2016 is said to be another great year for the advancement of mobile payments. As compared to 2015, this year, the number of people and businesses using the innovative and comprehensive payment solution process options is tremendously increasing and expanding. Mobile payments were first introduced through smart watches, but over the years, this payment method is made available through smart phones.
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Innovative Payment Methods in 2016
1. Mobile Payments
This online bill payment method has been used for almost five years. Thus, there are several providers offering different mobile payment options through smart phones. However, time will come that mobile payments would no longer be dependent on smart phones, but rather with bracelets, smart watches, and even rings.
2. Security
Security is a priority when choosing a payment option. To ensure security, the payment industry has been implementing two methods, namely biometric and tokenization authentication. The latter is an interesting way of securing credit card details. The pertinent data is kept on a tokenization server securely and the user can only utilize tokens for payment. Likewise, the biometric authentication uses keystroke detection, voice recognition, pulse recognition and finger vein scanners. This payment trend enhances both convenience and security.
3. NFC
Another payment trend this 2016 that has also been around for the past years is NFC or the Near Field Communication. This is not only for smart phones, but there are also debit and credit cards that contain NFC chips. This payment trend speeds up the payment processing in POS without requiring signature or PIN.
4. Real-time Payments
With the continuing effort of the ECB or the European Central Bank to develop comprehensive payment solution process, in the coming years, people will enjoy the advantage of instant payments. Though it would take few years for this to be fully implemented, people are expecting that it would make transactions a lot easier and faster. Deliveries of goods can be made instantly upon receiving the payment confirmation.
5. International E-Commerce
This is an international strategy in online bill payment that suits best for merchants looking for success in e-commerce industry. With this, shoppers will have the opportunity to use their preferred payment method. However, merchants should identify the markets in which international strategies can be implemented. It also requires partnership with payment service providers.
With the inception of online payment methods, many countries are cutting down the use of cash. People are using credit cards and customer cards in paying for purchases or through payment apps. Using cashless payment methods is very popular in Europe particularly in Sweden, Denmark, and Germany. Cash will be on the retreat as soon as these payment trends are realized in the future.
In a way, cashless purchases are very convenient not only to individuals but also to businesses. Shoppers need not bring huge cash, and cashiers need not spend time using the POS. It’s because using alternative ways of payment enables an individual to shop anytime and anywhere as long as he or she has a card or anything accepted for cashless purchases. Through the payment trends predicted, the industry will remain dynamic in the coming of years.
