E-commerce businesses today are tapping more customers by shifting the deals on mobile and giving everything to the consumers in their handsets. The business persons have understood the success criteria and are moving their business on mobile. Moreover, the digital enablement technologies has advanced to a greater extent in favor of the business persons’ enthusiasm to reach a wide variety of customers by providing secure mobile payment gateway, the major necessity and attraction of the consumers. Truly, the developing situation makes anyone think affirmatively that the mobile payment trends are bound to drive the cashless economy very soon.
In the developed Magento marketplace, having an e-commerce app for the Magento store has become a compulsion. Henceforth, the mobile payments space is increasingly competitive with market dominance and consumer loyalty, questioning the conventional retail banking. Some of the trends that is dominating the markets are:
Wearable Payments: The innovations in information security and payment services is enabling frictionless payments that the “Internet of Things” is inevitably becoming the “Commerce of Things”.
Proximity Payments: The point-of-sale readers could be used for Near Field Communication (NFC) transactions. This is a small step for the consumers to migrate from contactless cards to mobile NFC, QR codes or the bar codes.
Mobile wallets: Payments, the integral part of digital commerce are beneficial for search, comparison, selection, payment, and rewards through digital wallets.
Retailer Apps: It is beneficial for omnichannel retailing where the consumers switch between mobile and/or the desktop and shop to complete a purchase.
Cloud-based payment solutions: The cards get registered once in the cloud, and is re-used within the application for further payments in future.
Real-time payments: In few countries (e.g. UK) real time payments enable business models where funds are available immediate after online loan approval.
Virtual crypto-currencies: The virtual currency offerings such as Bitcoin, Litecoin has created a wave for investment and innovation in several companies. It is anticipated that digital currencies may expand beyond the existing financial ecosystem.
Regulation: The cross-industry nature of mobile money prompts regulators in financial sectors to develop a new generation of financial regulation, new regulatory concepts of e-money and payment.
With companies taking a “consumer first” approach to use their design and payment strategy, the age of seamless payments is not so far, but quite near.