Mobile payment processing is vital for any business today, especially during this coronavirus crisis. Consumers are preferring more flexible online payment modes and contactless payments to prevent the spread of the virus. In fact, your sales largely depend upon the flexibility offered by your online payment platform to your customers.
Besides, it is much easier to collect payments through mobile devices using solutions like PayPal, Google Pay, Apple Pay, Venmo, Zelle, Cash App, and others. With time, mobile payments have evolved and become smarter to cater to the unique needs of the customers.
Today, there’s nothing a smartphone cannot do! Starting from shopping, paying bills, socializing, performing errands, attending meetings, to making money transactions, every task has undergone digitization. Businesses and their consumers have become wiser than ever and are making the most out of their mobile devices.
Moreover, as per the current trends in online payments, greater focus is given on user experience. This is why businesses are switching to more flexible and faster payment solutions to enhance customer satisfaction. Hence, the mobile payment industry can determine the success of your business and using the right solutions, you can nail it!
Here are some modern trends about mobile payment processors you must be aware of to manage your finances more efficiently.
Biometrics are Vital
Mobile payment processors work the best with biometrics systems as it safeguards people’s privacy. It is easy to steal one’s payment information and use it illegally in other places. By integrating biometrics with your mobile payment solution, you can retain one’s safety and security.
As we all know, biometrics are procedures that require one’s physical presence before initiating a mobile payment. Most of the modern-day smartphones are designed with one or more of the latest biometric authentication systems, including –
- Fingerprint sensor
- Facial recognition
- Eyeball recognition
- Voice activation
These controls can add extra protection to your transactions and hence, protect your business as well as your customers against cyber threats and attacks.
Higher mPOS Adoption
mPOS or mobile point-of-sale devices have gained much popularity among merchants due to their ease of use and additional benefits, including –
- Mobility: Businesses can accept credit card payments anywhere and at any time, which helps to drive more sales from different sources.
- Quick Checkout: Using efficient mPOS devices, your customers can have faster checkouts and payments, thus reducing waiting times.
- Personalized Services: Through mPOS systems, you can offer a personalized experience to your consumers, thus increasing your sales opportunities.
- Provide Multiple Payment Options: You can accept eWallet payments and YPI transfers, hence widening your patent options.
Enhanced On-Demand Economy
Mobile payments cater well to the common notion that people will be able to control their busy schedules and complete tasks faster. This is why mobile payments have become so popular, and they allow consumers to make transactions faster and easier.
The on-demand economy is the preferable online shopping trend as it enables retailers to deliver the products within a few hours, and the consumer doesn’t need to wait for days. For example, say you have ordered an item while driving and made the payment. Now you have enough time to drive up to the store and pick up your order.
This process is loved by most buyers, thus increasing your sales significantly.
AI-Powered Payment Chatbots
Artificial intelligence has taken over almost every industry, and mobile payment systems are not left behind. It can help retailers guide their customers throughout the shopping process, thus enhancing the buyer experience.
AI-based payment chatbots can also provide a personalized shopping experience, enabling retailers to reduce cart abandonment rates. Experts believe that chatbots have the potential to reach a level of sophistication and a significant position in the market.
Besides, contrary to popular belief, chatbots are not at all expensive and are quite affordable for startups and SMEs. And as most of us know, creating a chatbot on major social media platforms like Facebook is actually free. However, you might need to hire a separate team for handling your social media leads and customer inquiries to maximize engagement.
Increased Focus on Data Privacy and Security
One of the major challenges that most retailers face is the safety and security of a mobile payment processor. Make sure your payment solution offers a safe transacting environment where your consumers can securely enter their credit card information.
This is where the role of payment arbiters like Apple Pay and PayPal come into play. Payment arbiters are popular financial service providers that enable consumers to place an order without re-entering their credit card details every time they pay. Also, customers love the idea of automated payments because they hate pulling out their credit cards physically while making a payment.
This is particularly beneficial for returning customers, making recurring payments. Nobody likes to enter their payment details multiple times, and hence require a solution that stores their card details safely. You can drastically boost your customer base by offering them a safe and private payment environment by adhering to security standards.
Rising Trend of Cryptocurrencies
Cryptocurrencies have been receiving prominence in recent years and have promising potential to be one of the significant mobile payment solutions in the future. They are popular because they can be used in multiple platforms and portals. Moreover, cryptocurrency payments are more secure than many other online payment options.
The best thing about cryptocurrencies is that they don’t require a third party for a successful payment. Besides, these are extremely easy to transfer, even though they might not be as instant as credit card approvals.
Looking at how crypto transitions work, it depends on the particular currency you accept and the exchange rate at that time. The bitcoin amount (or other similar cryptocurrencies) will be transferred depending upon the value of the purchase made.
In conclusion, mobile payments are essential to run your business successfully and grow. You can try one or a combination of the above trends to determine which among them best suits your specific requirements. Whatever your preferences are, one thing is clear that the above mobile payment processors are going to provide the required visibility to your business.