There is no doubt about the fact that business is all about dynamism. The accelerating changes in payment processing industry started with the New Year will march throughout the year and hence will keep the payment service providers on their toes to deliver nothing but the latest and the best to their customers. Certain it is that whole world will be soon turning into a cash free market. It will be all done quickly and efficiently through e-checks and e-cash. New platforms and new standards of the payment industry promise only one thing and that is better transactions.
This article lists the major trends to look forward in the year 2017, and they are as follows:
Mobile wallet will raise its market share
Ascend in the usage of mobile wallets is definite. According to Business Insider, the mobile payment volume will potentially increase up to the compound annual growth rate of 80 percent. The increased CAGR will bring up mobile payment volume to $503 billion. As per the business forecast was done by Business Insider, a number of users of mobile payment will rise 40 percent and will cross the toll of 150 million consumers by the end of 2020.
MPOS will be widely accepted
Slowly having mPOS is becoming a necessity of a business. Why? People expect the merchants to accept the payment anywhere. They are anticipated to make up to 46 percent of point of sales by the end of 2019. The traditional POS will always be required, but that does not stop a business from asking a convenient, simpler and cost effective solution in name of mobile POS.
Use of biometrics will not be restricted
There are big corporate players that have inculcated biometric scanning technology to approve a purchase by the consumer. It allows a consumer to unlock his phone and approve the purchase by using his fingerprints. Fingerprint scanner at cash register verifies and approves the transaction process in future too. Isn’t it an ultimate method? Wait there is more to it. Digital transactions on their onset require fingerprint but it will not take any longer to validate the payment through iris, voice and even DNA. There was a time when DNA tests were conducted to identify the blood relations; there is truly no limit to biometrics.
As the payment environment matures, there is a continuous urge of simplifying the process of payment and take measures to make it even more secure. Good news is that number of companies are adopting best practices to enjoy customer’s preference.