Sitting at a place, making a few clicks and paying for whatever you want. Well, that’s going to be the future of smartphone based payments. And adding to that charm are two critical components called mobile wallets and payment gateways. Two different yet similar components of the payments industry that have recently taken digitally driven businesses of diverse size and scales by storm.
With every single data driven business involving some sort of transaction or the other,
Payment gateways and mobile wallets make it extremely convenient for customers to pay money without any hassle and associate with app development companies to build user centric mobile apps incorporating wallet and payment gateways.
One of the fastest growing trends that have started to put an impact on businesses today, mobile wallets and payment gateways eliminate the possibilities of having any data security or privacy issues. They offer a speed, safety and convenience that no one can resist making best use of.
Available in various forms and having different characteristics, they can be classified into –
Mobile Wallets Coming from Smartphone Device Manufacturers
These are the payment methods provided by a particular mobile device manufacturer for availing their own set of customized services from made by their in-house teams.
Examples of such kind of payment gateways are Apple Pay, Android Pay and Samsung Pay. These one touch payment facilities make it extremely easy to purchase any service from a particular smartphone brand without any extra chaos happening.
Digital Wallets of Various Banks
These are the kind of wallets that financial institutions like banks possesses. They offer customers various options to do banking tasks and transfer of funds or making payment to various vendors directly.
Banking customers can make use of these facilities to ease their lives.
Credit Card Companies
Many credit card companies have emerged today that have their own custom designed mobile wallet and payment gateway functionality.
Examples being MasterPass, Visa Checkout, and AMEX Express Checkout are making it easy for almost everybody to integrate these functionalities into their business and make their best use of. These types of mobile wallets have significant importance when it comes to areas like mobile e-commerce and wallet enabled in-store payments.
Merchant Provided Wallets
These are the mobile wallets offered by large scale merchant providers that want to build loyalty among customers to their own particular brand. Examples are Walmart pay and amazon pay. These types of wallet are primarily designed for building the overall reputation and persona of a brand.
Other mobile wallets and payment gateways – This can include the much popular and commonly used payment gateway of PayPal. Also, this can include wallets that are used to make mobile web payments. Wallets that make use of NFC (Near Field Communications) also comes under this category.
Mobile wallets and payment gateways are going to be preferred more in the coming time not because they are convenient but because they implement security at the best possible level.
Not just single layer of security is implemented but also they implement multiple security layers. This makes mobile wallets and payment gateways even more reliable and trustworthy.
They take digital authentication to the next level by implementing a multi-layered security ecosystem for every day mobile app users. Hence the days of even physical payment cards are going to be over quite soon.
Social Shopping is the New Realm Covered by This Particular Technology.
With a huge population of users on the social media, advertisement have gone to a completely new level. When you come across any product or service on the social media and want to buy it, you don’t have to go out of the app environment to make that purchase. Just by clicking on the shop functionality, you can shop within the app environment and pay through mobile wallets making use of a specific payment gateway.
With The Advent of These Mobile Wallets and Payments Gateways,
Businesses have gained to realise its potential and started to make the best use of it. They have not only reduced fraudulent incidents by a significant factor but have also helped brands in the past to build their loyalty. In the coming time, it’s going to strengthen the customer loyalty towards businesses even more that will force more and more budding entrepreneurs to launch their own customized brand in the market, no matter the industry segment. The decrease in payment time and lower transaction fees is something really significant for users that this particular technology has to offer.
Now Coming to What Might Happen in The Coming Days with Mobile Wallets and Payment Gateways Becoming Mainstream.
- Credit and debit cards are going to become obsolete. Be it any other type of card, they are all going to go out of the transactions picture.
- Smart devices like wearable technology will surely evolve to new heights such as through smart watches. These devices can very well be combined with mobile wallets and payment gateways to make transactions on the go.
- Retailers whether small scale, mid-scale or large scale are going to come out with their own customized mobile wallets to retain brand loyalty and customer through a uniform user experience.
- They are surely going to take cash based transactions out of the mainstream scenario.
The key USP of this technology is that –
It helps to make quick transfer of funds to anyone, anywhere, and anytime. This trend has also given POS (Point of Sale) systems to become common thereby making peer to peer money transfer easy and convenient.
It has also brought QR codes and iBeacons into the mainstream picture and extended the scope and areas where mobile wallets and payment gateways can make an impact. Plus, they generate a digital receipt at the end of the transactions that help to maintain transparency at every single instant.
Lastly,
They are making in-app payments more and more popular among the digitally driven smartphone using audience.
Retail, finance, transportation, logistics, technology companies and many other. These are some of the industries that can benefit heavily from mobile wallets and payment gateways.
With new entrepreneurs coming into picture, mobile wallet and payment gateway security matters is something that is going to retain customers to businesses for long and maintain brand loyalty. It’s a big weapon for businesses of all sizes to capture as much users as they want to grow and expand themselves further always.
Praveen Sharma is an experienced SEO expert as well as an author who works at ChromeInfotech, one of the top-notch Mobile App Development Company in India.
