Mobile payments have grown massively in recently years. In fact, according to estimations from TechCrunch, by the year 2020 around 90 percent of mobile device users will have made a mobile payment. This means, for businesses, that it’s incredibly important to not only offer payment using mobile gadgets, but also to stay up on the latest trends and developments. Read on for three key mobile payment trends you need to be following today.
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You’ll see more and more that mobile payments require the presentation of something that is a physical part of the customer. For instance, biometric identification can include an eye scan, fingerprint, facial feature, voice recognition or even vein pattern. Scans of these body parts are used to identify owners of mobile devices when they unlock their cell phones and transact a payment.
For businesses, a major benefit is that these more secure transactions will help to increase conversion rates. Indeed, according to information from Juniper Research, payments which leverage mobile biometrics are expected to be worth nearly $2 billion. In the future, we’ll likely see the trend move even further, eliminating the need for customers to carry about cell phones or wearables to pay. Instead, it’s probable that there will be fingerprint or other types of scanners built into cash registers which will verify, process and approve transactions.
Biometrics
When it comes to payment processing in this day and age, a lot of consumers are worried about security due to the prevalence of cybercrime. This is particularly the case with mobile transactions. One trend that is helping to alleviate these concerns, though, is the rise in biometrics. Today, rather than the usual two-factor authentication which is used to authenticate transactions (e.g. a credit card combined with a pin), new payment systems are relying on biometrics.
You’ll see more and more that mobile payments require the presentation of something that is a physical part of the customer. For instance, biometric identification can include an eye scan, fingerprint, facial feature, voice recognition or even vein pattern. Scans of these body parts are used to identify owners of mobile devices when they unlock their cell phones and transact a payment.
For businesses, a major benefit is that these more secure transactions will help to increase conversion rates. Indeed, according to information from Juniper Research, payments which leverage mobile biometrics are expected to be worth nearly $2 billion. In the future, we’ll likely see the trend move even further, eliminating the need for customers to carry about cell phones or wearables to pay. Instead, it’s probable that there will be fingerprint or other types of scanners built into cash registers which will verify, process and approve transactions.