Looking to the future with mobile payments
It’s safe to say that how we pay for things in five or ten years compared to now will be very different.
It’s hard to imagine living in a world without smartphones. Users are now spending even more time on their smartphones while staying at home, using their phones to stay updated while also keeping in contact with loved ones and staving off boredom.
After all, our interconnected digital world means that you can do anything and everything from your smartphone, including payments. So below we’ve put together a quick primer on where mobile payments are going next.
As if mobile wasn’t enough, app developers are looking for ways to create contactless payments and offer users even more flexibility. Fintech company PayBy has created contactless payment solutions for customers in the UAE, setting up contactless payment kiosks in physical stores and allowing consumers to pay for deliveries once they arrive. These developments have been initiated with the First Abu Dhabi Bank, a partnership that speaks to how financial institutions themselves are embracing contactless payment options.
Merging with loyalty apps
Brands from all over the globe are looking for loyalty programs as a way to increase brand loyalty. In fact, Gala Bingo UK lists huge global brands such as Marks and Spencer and Waitrose as companies that have already established their own unique programs. While loyalty programs are typically tied to cards, apps that link to mobile payments are the next step in accessible innovation. To that end, SaaS platform Eagle Eye is working with food and beverage businesses in the UK to integrate digital ordering and mobile payments into regular business operations. The use of mobile apps and loyalty programs is a smart way for brands to increase awareness and market their services.
Purchases through social media
Social media continues to dominate our lives. If you see someone on their smartphone, chances are high that they’re on social media. Our love affair with social media has even impacted the way we spend. ZDNet reports that over 50% of consumers in Thailand made their purchases through social media, with Indonesia and Vietnam following at 49% and 48% respectively. While social media scams are also on the rise, the ubiquity of these platforms means that legitimate brands are bolstering their own profiles in order to remain competitive and push their services to more customers around the globe.
Relying on biometric authentication
Speaking of social media scams, cybersecurity is always an initial concern when it comes to any new tech innovations. When it comes to mobile payments, biometric authentication is being developed to ensure every transaction remains secure. Think of how your smartphone often asks for a fingerprint or face scan before authorizing payments. Whereas biometrics is still largely used to verify in-person contactless payments, smartphone biometrics is the first step in paving the way for remote, biometrically-verified purchases to occur.
These developments speak to the massive strides mobile payment systems have made, as well as the potential for growth within the industry in the next few years. With all of these changes in mind, it’s safe to say that how we pay for things in five or ten years compared to now will be very different.
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