How Mobile Payments Are Changing Business
by Mashum Mollah Business Development 16 January 2020
As consumers are adopting new technologies, companies all over the world are changing their tactics. Out of all the other, mobile payments technologies are taking over much faster. The trend to pay with mobiles continues because it is effortless and straightforward, and it provides a safer payment solution.
It also has many benefits for people from all walks of life. A businesswoman can skip the queue at the coffee shop because she ordered and paid through her mobile, for example.
Here are five trends that are changing business:
Contact-Less Mobile Payments
Many corporate giants, like Samsung, Apple, or Google, are offering people the ability to open up personal mobile and digital wallets that can be easily used to pay for things in person or online. These accounts are very attractive to all generations because they are incredibly convenient and secure.
It also beats giving credit card information to different websites. However, it is not available in many stores and shops, making it less favored, for the time being among people who don’t use online methods.
Mobile Point Of Sale
Mobile-point-of-sale (mPOS) technologies are becoming increasingly popular because they free the merchants of the regular brick and mortar stores. The companies that provide secure credit card processing services have begun mobilizing their equipment, which can be used by any business on-wheels.
It allows merchants to connect their handheld device to a small pocket size gadget, which can then be used to accept credit card payments. It can also be connected to printers to print receipts. If needed, these organizations offer many more services as well.
Unfortunately, there are a number of high risks that people have to avoid in their everyday lives. That is why merchants have also started using more advanced methods of verifying the identity of their customers. Consumers may be required to pass a fingerprint test to continue with their mobile payments method while at a store.
Other biometrics may include iris and face scans, among others. It depends on what is registered with a particular credit card, or other, company.
Artificial intelligence devices are getting more advanced these days. More people are purchasing items that operate with voice commands, like Amazon’s Alexa. It can be used to make orders from websites quickly, and the paying process becomes more comfortable as well.
AI will have more advanced security measures to prevent cyber-attacks. There is no doubt that this convenient method will grow, forcing more merchants to make the necessary changes.
People are addicted to social media applications. They keep endlessly scrolling through the feeds for entertainment, useful information, and other things, on their mobiles. That is why it makes sense that merchants come on those websites as well to engage with their consumers.
Sellers are offering secure payment methods to customers in those sites, without having to redirect to another place. Studies show that a person is more likely to go through the process if they aren’t redirected to other sites. With amazing features like chatbots and autofill, the payment process becomes much quicker.