In today’s mobile-driven world, we just cannot ignore the growing importance of the digital payment solution. Many enterprises tend to either give the functionality of online transactions in their dedicated app or bring separate eWallet apps for their customers. Simply put, digital payments have become ubiquitous and companies utilize this facility to grow business beyond borders.
It is fair to mention that contactless mobility has brought a radical change in the digital payment domain. Peer-to-peer payments and eWallet apps that facilitate users to make transactions through credit/debit cards and net banking are in vogue. But, this is not all. The future of digital payment holds many interesting and innovative ways of online payment.
Let’s go through some of the future trends of digital payments. But before that, it is necessary to know the importance of digital payment solutions in modern times.
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Why Digital Solution is Necessary
Let’s stretch back to the age when ‘brick and mortar’ businesses were dominated. As a result, cash was the only mode of transaction. There was a little role of banks back then and people used to give cash for every purchase. This situation is completely changed in this digital age. What’s more, the recent outbreak of COVID-19 has made people scare of using cash for any transactions.
Also, the growing incidents of counterfeit money and cash-related frauds have compelled businesspersons and people to switch to contactless and digital payment solutions. Some of the most effective contactless solutions include UPI, net banking, mobile banking, eWallets. We cannot rule out the IoT (Internet of Things) technology-based mobility solutions for contactless payments in the future.
Factors to Consider for Future-ready Contactless Payment Solutions
Digital payment solutions are evolving in line with the growing popularity of contactless mobility. The future holds more scope in this domain while keeping the following factors in mind-
1. User Convenience
It is the number one factor when it comes to a contactless payment system. It is more convenient compare to other payment methods. For example, debit cards are used for cashless transactions more than withdrawing cash from the ATMs. As a result, a debit card was considered as a convenience until the advent of credit cards. Similarly, contactless payments are a bit more convenient than credit and debit cards. We can expect that contactless mobility will bring more convenient digital payment solutions in the future.
2. Online Security
It is essential to safeguard the client’s confidential information and credit or debit card-related information. Even if the eWallet or peer to peer payment app is equipped with advanced features, the security of data is of the utmost importance because it can make or mar the reputation of any business. The slightest breach in security can keep users or customers away from your mobile wallet app.
3. More Speed without Hassles
When it comes to developing contactless payments, various factors should be kept in mind. One of them is speed. Yes, in today’s fast-paced life, ‘instant’ becomes a new norm as individuals need everything almost instantly. They just hate to wait for a long time at the bank or even utilize third-party gateways to process payments. The banking system may take more time and need some effort to make transactions.
What’s more, transactions through banks are prone to human errors or payment failures at different stages, and therefore, individuals gradually lose trust in such payment methods. Contactless payments, on the other hand, are automated, convenient, and hassle-free. Also, they are done online almost instantly, so there is little risk of errors or failures of payment.
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4. Innovative Approach
The contactless payment method involves some of the most interesting and innovative methods to make transactions online. Some of them are gesture-based and voice-assisted methods. Customers or individuals find these methods easy, interesting, and highly convenient for making online payments. The inclusion of smart chips and QR codes can make contactless payment more efficient. Individuals can make payments using low RF signals as well. Also, some of these payment apps can provide the facility of making payments in the offline mode. In other words, the contactless mobility can make a digital payment on the go.
However, while developing an innovative contactless payment app, entrepreneurs should emphasize on accessibility, transparency, and interoperability. The fintech startups and established companies should invest in integrating powerful modules that offer connected ecosystems on a 24/7 basis. With this, smart devices or IoT technology can be utilized smartly to make your app ready to accept the payment from different connected devices. QR code scanning, NFC (Near Field Communication), BLE, etc. are some of the noteworthy technologies that can make contactless mobility more efficient.
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While keeping these key factors in mind, entrepreneurs should survey to know the end user’s needs and expectations from the digital wallet solution. Also, if you want to come up with a futuristic eWallet app, it is better to find issues or loopholes in your competitors’ apps. The payment app should resolve these issues effectively. Finally, entrepreneurs must develop a mobile payment app in line with their business models. The focus should be remained on making transactions as easy, quick, and secure as possible.
Developing a contactless payment application is quite a task for entrepreneurs and developers alike. What makes it more challenging is growing competition and security concerns. It is better to look at the future to build a successful online payment app. The integration of technological advancements works wonders while making your contactless payment mobile app compatible with prevalent standards and useful for customers.