Top 6 Digital Wallet Trends For A Contactless Future

Global digitization and the mass adoption of mobile devices to access the Internet are fundamentally changing the way people search for digital products and process their payments. In this article, you will find out what are the latest trends in a digital payment and what is the future of mobile payments. Digital payments are undergoing a significant transformation, accelerated by changes in a consumer pattern and a improvements in the mobile industry.

Digital wallet trends

Biometric authentication

⦁ Biometric authentication is a trend that will a rapidly emerge.
⦁ Biometric authentication is a authentication method that involves the biological and a structural characteristics of a person.
⦁ These authentication methods include a fingerprint sensor, facial recognition, iris recognition, heartbeat analysis, and a vein mapping.
⦁ Biometric authentication is a unique and important payment method as it is a encompasses and provides accuracy, efficiency and security in a single package.

From cards to codes

⦁ EMV technology gradually rose to introduce customers to a more computerized and secure payment mechanism.
⦁ EMV technology is known for using codes that change each time a transaction occurs.
⦁ This use of temporary codes dramatically increases the security of a bank accounts.
⦁ This example shows us how codes can shape the way we a manage bank account systems.

Increasing demand for mobile point of sale

⦁ Mobile POS is a revolutionary technology as it frees all merchants from their brick and mortar locations and in a store payments.
⦁ It frees them to a various places like concerts, fairs, food trucks and many more where they can easily accept payments from their customers.
⦁ MPOS technology also makes a huge difference to the in-store payment process by making it more efficient and a flexible by replacing central checkout areas with a sales staff equipped with MPOS devices.

Smart speaker payments

⦁ A user can give voice commands for a various thing like getting current weather information, traffic information, ordering from a zoma or booking a taxi from Uber.
⦁ Many giants have invested in a making smart speaker.
⦁ Amazon was the first to come out with a first smart speaker.
⦁ Google home and apple joined amazon in that order.
⦁ Speakers that evolved from a smart assistant were primitive in a nature as they were limited to telephone devices only.
⦁ The growth of home automation a smart speaker have also started to a enter the mainstream.

Contactless payments

⦁ Contactless payments are another payment method that will a grow rapidly.
⦁ Contactless payments are also faster and more secure than PIN technology, as they transfer encrypted data to the point-of-sale device instantly.
⦁ Many companies like samsung, apple and google already have their contactless payment system samsung pay, apple pay and google pay.
⦁ To pay, a customer simply downloads the app, adds a card by entering card details, and then waves their phone over any reader.

Dominance of mobile wallets

⦁ A mobile wallet solution is nothing more than a mobile app that tries to mimic a real physical wallet.
⦁ Using a mobile wallet, you can send money to other users, receive money from other users, and store money in the wallet.
⦁ Not only that, with the help of mobile wallet, the user can also pay utility bills, buy tickets, earn rewards and much more.
⦁ This is why many big companies like apple, google and samsung have started providing mobile wallets to monetize this transaction.

Conclusion

Digital payments for a future. In the coming years, we will see a transition of payment methods from a physical cash to digital payment methods. Many new trends will appear and disappear before the transition is over. These trends will play a vital role in a shaping our future payment method.