Top 5 Mobile Payment Trends that You Must Watch Out in 2017
4 min. read time
The accelerating pace of tech advancements is adding new possibilities in mobile device technology with each passing year. Smartphones are increasingly becoming an integral part of our lives and pushing us towards becoming more digital-native consumers. It has brought a paradigm shift in how we live our lives and how businesses conduct business these days.
Let us take a closer look at how technologies such as mobile wallets, sharing and on-demand economy, digital personal assistants and Bluetooth are transforming the ways mobile-savvy consumers interact with their devices, and also propelling mobile payments. Check out for the below mentioned trends in 2017:
Mobile wallets (NFC) in the limelight
With 2017 around the corner, more and more mobile users will lead the charge to opt for seamless and easy experience of tapping and paying for their groceries rather than making card payments. It is assumed that mobile wallets using the NFC technology will surpass the consumer expectations for ease of payment in the coming year. Almost all the major players in the mobile device industry have delivered their own version of mobile wallet, for instance, Android Pay, Apple Pay, and Samsung Pay. This technology is predicted to convert more number of users in the coming year.
On-demand economy – the new normal
The on-demand economy is defined as the economic activity created by digital marketplaces (primarily m-commerce) that satisfy consumer demand through the immediate supply of goods and services. The fast-paced lifestyle of contemporary consumers is making them more smartphone-reliant and they are increasingly utilizing the device for its real-time capabilities to make purchases, track their orders, receive updates and facilitate pick-up and much more. Therefore, in the New Year you will see that the on-demand economy will become ubiquitous and it will bolster mobile payments.
New breed of Virtual Personal Assistants
Virtual personal assistants (VPAs) are expected to bring a spark in the relationship consumers share with their smartphones. The coming year will see new breed of digital assistants that will provide you with helpful insights based on your online behaviour, search patterns and shopping habits. By using data from Google and data analytics, they will alert you of special deals on the products you already use. They will even notify you about new products which you may like and where you should look for them. This will not only intensify consumer dependency on their mobile devices but also reinforce m-commerce and mobile payments as well. You must consult your M-commerce Development Consultancy to leverage this upcoming trend to give a boost to your business.
Bluetooth will see more adoption
The tech giant Apple is renowned for its revolutionary product innovations that had set industry trends. This year with the launch of iPhone7, it has made a smart move towards ‘go wireless’; the device has no headphone jack. Hence, the coming year would see more consumers getting adept at using wireless wherever they go and whatever they do, setting the stage for mobile payment using Bluetooth low energy. This technology has matured now after having gone through the inceptive hurdles and is ready for widespread consumer adoption in the New Year.
The rise of sharing economy
As consumers are increasingly looking towards fast and easy ways of sharing services, the rise of sharing economy will inevitably morph into our daily lives in the upcoming year. The digital landscape is awash with new apps almost on daily basis facilitating the rise of sharing economy more than ever. The prophesy that the aforementioned trends and technologies are going to drive mobile payments in the near future, the new sharing economy will also significantly drive mobile payments in 2017.
These mobile payment trends also indicate that there is lucrative scope for your business in mobile app development and you must contact us with your ideas. We are a Mobile App Development Company professionally adept at delivering satisfactory solutions to our esteemed clients.
SPEC India (6 months)
Good one. Love to read it and going to follow the mentioned suggestions.