if more and more smartphone users opt for cashless transactions availing either the e-wallets or online banking services.
Bluetooth is back- This is to remind you that Bluetooth is not dead yet and they are in high demand for mobile device integration and nurturing potentiality in conjunction with mPayment solutions. Bluetooth is known for rendering a stable and secure connection that can be best optimized in mobile payment solution.
The emergence of Bitcoin- Blockchain technology is the latest technology that has gained quite a momentum recently. Third-party developers are trying to incorporate the mobile device with blockchain payment solutions such as Apple’s iOS 10 integrating blockchain payment services to iMessage allowing iOS users to send payments in dollars, euro, pound sterling and bitcoin using text messaging platform. Recently, Bitcoin garnered huge popularity successfully crossing $1000 mark first time.
Also Read: FAQs on integration of Fintech and Bitcoin
Messaging Payments- Now mobile applications development companies are coining solutions to enable payment possibilities across messaging applications. Facebook and iMessage of iOS 10 devices actually made it a reality to share funds across through the text messenger platform.
The importance given to security- Security has to top the list of priorities for the mobile app developers. Especially if you are planning to design a mobile payment app that is likely to store user’s bank a/c number and other related details. Fintech companies and payment processors to convince the smartphone owners that e-wallets and bitcoins are actually the safest options of online mode of transactions.
Paytm and other e-wallets are likely to face the intense challenge from Google’s Tez. As more and more mobile app developers enter this sector and other areas as well, we can aptly predict that mobile devices are highly likely to replace most of the services and gadgets in the distant future.
If you are still wondering whether or not to convert your idea into an application, my suggestion for you is to decide it now before your idea gets publication in the guise of a mobile application by some other developer. It is advisable to harness the service of a dedicated hired mobile app developer such as Fluper to guide you through this.
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