Key Takeaways
Digitization has rapidly proliferated the trend of digital money across the globe. All digitally active enterprises integrate smart payment features to enable a smoother online payment experience than ever before.
Moreover, with the past couple of years in the pandemic being a milestone for mobile payments, mobile wallets with advanced functionalities are becoming increasingly popular among customers. In this blog, we will talk about the top mobile wallet app development trends that will gain significant traction in the year 2022:
Growth in mPOS or Smartphone POS devices
In mobile payments, mobile devices become the point of sale or mPOS. mPOS are basically smartphones that offer an easy way for retailers and merchants to receive payments. Smartphones can be carried anywhere in the world for paying for goods. All someone requires is a good internet connection to use it smoothly. These devices are far better than the typical in-store payment systems. Improved security and better convenience further add to the growth in popularity of these devices. Therefore, it is vital that enterprises integrate these mobile payment interfaces into their apps or the digital counterparts of their stores.
The Rise Of Biometric Authentication
Fingerprints and retina scanners, and authentication through voice recognition aren't new terms in the smartphone realm. Android, as well as iOS platforms, provide the necessary features to improve the device security. The biometrics method works as an additional safety measure for securing digital transactions. The BFSI segment is already implementing biometric authentication to strengthen the safety of digital payments.
The Inception of Machine Learning
The mobile wallet development is now actively integrating ML features. ML can be helpful in detecting fraudulence in transactions in hundreds and thousands of daily entries. The BFSI segment can secure its transactions through proper scanning, and avoid any defaults in loan processing, customer verification, etc. Machine Learning algorithms can analyze data on numerous online transactions aggregated by banks as well as financial institutions. Credit card firms are also actively leveraging the advantages of ML software in the digital wallet solution.
Speaker & Sound Wave-based payments
Smart speakers have become mainstream in many households. According to research, 82% of respondents used voice assistants to get details on products. In online payments, around 28% made direct payments, sending money via smart speakers. Given the proliferation of tech-savvy retailers, this number is definitely increasing in the future. Moreover, when compared to other existing traditional ways for digital payments, speakers and sound wave-based payments are much more secure & easy for people.
GPS And Navigation
The e-wallet functionality enables people or organizations to accept payments through smartphones regardless of their location. GPS and navigation are critical business assets of an e-wallet app. Through GPS users are able to locate the devices that people are using to make payments. The payment can be processed with just a single tap on the respective username. The feature expedites the whole process saving the time needed to enter account information, and the transaction is done efficiently.
Wearable Device Integration
The wearables technology isn't just restricted to fitness tracking devices, smartwatches, and jewelry, but it also becomes vital in facilitating mobile payments. Akin to contactless debit or credit cards, the wearable gadgets contain a Near Field Communication or NFC chip. It is this chip that contacts the card reader chip at the point of sale, triggering a successful transaction.
Cryptocurrency support
SMEs as well as even startups have begun accepting cryptocurrency as payment methods. The years ahead will become instrumental in the growth of this trend as more people start using cryptocurrencies. This will also mark the advent of numerous cryptocurrency-based app solutions. According to research by Statista, total cryptocurrency-backed wallets had recorded a jump, from 6.7 million to 42 million in the years 2016 to 2019. As cryptocurrencies and blockchain technologies are integrated inside mobile technology, people can make secure payments at much lower costs with blockchain eliminating any third-party requirements to conduct online transactions. It is, hence, important that enterprises integrate means to accept cryptocurrency as payment means.
Digital mobile wallet solutions are gaining ground swiftly across the corporate world and also among individuals. These solutions can be rightly considered as the future of online transactions. In the times ahead, we will witness the successful implementation of numerous technological advancements in mobile wallets. To keep up with the status quo and integrate your product with a swift digital wallet or develop a stand-alone Saas-based mobile wallet, get in touch with an e-wallet app development services provider.