What’s In Store for the Future of Mobile Payment Processing?

The concept of mobile payment processing isn’t a new one. From smartphone apps that allow customers to buy products and services, to smartphone card readers that transform devices into point-of-sale terminals and online payment gateways, there are many ways for businesses to accept mobile credit card payments wherever they are, provided they have a data or Wi-Fi connection handy.

Even with the many mobile payment processing options on the market today, this type of technology is continuing to evolve quickly. It seems as though new mobile pay innovations and options are emerging everywhere you look, and technologies that seemed futuristic just a few short years ago are already becoming commonplace among retailers worldwide.

For example, digital wallets have seen a huge rise in adoption as of late. This type of payment technology allows customers to link their mobile phones, smart watches and other devices to their existing credit cards and bank accounts. If a retailer accepts near-field-communication (NFC) payments, all the customer has to do is simply wave their device over a reader to complete their purchase. With the advent of Apple Pay, this payment solution has become increasingly adopted by consumers and businesses alike, making it easier than ever to shop.

How Will Mobile Payment Processing Change?

Because mobile payment technologies are evolving so quickly, the definition of what exactly a mobile payment entails is also changing. Where mobile payments used to involve your smartphone or tablet device, the definition of mobile payment processing has now extended to cover a range of even smaller types of technologies that will shape the future of mobile payments.

Today, we are seeing a trend towards wearable devices being used for payment. From fitness trackers to smart watches and even jewellery, innovators are exploring the use of NFC to allow customers to pay with a wave of their wrist. No longer will they have to carry a wallet – just wear a fashionable accessory to pay for items in-store.

While these types of payments may seem like a huge leap forward, innovators are already exploring other ways for customers to pay, which don’t require carrying around a smart device or wearable at all. From temporary tattoos to implantable NFC chips, the boundaries of mobile payment processing are already being pushed.

Still, there is another option that we may soon see – biometric payments. Being able to use your fingerprint to make a transaction is a real possibility. Mobile payment processing could be revolutionized by allowing consumers to approve purchases without any device at all. A fingerprint scanner at the point-of-sale could verify and process transactions with no need for a wearable. The future may also see voice recognition, iris scans and even DNA verification as methods of approving payments!

Ready to join the trend towards mobile payment processing? Believe it or not, switching to mobile payment processing is easy. In fact, many of today’s POS terminals are already with NFC technology. For more information on the types of mobile payment technologies available today, contact MALAQY!

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