Partner Article: The Future Of Payments

The following is a guest article from our partner contributor, Abhishek Singh, Senior Tech Lead at Cynoteck:

The way we make payments has experienced several changes, and digital payment methods saw huge developments in the past four to five years,  We are about to see many more changes in the coming future.  As business and customer needs progress, it is clear that the global payments ecosystem must be adaptable and open to innovation without compromising financial stability.

The previous decade witnessed a great move from physical to computerized payments. Technological progressions have prompted significant advancements, with payments getting quicker, on both a local and worldwide scale, simpler and more convenient. Online sales, smart gadgets, and mobile payments are not only changing the way consumers pay for goods and services, however, they are also likewise changing the complete payment process like methods to accept, secure, and facilitate payments.

Payment Trends - Present and Future:

Mobile Wallets

In this era of smartphones, there is an app for everything. Mobile Wallets are one of the quickest growing trends associated with the future of mobile payments technology. They offer speed, convenience, and security for customers. By using a mobile wallet, users can complete their purchases quickly and efficiently.


Smart Speaker Payments

With the accelerated growth of smart speakers like Amazon Echo and Google Home, voice commands are growing more powerful than ever, changing the way we do everything, from checking the weather to scheduling a doctor's appointment. Amazon's Alexa, the AI mind behind the Echo smart speaker, offers the ability to pay credit card bills, send payments, and manage select bank accounts.


Growing Demand For Mobile Point of Sale (mPOS)

Mobile-point-of-sale (mPOS) is an innovative technology that frees all the merchants from their brick-and-mortar locations and in-store payments. The mPOS technology additionally makes a huge difference in the payment process of a store by making it more streamlined and flexible. The implementation of mPOS empowers sales and service industries to conduct financial transactions at any place by taking advantage of mobility, improving customer experience, and saving space.


Social Shopping

Social shopping is termed as an e-commerce methodology in which shopping experiences are shared with a social network of friends and contacts. The concept behind social shopping is that individuals are influenced by their friend's purchases and recommendations. Social shopping requires a flexible, dynamic mobile payment processor that can integrate with mobile shopping carts and social media technology.


Pay By Link

Pay By Link is an easy, fast, and secure way for you to send payment links to your clients. It helps you start accepting payments using a payment link. This link takes the customer to a secure payment page where they can pay with their preferred payment method. Also, unique payment links allow you to keep track of each payment request.


Currency cloud

Currency Cloud is a global payments platform built on smart technology that redefines the way how money flows. This platform is fully cloud-based, which makes it work with banks and fintechs globally including Starling Bank, Brookline Bank, etc. Currency cloud makes it easier for customers to get paid from overseas, decreasing the financial risk associated with international transfers, and receive funds faster.


Bitcoins

Bitcoin is a cryptocurrency created in 2009. It allows people to buy or sell bitcoins using different currencies. Bitcoins are not issued or financed by any banks or governments. Instead, they are operated by a decentralized authority. Bitcoin transactions provide the utmost freedom and are fast, secure, and do not contain any customers’ personal information. Bitcoins can be transferred to any person in any part of the world with no payment limit.


The Decline of Physical Payment Cards

Credit and debit cards are still the dominant form of non-cash payment. But with the use of several mobile payment apps and other forms of digital payment, the need for physical cards is minimizing. The ability to pay for things with your smartphone instead of carrying around cash or something is always better and speeds up transactions.

 

In the coming years, we will see payment methods transitioning from physical cash to the digital payment methods. Various new trends will emerge and fade, but they will play a vital role in shaping our future payment methods. As the world is getting smarter in the quest for more convenience and efficiency, it is natural that we cut short the time invested in a financial transaction and instead invest the same on other productive tasks. The expected future of mobile payments will involve various automated payment capabilities. Although the direction is clear, there is still much development that needs to be done. 

Cynoteck

 

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