Our world is evolving at a rapid rate, and it is relevant when it comes to the world economy, money, and now the payment trends.
The current payment trends are utilizing cutting-edge technology, finally taking advantage of years of progress in mass digital device manufacturing. They changed significantly in the past five years, and we are yet to see even more changes in the coming future. It is clear to see that it is only getting better, faster, and more convenient.
What does 2020 have in store for us? Let us look at the top mobile payment trends set to make it big this year.
Biometric Authentication:
This trend is gaining immense popularity and will continue to gain traction in 2020.
With technological advancements come privacy concerns such as identity theft and fraudulent transactions. Using something as secure as biometric authentication for payments will help alleviate these risks.
As a verification method, it functions on an individual’s biological and structural characteristics. It includes fingerprints, facial and iris recognition. In addition, there is heartbeat analysis and vein mapping that is beginning to become popular.
It is an accurate, efficient, and highly secure payment trend that can help win customers’ trust, keeping their wallets and identity safe.
Mobile Point of Sale:
This innovative trend gives merchants the liberty to free themselves from receiving money only through their physical in-store payment options. A mobile point of sale makes it easier for them to receive payments, say at a concert, food festival or trade shows if they have set up kiosks there.
Moreover, they allow clearing up space and replace checkout areas with sales staff holding mPOS devices. It is flexible and very convenient to streamline. This trend is soon going to establish itself as a leading mobile payment trend in 2020.
Contactless Payments:
This is another mobile payment trend expected to take over completely. And, rightly so! It is way faster and more convenient than inserting a card every single time. Moreover, it is more secure as compared to the PIN technology considering that the encrypted data goes to the POS device almost instantaneously.
As the name reflects, contactless payments, based upon near-field communication technology (NFC), involve waving one’s smartphone across the reader.
All a customer has to do is download the app, enter the card details, and feel free to wave it across any reader to make the payment.
Mobile Wallet:
A mobile application is a smart alternative, which mimics the characteristics of a physical wallet. Through a mobile wallet, you can do everything that you would usually do with a physical wallet. You can send and receive money from the users and even store it for later use.
Similarly, you can even pay your utilities and also purchase tickets using a mobile wallet.
Final Thought:
Mobile payments are already here and continue to increase in popularity. It won’t be long before we see a complete transition from physical cash to digitized mobile payment methods. Before it completely takes over, we’ll likely see some of the current trends fade while others become more mainstream, but the shift is inevitable, it’s just a matter of time.
Bio: Lou Honick is the CEO of Host Merchant Services. Prior to founding Host Merchant Services in 2010, Lou was the founder of HostMySite.com and received numerous awards including SBA Young Entrepreneur of the Year, Inc Magazine 30 under 30, and multiple listings on the Inc 500. As a serial entrepreneur, all of his companies have operated on a singular devotion to outstanding customer service and support. Lou is a respected expert on the topics of customer service, payments and fintech, Internet technology, and entrepreneurship.
