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Mobile Payment Trends Shaping the Industry Today

Mobile payment concepts are more common today than ever before – providing consumers and businesses with the convenience of easy payment, efficient tracking, and increased security. With so many benefits to consider, the number of merchants choosing to explore mobile payment trends is growing, and in June 2015, the third-annual Global Mobile Money report by MEF found that mobile commerce and banking are continuing to grow, with 66% of all mobile users carrying out some form of transaction from their smart phone.

mobile payment

The world of mobile commerce includes any and all financial transactions that made are possible with the use of a mobile device. This can include anything from mobile banking, to investing, and making retail payments. According to a recent survey by Deloitte, the younger generation is most interested in mobile payments, with up to 70% of users below the age of 40. By the time 2016 rolls around the annual spending of Millennials should reach about $2.45 trillion, prompting a wide range of companies to take advantage of mobile commerce as a way of targeting the younger population, and developing exceptional revenue.

Digital or Mobile Wallets and Credit Card Readers

One of the first phrases likely to appear in a conversation about mobile commerce, is “mobile wallet” – a concept that is being considered across various industries today as major providers search for ways to develop mobile spending through coupons and offers, as well as driving consumer usage. What’s more, with mobile wallets, companies may be able to learn more about the consumer journey by providing them with information offered by location tracking and analyzing unique identifiers.

Mobile credit card readers are becoming popular with many business owners, as these attachments allow smartphones to convert into credit card machines ideal for fast and efficient payments. Some of the most common options for readers on the market today include Intuit Go Payment, and the Square.

Near Field Communications and QR Codes

From mobile wallets to mobile credit card processing, there are various ways for companies today to accept mobile payments.

One of the latest trends in the world of mobile payments includes QR Codes and Near Field Communications (NFC). QR Codes give consumers the opportunity to scan information, store data, and share it with others. This contactless solution for payment makes it easier than ever for businesses to accept payments through mobile phones, as QR cokes make it possible for individuals to store consumer information into their phones that activate when they scan QR codes. This means that customers can avoid carrying around cards, and can instead show their phone when checking out of a store.

The concept of “Near Field Communications” or NFC uses contactless transmissions to allow retail terminals to read small amounts of data from smartphones. NFC allows for those encrypted pieces of bank information to unlock with QR codes and other scan-able codes, and this is the technology that drives things like Apple Pay.

Peer To Peer Payment Apps

Today, mobile drives the majority of Facebook active users and Google searches – prompting various experts to confirm that we’re living in the “mobile age”. Innovations in mobile options for payment are giving users and businesses the incentives they need to get involved with the world of mobile commerce – with applications like Tilt, Google Wallet, and Apple Pay providing innovative platforms for payment. Today, consumers can access payment apps for wearable devices, and even peer-to-peer payment solutions that allow friends to send money to one another using their cell phones. This has proven to be a huge success when it comes to splitting bills with loved ones, as consumers no longer have to wait to wire bank transfers to their friends.

Security Remains a Top Priority

No matter how far the world of mobile commerce may go, it’s crucial to understand that data protection and security measures will always be the primary concern for merchants, consumers, and payment processors alike. The fact that breaches in security have already happened across the globe today is one of the main reasons why some consumers and industries still feel concerned when it comes to adopting mobile payment strategies. With that in mind, innovative individuals that are coming up with evolving mobile payment trends will need to consistently improve their security measures and efforts to help consumers trust new technologies. After all, the best way to enhance consumer confidence is to reassure them that their privacy will remain intact.

The Age of Mobile Commerce

As consumers continue to rely upon handheld devices, chances are that the realm of mobile commerce will only continue to grow – providing businesses with new and more exciting ways to promote conversions and transactions in the technological age.

Written By

Joey Tomina is the President of Rushstar Wireless and is nationally recognized as one of the top leaders in the wireless industry for his work with the leading carriers, MVNO's, & payment processors in nationwide sales, distribution, and operational development. He has15 years of executive sales & management experience with an emphasis in direct and indirect market development and distribution.

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