Mobile Payments in Digital Payment Technologies

Thanks to the development of technology, the mobile payment was born and becomes a new convenient trend for both customers and providers while encouraging the business.  A few years ago, there are only some concerns about digital payments, and then when some big brands like Paypal, Amazon, Apple, WeChat, Google… enter the market, mobile payment shows its importance in the development of business. 

Focus on customers’ experience

In the market that there are many providers, the core values of service will be the keys for customers to select a suitable provider for themselves. That is why customers’ experience will be the main role and big concerns of many providers. Nowadays, customers have more freedom to use any digital tools like website, smartphones, ATM, mobile app, QR code,… to make transaction and payment. 

With four main digital payment methods: mobile apps, digital currencies, e-wallet, payment via social network, the e-payment proves that it will continue to develop and show no signs of stopping. These four trends are not new, but currently, it is very useful in your life and also the providers. 

Additionally, the market will require many securities information from this kind of activities, and the competitive market requires other partners contact to ask about the functions, origin…and it should be a big treasure for the founder. 

How does mobile payment changing the world

Do you know the global value of payment technology market is the US $2,943.5billion in 2017 and the expected annual growth rate is 37.8% from 2018 to 2026? Yes, this is the data collected from Transparency Market Research, which shows the truth that the increase of the business and standard income will cause an increase in the number of smart mobile phone users.

At the same time, the research by Machine Machine told us that the number of e-wallet over the countries and China is the highest adoption of mobile wallet (47%), then follow by Norway (42%) and UK (24%). 

With four main types of payment technology including Near Field Communication, Sound wave based, Magnetic Secure Transmission, and QR code, the future of mobile payment is expected to be boom while increasing the related services as biometric technology, smart wearable devices as well as reducing the physical cards and money using. 

The future of mobile payment

Due to the speed, convenience, and security, mobile payment nowadays becomes an inevitable trend of payment technology. It becomes popular because it is simple and easy to be installed in every smartphone or mobile devices, and the security is trusted based on user authentication and other security features. 

For example, when people go to the market centre, normally they have to bring to their wallet, their bags with cash. However, nowadays, they just need to bring their mobile phone, and with one click, they can send the payment online, and the wallet, the bag are no need anymore. 

Do you remember the moment that the credit card appears, which created the new payment trend of non-cash payment? Following that trend, there are many countries reduce the cash using and credit card use is fairly common. About 70% of American use at least one credit card. Some other countries as Singapore they convert almost cash to using the payment card. 

And now, the appearance of mobile payment and smartphone will be dominant with its convenience and high security. 

Anyone now can see the booming of social shopping, especially after the popularity of the smartphone. Advertising on Facebook, Instagram, Twitter and other famous social media channels, all of them are used for the same purpose of catching customers’ attention and boosting sales. This results in the requirement of mobile payment, which can perfective customers’ shopping experience. What do you think about the mobile payment trend? Do you think about building an additional payment app to improve customers’ satisfaction and boost sales? In the case of software outsourcing your mobile application idea, you can feel free to contact us- Adamo Software then you can get the basic knowledge before improving your business.