Latest trends in Mobile Payments You Need to Know About
The mobile payments space has been found as the next big thing for some time now. As the mobile device revolution, industry predictors have predicted that the growing nature of mobile devices signaled the end of the traditional wallet. This would soon replace cash and credit cards to a new technology embedded into our mobile phones.
Most people continue to pay for things using traditional credit cards and cash. But now the mobile payment revolution is coming.
Here are three recent trends that are set to help accelerate the pace of innovation in this context:
- Make mobile payments a feature of a larger platform
Currently, some of the biggest players in the payment industry are working on their already used payment solutions. While these solutions have a lot in common, they aren’t similar copies of each other. Broadly, they rely on near field communication (NFC), tokenization, fingerprint readers and a mix of other technologies to provide a seamless option for users.
- Use mobile to offer a better deal and experience.
Companies are focusing on loyalty and trying to change the way retailers offer their products to customers. These companies leverage the wealth of data that retailers have about purchase history to craft a unique offer for each customer.
In addition, this strategy allows for a seamless experience between online and offline, easily allowing customers to make purchases with their phones and redeem those purchases offline.
- Use mobile to make transactions easier
There are a host of payment apps that allow users to easily move money to other individuals without the hassle of cash. These apps streamline that by enabling one person to pay with a credit card or other online payment systems.
Just like, if we consider an example of online Fee payment app, Feegenie. With Feegenie, we can pay fee online for school, college, university, coaching institute, Clubs, Gyms, associations, RWAs using credit cards, debit cards, Net Banking or E-wallet.