Mobile wallets used to be a niche for tech-enthusiasts, but as the decades pass, they have come across as a necessity and are expected to be the future of payments. Running a business without an app is like losing all digitally active customers, who will prefer the ease of payment and digital advancement over offline business models. However, in spite of the surge in contactless mobile payments, businesses are getting disrupted or growing slowly, in the presence of advanced wallet technologies. In this blog, we will have a look at 5 ways a mobile channel can help businesses improve payments and score new revenue streams while sustaining themselves:
1. NFC Integrated Mobile Payments
One major behind the adoption and growth of payment wallets is Near Field Communication. NFC offers security as well as the speed of payment. NFC technology involves two technology-enabled devices, like a smartphone and a Point of Sale or POS terminal, that are responsible for the transfer of encrypted data. This integration is one of the primary ways businesses are able to perform big transactions securely within minutes.
Biometrics has gained a lot of popularity in recent years. Using biologically unique identification like fingerprints, face, and iris scans enable faster mobile payments, much more convenient, and includes an additional security layer, doing away with the need to memorize difficult passwords. According to industry research, over 18 billion transactions on biometrics technology will be happening every year starting from the year 2021. Integrating biometrics in payments or e-commerce apps will fuel authentic and usher in faster than ever transactions.
3. Loyalty Schemes
A mobile-based loyalty program provides customers the freedom to receive offers, discounts, rewards, etc. through mobile wallets whenever they make a purchase. A mobile digital wallet app incorporates loyalty programs usable at various merchants. Businesses are able to share, promotions, news, announcements, product information, and other marketing content through the app. I turn the data collected from the consumers can empower businesses to provide targeted discounts that people want while recommending more value-added actions.
4. Enhanced machine learning
Artificial Intelligence and machine learning have improved a lot in the recent past. It has become smarter and more efficient handling all the routine operations without any hindrances or errors. AI-enabled chatbots can be integrated into mobile apps to resolve customer queries and complaints during shopping through e-commerce. They have even streamlined the payments app experience through automatic preparation and execution of basic transactions.
5. Voice-enabled payments
Home assistants or smart speakers have also gained a significant fandom in the market. With its pioneers being the digital heavyweights like Amazon, Apple, Google, etc., smart speakers let customers interact with these gadgets through voice commands and receive voice responses. Certain regular operations such as starting ACH payments and number verification are executed without having to talk to a support executive.
Mobile payments have secured a definite place in the present and future business ecosystems. Digitally active enterprises, hence, will not only be able to offer their customers a rich buying experience but will also have the opportunity to innovate and be the disrupting force of the markets. To get started with developing your payments application or integrating the technology in your existing apps, get in touch with a renowned mobile app solutions company.