By the end of 2015, the utilization of mobile as a sales transaction tool through swiping or waving in the USA reached nearer to $9 billion.The consumers spent an average of $378 using mobile payments throughout the year.It is expected, in 2016 the average spending as mobile payments will be considerably be more than the previous year.
In 2016, there would be huge changes in the mobile payments which will grow by over 300%. If your business is the retail, mobile payments has a great opportunity to bring considerable changes in the business in the coming years . It’s not only in the retail business, mobile payments are spreading all e-commerce-centric businesses. According to estimation, it is expected that in 2016 nearly 25% of all smartphone users will use to perform their transactions through mobile payments.
Especially in the USA, the number of the mobile transactions is likely to double. Today, due to, change in technology and increase in the number of smartphone users, the mobile payments have broadly been increased in all business sectors.
Mainly the usage of mobile payments is very high in the industrial and metropolitan cities. This has become possible due to the development of mobile applications. Chicago is one of the business cities in the USA which holds the record of more transaction and billing (swiping or waving) made through mobile payments. Major mobile application development companies in Chicago are one of the major contributors to this. Now let us see top mobile payment trends in 2016:
Top mobile payment trends in 2016:
1.) Easy mobile payments
Both Apple and Android are giving extreme importance to enhance mobile payment technology in order to make mobile payments more secure and easier. Either Apple or Google will end up as the leader in mobile payments.
The biometric authentication and tokenization plays a crucial role in securing the data in mobile payments. In the authentication process, there a number of innovations have been implemented for secure transactions. The mobile payment elements like password, fingerprint scanning, PIN authentication are weak with some existing security systems. In 2016, to overcome the security issues, the new methods have been introduced such as voice recognition, pulse recognition and keystroke. The new techniques are likely to make mobile authentication more robust.
3.) International mobile commerce
If your business is involved in e-commerce, look forward to get into mobile, it’s a big year. To be successful in mobile commerce, businesses should implement many innovative strategies, including allowing the consumers to pay in their local currency. The alternative payment methods are still to be followed in certain parts of international territories. To get success in the foreign markets, the payment methods have to be analysed on the respective area-wise.
4.) On time delivery
Delivery of goods has become one of the biggest concerns in this year. The delivery of products was taking one day in the year 2015. When it comes to shopping via mobile devices, the purchase through mobile has increased significantly and the cost of quick delivery has become lesser.
The Mobile delivery is not only popular in one sector, it is being spread to logistic, e-commerce and transport sectors.
5.) Easy to purchase via mobile:
Due to the advancement in the technology, in 2016 the new mobile payment system has come into existence, through which the purchasing of goods and services has become easier.The harmonious link between hardware and software can make mobile payment system facile.
Have a Plan to Develop a Mobile Payment App?
If you’re interested in developing a mobile payment app or similar kind for a business which can make mobile transactions easier, we are here to help you. We at FuGenX Technologies as a premier iPhone app development company in Chicago develop secure and functional apps for both small and large scale industries to make transactions robust. We are also an emerging Android app development company in Chicago.