Emerging Trends In Mobile Payments

Shopping, social lives, and bill payments are just some of the many daily tasks that can be completed on a mobile device. Most people bring their devices with them everywhere, which allows them to manage their lives and even make payments on the go.

Businesses wisely have started to make use of mobile payments in as many ways as possible for the good of their customers.

Mobile payments continue to grow as more and more tasks are able to be completed on smartphones, tablets, and wearable technology. More operations are taking place outside of the office and making it possible for freelancing and working from home.

Here are some of the trends that are emerging in payment processing in 2018. These are key factors to consider if you want to attract the growing mobile focused audience and their accompanying friends.

1)   User Experience is Everything

Experienced users are making purchases on mobile devices, and this is becoming a priority for businesses to make this possible. These businesses continue to expand their services to keep their customers loyal and happy and to make payments secure. Customers are becoming more accustomed to having instant access to all types of goods and services. The modern customer wants this service on the go and this provides a great experience for all clients. Keeping customers engaged and happy can help a business stand out and grow.

2)   Saving Time in Payment Processes

The time it takes to make a payment, and the options the user can use, makes a huge difference for a business and its growth. Confusing design, slow loading times and lack of options cause a high rate of shopping cart abandonment and its accompanying frustration.

Trending in mobile payments is the enhancement towards positive user experience and optimizing navigation. The look, feel and speed at which a customer can complete their navigation is a primary focus for satisfaction. The mobile service options provided by a business can make or break a customer base and it’s potential. A business may begin to discover a high rate of mobile shopping cart abandonment if they are not on top of the newest payment trends.

Read About Apple Pay and Other Mobile Wallets

3)   User Experience

The trend in mobile payments is now focusing on making the user experience faster and more enjoyable. Optimizing the loading and navigation of a site has become increasingly important. Almost anything for benefiting the future customer happiness is a goal. It is crucial for businesses to focus on user testing so their customers find their needed information quickly without delay.

Providing a quick, smooth purchase transaction is a main goal for payment services. Mobile screens are a lot smaller requiring the ability for the information to be presented in a speedy and readable manner. The mobile screen has to load quickly, have the information presented in a clear and complete manner. This includes having the payment options reliable and easy to access.

4)   Challenge — Load Time

The challenge is to have a quick load time, beautiful graphics, and proper business information. The mobile screen must remain easily searchable and readable without eyestrain. This year, businesses will try to create an ideal experience for the customers and to help them feel safe about their connections. Misleading or broken links, redirects, and distractions will be a thing of the past in mobile payments.

Advertising will no longer be tolerated by the client and customers as a good checkout experience. The small gain for a few advertising pennies will not be worth the extra clicks and aggravation. Nothing must distract from a good customer experience.

For the customer it is simple — fewer clicks, quick and efficient usage. As an added burden, now mobile customers want “pretty” too. The mobile payments providers realize these options are the future and are racing to bring the best user experiences.

Regulations and Security

Regulations and security issues, teamed with customer demands, are driving mobile payment progression and innovations. Card companies like Mastercard’s current program helps replace passwords with selfies, and this is just the beginning. Facial recognition and identification, as well as voice recognition and biometrics are turning into the norm. With no doubt, we are seeing technology moving forward.

Adopting the new mobile technology as it becomes available is a priority and gives you the ability to evolve and grow with it. Acting on accessible modernization lets your customers know that your products are on the cutting edge of technology.

Mobile Security Will Grow

The mobile payments space isn’t all fun and games. The growth in the use of mobile payments has gotten the attention of fraudsters and hackers. This is a new opportunity to steal your payment data. Some consumers have felt that mobile customizations aren’t as safe for payments.

Millennials are a driving force proving the guarantee that mobile wallets are the future. It’s up to mobile payment providers to help its users be secure and confident about using mobile payments. Publicizing advancements in technology, like tokenization, which replaces your actual data on your device, is protection. These kinds of advances in tech make the information hackers are able to gain access to completely useless.

More mPOS Adoption

Mobile point-of–sale (mPOS) is growing among all merchants. The ease of use and safety that mobile payments are providing, plus other benefits, are a big reason to begin using this technology.

ABI research estimates there will be 51 million mPOS devices by 2019. This is nearly half of the current POS systems that are in place. The c-trend is not necessarily the death of traditional POS. Current thought is that the business model many retailers have developed will provide an environment of co-existence for both types of systems.

Final Thoughts

It’s clear mobile payments are the future of the payments industry. Businesses and consumers are changing the way they interact with each other and with their purchases at a rapid pace. People are using, interacting and connecting on their phones. Mobile payments are moving towards being the most relevant experience in the entire payments space.

These trends are important to pay attention to if your business will grow and be successful in the mobile payments space.

Would you like to learn more about accepting mobile payments for your business?

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