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Expected trends in mobile payments

Smartphones have taken the mobile phone from being a device to talk and text with, to something more akin to a mini computer with the ability to be a personal assistant, virtual shopping cart, and much more. As more consumers start to rely heavily on their smartphones, advances in technology have become rapid through necessity.


2017 is the era of mobile payments

Enter the new era of connectivity, with mobile wallets, near field communications (NFC), Bluetooth, and on-demand apps. All of these innovations have helped to transform the way consumers use their phones to interact. This has led to the new trends in mobile technology that are expected in 2017.

Expected trends through 2017

Mobile payments

Millennials account for around 25 percent of the U.S. population, and are the main forerunners of using mobile payments technology instead of credit cards. With the ability to use NFC technology, mobile wallets are expected to grow in popularity throughout 2017. All of the major players in the mobile wallet arena have had their apps fully integrated into society, and Apple Pay have announced an increase of around a million new users every week, with Android Pay and Samsung Pay continuing to convert new users to the benefits of mobile wallets.

Consumer on-demand products

The new use of mobile wallets has driven a huge on-demand culture in consumers in the first half of 2017, and consumers are expected to increase their mobile spending through the latter half of the year. Customers now demand better service, faster delivery, and more convenience, and they have the ability to choose their channel, make their payment, and track their orders, all through their mobile phones. The real-time capabilities of the smartphone are set to bolster the on-demand economy by the end of the year.

Bluetooth

The use of Bluetooth is expected to increase in 2017, and thanks to Apple, consumers are expected to increase their use of wireless everywhere. This means that the stage is set to use Bluetooth for mobile payments. After the initial teething problems it has gone through over the last few years, Bluetooth has not matured into a viable payment option for consumer adoption in 2017.

Personal assistant

The use of the digital assistant is expected to bring about a new kind of relationship between consumer and smartphone. With the ability to use Google’s data on the go, smartphones as personal assistants are the next big thing. Able to connect to all the information available on the internet, it can provide the consumer with valuable insights on spending patterns and online habits. With the ability to alert users to the best of the special deals available for the customer’s favorite products, a modern, digital personal assistant is both useful and convenient. This will mean that consumers will be more dependent on their smartphones than ever.

A sharing economy

New innovations in modern mobile technology have started a drive towards a sharing economy through 2017. The world of the sharing economy is growing in consumer’s lives continuously throughout the year, and consumers are increasing their demands for faster and easier ways to share services, apps, and other digital products. Every day there are new apps, which offer the consumers all the things they want, as well as things they did not even know they needed. An increase in on-demand apps along with other mobile technology advancements is expected to increase the facilitation of the sharing economy beyond the New Year.

Mobile tech improves lives

It makes no difference if it is the first time you use a mobile wallet or something you use a dozen times a day, you can easily pay for groceries, split the bills with friends, and leave behind the headaches that go with making payments using cash or credit cards. More and more people are expected to join the growing numbers of millennials that are leading the mobile payments revolution. And just like all those who came before you, you will soon appreciate the improved experience and ultimate convenience of the mobile payment technology in almost every aspect of your life.

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Source : https://www.mobilepaymentstoday.com/articles/5-mobile-payment-trends-to-watch-in-2017/

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