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As mobile payments continue to evolve to meet consumer demand, we looked at the main trends that will shape the future of the industry.
The mobile payments industry has seen a huge growth over the last years. According to an article by André Stoorvogel, head of marketing at Rambus Bell ID, a seamless customer experience is the key factor that is driving the industry.
The adoption of mobile phones has influenced consumer demands and changed the way people interact with retailers and pay for things. Customers are expecting more convenient, secure and faster methods of making purchases.
This has already been achieved in-app with such platforms as Uber, which demonstrates how frictionless payments create a positive customer experience. The service lets users to complete payments without using credit cards or payment apps.
Still, with the development of the Internet of Things and new technologies, like biometrics, computer vision, and artificial intelligence, we are getting closer to providing a frictionless in-store experience.
The commerce giant Amazon developed its own payment solution that allows shoppers to walk into the store, choose an item and walk out without using their credit cards and waiting in a queue. The only thing buyers need is to have the Amazon Go app installed on their smartphones. Apart from Amazon Go, we’ll definitely see other projects in the next years that aim to speed up in-store payment process.
“Increased consumer awareness, ever-expanding acceptance and more mature offerings means that the various OEM Pay platforms will continue to go from nascent to mainstream in 2017,” Stoorvogel said.
“The conversation surrounding mobile payments, however, will change. With ‘tap and go’ cultures becoming increasingly engrained, consumers now expect to be able to make contactless payments. The added convenience of paying with your mobile device is no longer the main driver of adoption.”
China is now the globe’s largest mobile payments market, accounting for more than $235 billion in 2015. WeChat and AliPay are dominating the local market, which operated in isolation because of the regulatory environment in China. However, both platforms are planning global expansion what will likely influence the overall payments industry.
With continued advancements in payment technology, customer expectations are also getting higher. While mobile payments become more widespread, people expect to be able to conduct contactless payments.
A large number of retailers are working on their own payment apps to have control over the payment process. Merchants are focused on providing a unique buying experience, including value-added services, such as loyalty, couponing, and rewards programs.
“In addition, initiatives such as QR code mobile payments are enabling retailers to keep the payment process ‘in-house’ and reduce network fees. QR codes may not necessarily be the future, but the trend of retailers identifying and developing alternative payment channels is here to stay,” Stoorvogel stated.