The Future of Mobile Payments and a Cashless Society

With advancements in technology, the financial sector has embraced innovations that make life easier when it comes to money. Even though some of the world’s largest economies such as the US are still using hard cash, recent innovations have seen an immense shift to virtual payments. First, it was all about mobile payments and slowly, the world is moving towards a cashless society. Today, you can travel to different parts of the globe without necessarily having to carry hard cash.

With new advancements including the development of mobile payment apps, virtual payment solutions, and other reliable payment methods, carrying out different transactions is quite easy compared to some years back. There are incredible options you can settle for including;

  • The use of your most preferred mobile payment app.
  • Digital wallets.
  • Money lending and sharing platforms such as peer to peer.
  • NFC or POS systems.

Undoubtedly, Samsung Pay, Apple Pay, PayPal and Android pay among other virtual payment options are very efficient. They provide a platform where you can transact safely, in the comfort of your home and on the move. This reduces the need to carry debit and credit cards when traveling. Security, convenience, and efficiency are the major reasons for the increased popularity of mobile payments and cashless transactions.

The Growth of Mobile Payments

Mobile payment solutions have come a long way. A few banks offered mobile payment options by 2014. However, with powerful establishments and corporations including Google embracing mobile payment, the industry has grown tremendously. There are immense financial technological advancements that lead to an increase in the number of people using virtual money.

What’s more, the route and the journey of going cashless, thanks to mobile payments, digital technologies and mobile payments is getting faster. No one wants to fumble with hard cash any more. The efficiency of having to carry out transactions with just a tap of a button shows no signs of going back or slowing down. With FinTech innovations in the financial sector, it is even clear that a cashless future is getting closer and is almost inevitable.

The route to a cashless society is further enhanced by global technology shifts in the financial landscape including;

  • The continuous growth of the digital revolution.
  • The evolution and growth of a demanding and tech-savvy client.
  • Growth of new markets across the globe.
  • The entry of traditional and modern players.
  • The easy availability and accessibility of internet services where it is expected that over 80 percent of the global population will access the internet by 2020.

New Technologies enhancing the Journey to A Cashless Society

New technologies are enhancing the journey to a cashless society. This includes a combination of digital wallet technologies, contactless or NFC innovations as well as mobile payment solutions. Many countries are adopting these trends as well as innovations and technologies including Blockchain and IoT. Mobile payment companies are experimenting with different Blockchain technologies to enable and ensure the successful development of peer to peer payment app, cross border payments and other digital payment options. As such, it has become easy for financial institutions to create the best, reliable, safe, efficient and more digital apps for clients.

Mobile payments and digital wallets make the lives of consumers and business persons easier. Making payments for your products and services happens at the click of a button. Financial institutions and lenders can deliver their services online without a major hitch. With such bucks, mobile payment apps also make a cashless society quite inevitable.

Similarly, the convenience of mobile payments and the cashless mode of payment is evident in other industries. For instance, hotels enjoy the ability to serve their clients from different parts of the globe without necessarily having a human connection. Millions of people can pay for products and services without uttering a single word to company employees. This is why the impact created by mobile payments is quite evident, and an experience that many people are not willing to let go.

Similarly, the wallet payment system is mushrooming at a higher rate. E-wallets are highly acceptable and can be used by anyone almost everywhere. They are growing through national, regional and international levels and partnerships. In developed countries, e-wallets are a trillion-dollar industry including Tencent, Alibaba. Recently, there was the entry of new players including Alipay and WeChat Pay. There are also other options with a lot of potentials when it comes to cross border mobile payment options. As such, it is clear that the acceptance of e-wallet across the globe is quite close. Soon, it will be a viable option and a perfect global payment option that benefits different players. This is why having a cashless society goes hand in hand with business operational efficiency. Going cashless will impact the lives of business owners and consumers.

Secure Payment App Development

To ensure a cashless society, there has been a breakthrough in technology for secure payment app development services. This is to ensure standardized, secure and fast transactions and operations by relevant stakeholders. Mobile payment apps are developed by competent developers who incorporate essential features for truly functional apps. Today’s apps allow for real-time services for seamless operations.

What’s more, new technological advancements are equally transforming the payment app development landscape. As such, central regulators and authorities across different parts of the globe are embracing the right measures to ensure mobile payments, cashless society and to make digitization of money an easy process. This is why regulations are creating a great landscape that is quite consistent and offers enhanced security.

With such measures, mobile payments ensure secure data collection, enhanced cybersecurity, messaging formats that are up to mark and interface standardization. Other initiatives include the introduction of PSD2 in 2018 that created a platform for all stakeholders to engage in healthy competition.

Furthermore, there is the growth of a collaborative ecosystem. For instance, FinTech offers a better, faster and efficient payment interface. Financial institutions that have adopted FinTech technologies are also growing tremendously offering quality services every day. With a broad client base, banking players can only settle for top, modern and acceptable digital apps, capabilities and innovations that enhance and expand the digital or mobile payments market.

Clearly, mobile payments and digital payment apps have created a major impact on the retail world. In the future, as technology continues to evolve, it is expected that microchips would be used to make payments. This is to ensure the simplicity of living. Even before then, it is evident that mobile payment systems and advancements in technology co-exist. They work together to transform the financial world. Today, many payment apps have been designed and are highly compatible with different devices including smartphones.

There are different phone models including those with high tech and fast processors. They are the real deal in a world that is embracing mobile payment and moving towards a cashless society. Modern Android devices, Apple devices, and other powerful models are incorporated with features that make it easy for mobile app developers to deliver services and rise to the system, just the same way as MasterCard, American Express and Visa card power the credit card platform.

Indeed, the future of mobile payments and a cashless society is inevitable.

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About the author

Nikunj Gundaniya

Nikunj Gundaniya, Product manager Digipay.guru, one of the leading Digital wallet solution, which provides mobile finance application development services. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.

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