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Mobile payment technology already reshaped many regular consumers’ lives and ordering for their services. It becomes easier for a business person who picks up the orders to deal with the customers. Also, the consumers are benefited because they do not need to wait in a queue. Any mobile application development company is acknowledging this trend.
According to a recent Juniper Research Study, it is expected that by 2024, the number of mobile wallet users will be doubled. There are almost 2.3 billion users right now. But the number is about to reach 4.6 billion by 2024, according to studies. The Data Analytics in the survey also shows the transaction amount rising to $ 9 trillion per annum by 2024.

Better Security & Convenience

Mobile payment methods keep the user secure as they are contactless. As we all know, carrying a lot of cash is hectic and raises significant security threats. But, with the contactless payment options, the users can use different technologies, which provide security and convenience. The mobile wallets also feature quality services, easy-to-use UI, and reliable computation protocol to keep every transaction and account safe. Also, the accessibility of smartphones and cheap internet, and wearable intelligent gadgets make every transaction seamless. Just because of the mobile payment apps and contactless payment methods, you can get your order from the busiest shop in the quickest time possible.

Increasing Popularity Of Contactless Cards

The UK and South Korea accepted the trend of Contactless Cards at the maximum level. Though US citizens use a cashless economy many, contactless cards have only around 4% of penetration there. But according to VISA’s Data Analytics, this situation is going to change in a short time. The study analytics showed almost 300 million contactless cards issued by the end of 2020 within the United States. Even countries like India or China are also facing the rise in contactless card users slowly. So, it clearly shows the trend of the increasing number of contactless cards around the world.

Voice-based Payment & Internet Of Things

It may seem strange at first, but it is true. With the increasing number of smart speaker users, voice-search and voice-based applications are also rising. Products like Amazon Echo & Google Home Mini and apps like Alexa, Cortana, Ciri, Google Voice Assistant, the usage of voice-based services are increasing. With this trend in the coming decade, it will change many things related to online services for sure. Already Amazon Echo proved itself to be an excellent choice for contactless & voice-based payment systems. From smartwatch to a smart speaker, and from smart tv to other internet-enabled gadgets are changing society’s needs every day. There are over 200 million smart speakers, smart tv & smartwatch users in the US alone. This trend indeed indicates the bright future of voice-based payments. This voice-based payment is a sector where any App Development Company should start investing now.

Omnichannel Payment Systems

Any mobile app development company can play a vital role in developing a new kind of omnichannel payment system. With the perfect implementation, it can become a game-changer in the mobile pay app industry. The omnichannel products address the changing needs and expectations of consumers. In-app payments, one-click commerce payment, and digital mobile wallet solutions are some popular payment methods. For example, you can look at the performance of Amazon Pay. The past data analysis shows the increased boost of in-store sales in the case of Amazon because of the Omnichannel payment system. Due to that trend, many Application Development Companies are already considering it.

Implementation of Blockchain Technology

The blockchain technology that supports the backbone of cryptocurrencies is also helping make better future mobile payment apps. Advancements in blockchain technology are changing the overall infrastructure of Mobile payment apps. Most of the Application development company is currently working on it to match the incoming customer needs.

Increasing Usage Of Artificial Intelligence And Machine Learning

Apart from all other technology, AI and ML will shape the future, as we all know it. The power of AI will also drive future mobile payments apps, and that’s normal. ML will acquire better data about the consumers so that the app developers can deliver better to the users. So, this upcoming change is going to affect the present mobile payment app infrastructure hugely for sure. Machine Learning is already changing the way we see Data Analysis applications. AI and ML is the upcoming future that all the App Development Company must address.

It is clear that the mobile app development industry is advancing more and more with time. Upcoming technologies are unlocking more opportunities and market factors for application development companies to come up with brilliant apps.