Monday 20 July 2020

The Present and Future of Mobile Payment Trends

The days where you visit the shop physically and make purchases are gone. Even when you visit a shop people stick to cashless payment methods. This article will walk you through what payment methods are being used now and what can shape the future of mobile payments in the forthcoming years.
Mobile Payment Gateway

Present Day Payment Methods
Contactless payments
Just tap or wave and your payment is done. Apple, Samsung, and Google have extended their services for contactless payment methods that will grow furthermore in the future. You need not insert the card inside the reader rather just wave your credit or debit card.
Smart Speaker Payments
Smart speakers developed by companies like Amazon, Google, and Apple are revolutionizing the payment methods. Many companies are now accepting smart speakers to make payments. Amazon Echo is accepted y Mc Donald’s to make payments.
Omni Channel Payments
As online payments have increased to a larger extent, merchants have a lot of payment options to keep their business freely flowing. Omni-channel payment processes also increase business efficiency, customer satisfaction, and retention, and can get the cash credited instantly.
The Future of Mobile payments
Security at its peak with Machine Learning
When your security at the stake, will you still keep using the same method? Machine Learning is designed and developed just to ensure safe money transferring environment.
ML is nicely designed where it can distinguish between a normal payment and a fraudulent payment. The messages you receive while using cards are mostly from the ML database.
mPOS or Mobile Point of Sales
mPOS are one of the important future payment methods that are found to reach around 27.7 million devices by 2021. The mPOS units offer simple, wire-free, space-saving, and convenient way for merchants to accept payments.
Biometric Authentication
The usage of your fingerprints, eye, retina, iris, voice, face, vein infrared thermogram, or an amalgamation of this information will be used in the future.
Social Commerce
Social media is the bridge that connects the global audience with merchants. Sellers are trying to extend their social media presence and instead redirecting the customers to their company website, social commerce comes into play and saves a lot of time.
Wrapping Up!

Are you looking for the best mobile payment gateway integration in Malaysia? Reach out to Openwave for making your business and brand. Hire professional and skilled Payment Gateway Developers in Malaysia for more personalized assistance. Call us now for a free quote!

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