With mobile finance solutions becoming increasingly popular across the world, the conventional landscape of the consumer payments market is transforming completely at a rapid pace.
Smartphones are playing a vital role in the lives of consumers everywhere (according to Newzoo’s Global Mobile Market Report, nearly one-third of the world’s population will use smartphone this year). The mobile app market is continue to expand, which brings with it an entirely new range of alternatives to the conventional payment methods of goods and services.
The payment options today are no longer limited to cash or debit/credit cards. With the raging popularity of mobile apps, mWallets such as Visa Checkout, Android Pay, Apple Pay, PayPal, and others have caused a huge shift in the way consumers think of making purchases.
People today are not only using mobile financial solutions for making payments on a regular basis, but are also more inclined towards these options over the traditional ones like swiping out a debit/credit card or entering their bank details on the web.
To match the pace with this revolutionary consumer behaviour, merchants and retailers who are looking to succeed in the next phase of digital or mobile commerce should pay keen attention to which mobile finance solutions their consumers are expecting.
Let’s have a look at mobile payment trends in 2018
Safer Data while making Mobile/Online Payments
The way we pay for goods and services is changing. E-commerce & m-commerce methods like in-app and one-click order are becoming more popular. Also, the exponential growth of the IoT is presenting an array of new payment use-cases, like the connected cars. Retailers and merchants today must deliver improved and varied payment options in a challenging security landscape.
It is not only that card-based payments are evolving but also the account-to-account transactions like utility bills, salaries, and subscriptions are growing very rapidly. But these transactions still take a time span of multiple days to clear and settle, which something of a throwback is. In real-time transactions, funds must transfer in seconds and offer flexibility and convenience to banks and consumers both.
Retailers today must utilize mobile wallets as a platform to deliver significant value-added services (VAS) that consumers can use seamlessly. Consumers are enthusiast about VAS, but the involved complexities in redeeming points or activating coupons defer payments made using mobile financial solutions. By simplifying their VAS offerings within the wallet, retailers can gain consumer loyalty, and can get ahead in the competition while driving great sales.
Mobile finance solutions offer merchants and retailers with the ability to get closer to their customers than ever before. The scope of marketing is in leveraging leading artificial intelligence (AI) techniques to deliver state-of-the-art solutions and for one-to-one interactions with customers. A digital wallet offering put retailers in the prime position to leverage the changing consumer behaviour and trends to offer personalized experiences.