Mobile devices handle everything. From online shopping, to errands and paying bills. Just name it, your mobile devices can complete everything within seconds. It’s just a click away. Businesses have been wise to make the use of the mobile for as many payments as possible, because these devices travel with us everywhere.
Consumers need not to worry when conducting personal tasks as it is easy and handy now compared to a decade ago. No more waiting in lines at the ATMs. Mobile payments processing will continue to grow due to the demand to take care of many tasks that require the exchange of money for products or services. People want everything fast and secure now.
Here are some of the emerging trends associated with mobile payments processing in 2017 and beyond, which you will need to consider as a business if you want to continue attracting this mobile-focused audience that are looking to conducting more transactions without using cash or any other traditional payment forms.
User Experience is Gold
The most important thing is the user’s experience during shopping and mobile researches. Mobile service must continuously improve and expand so that businesses can make their customers happy and loyal. Customers have become so accustomed to having instant access to a variety of goods and services that even a few moments of time or the lack or range of payment options can make a huge difference in whether that business is able to garner the transaction.
Businesses have to ensure that their mobile service options provided are on top of the newest payment diversities. If businesses do not improve their mobile service, online shoppers for instance can anytime abandon their shopping cart. This is because they do not feel satisfied with the mobile payment service provided. For example, TAC code that customers will receive before payment sometimes can be the reason why customers do not complete their payment. TAC code is unreliable sometimes. Customers sometimes receive the code after two hours of waiting to complete payment and that pisses them off.
This trend in mobile payments will be focusing on the user experience, optimizing the navigation, the look, feel and of course, the speed at which customers can view and complete their information search and purchase transactions. For businesses, this means more users test for page load times, functionality, navigation and overall time that must be expended from the beginning of the transaction to the finishing step.
When planning to get a mobile website for your shop, it is important to think of the whole process which involves the customer’s experience. Typically, making payment is usually the last step in completing the online shopping process, thus the number of paying customers determines the growth of a business.
The size of the mobile screen is much smaller than computer screen so it is very challenging and sometimes annoying for the consumers to get the products that they have been craving for. They sometimes hardly see the payment information and product details. However, since this is the ideal modem and experience for customers, this will be the year for businesses to take the time and spend what has to be spent, to get their mobile payment options and timing figured out.
This means getting rid of misleading links, redirects, and any distractions. Ad can be very painful so do not include ad during transaction. Customers can immediately exit from your website. It’s distracting and not worth it. Customers want fewer clicks, easy and fast transaction. Do not forget to include multiple payment methods for your customers.
Consumers’ and businesses’ transactions do affect the advancement of technological and innovation of mobile payments. The innovation process of mobile payments is driven by the security and regulatory issues and not forgetting the customer’s demands too. Innovations like MasterCard’s program that replaces passwords with selfies and similar biometric authentication is just the beginning as facial identification, voice recognition, and cardiac rhythm may be the norm as technology moves forward.
Change will constantly happen in technology and that is normal. You do have to wait for the noise to get cleared and settled. There is no sign that the runaway tech-train is going to stop or even slow down at some point in the future. In fact, technology always gets renewed. This means that you need to start adopting technology so that you can evolve along with your customers.
For the time being, just keep your mobile platforms simple and easy to operate. Make sure to provide ease, security and convenience of the mobile payment experience to you customers.
Security versus Mobile Fraud
You are aware that mobile payments will always have fraud issues. Because of the growth in usage of mobile payments, fraudsters are now turning their attention to the opportunity that presents for them to break in and steal data and information.
This is why some consumers feel e-wallet isn’t safe however not everyone feels that way. Millennials embrace e-wallets. It’s up to fintech companies and payment processors to help mobile users become more secure about using mobile payment apps to conduct their transactions. This means sharing information about new security technology that’s in place, including tokenization, which replaces sensitive data.
Mobile Will Fuel the On-Demand Economy
The number of people using mobile increases day by day and we know how mobile can control over our hectic life. At the same time, mobile helps us in almost everything, from shopping to paying bills. More people are embracing the ease of having mobile now. The concept of an on-demand economy is a natural extension, which provides a way for consumers to get their purchases within a few hours rather than waiting for days.
Mobile makes everything easy. Consumers do not have to walk outside and stand in long lines to purchase something. The contemplated speed to purchase and be on your way is becoming irresistible. Consumers love it and businesses can experience an increase in sales and reduction in other costs because of the reduced use of shipping and delivery expense.
More Mobile Payment Trends to Come
Now is just the beginning of mobile payments. In the near future, there will be more exciting inventions and innovations coming in. One day, our future great grandchildren will no longer use paper money and other traditional payment methods that we use today.