5 Emerging Trends That Are Gaining Momentum in the Mobile Payments Space

Every technological advancement is driven by one motive; making the better even better. A few years ago, the concept of mobile payments was virtually non-existent. And yet years later, here we are tapping our way to make purchases on smart devices. From being a communication device, smartphones keep getting smarter each day, accommodating varied needs into one power-packed bundle. From shopping to paying bills, in 2017, there’s nothing you can’t do with your mobile. In recent times, the rise in popularity of mobile payments has ushered in a new era where going cashless has become the norm.

So, where is it headed? Let’s take a look at some of the emerging trends that are shaping the online payments landscape:

1. The Focus Is On UX

Users are turning towards mobile to make purchases, as such, the need to provide an efficient, hassle-free and seamless payment system is greater than ever. The better the experience, the more likely they are to make use of the option. It’s one of the reasons why businesses are focusing on making the payment process simple, instant and easy to carry out on-the-go.

2. Time Matters

From the start of the payment journey, the completion of the transaction should be arrived at in a minimal time frame. Lengthy, cumbersome and tedious check-out processes can deter users from using your mobile app and cause them to abandon online payments midway. The focus is now on saving time and improving the overall UX.

3. Mobile Security Is Growing

While the mobile payments arena offers a host of benefits, it isn’t always the pretty picture it’s painted to be. Lack of security can expose transactions to risk and make apps vulnerable to being hacked. However, several advancements in mobile wallets and introducing technology like tokenization make the space a safer and more secure haven.

4. Cutting Down Loading Times

Speed is the key; anything that takes forever to load will be the cause of a lost customer. In the new era, endless load times, redirects and misleading links have now been eradicated, with the emphasis laid on providing a fast, safe, secure and an efficient means of making transactions.

5. The Innovation Train Has Just Started

With technology altering the face of the online payments industry, there seems to be no slowing down from this point onwards. Biometric authentication, voice recognition, facial identification etc, are just bringing the new wave of growth in the area, with more change expected in the coming times.

It’s time to tap into the increasing opportunities offered by the online payments industry, and embed a secure, safe and efficient mode of making payments on your mobile app. Contact Openwave now!