Mobile payment technology has advanced all around the world. Many businesses have been focused on it, including retail, hospitality, and finance. Because it is changing the way consumers buy things and request services, technology like this could have a bright future.
"By 2024, it is estimated that up to 4 billion individuals will use mobile wallets, a considerable rise from the present 2.3 billion," according to a Softtek analysis. Furthermore, mobile money transactions are expected to exceed $9 trillion per year by 2024."
Many people have modified their everyday behaviours as a result of the global crisis, including being more alert about infection, which mobile payments are a wonderful method to avoid. Because all signals point to a future of mobile payments, the impact of Covid-19 is projected to simply increase the numbers listed above.
Technological infrastructure, the potential of the e-commerce business, and demographics are also deciding factors in the evolution of society toward a cashless society. Epicentre, a Swedish business that has begun delivering an under-the-skin microchip that can hold payment methods, IDs to enter doors, and a Covid passport all using NFC, is leading the way in a cashless society.
When asked about the implants Hannes Sjoblad, Epicentres Chief Distributer said “Implants are very versatile technology that can be used for many different things, and right now it is very convenient to have Covid passport always accessible on your implant”.
Businesses are aggressively investing in mobile payment technologies due to the industry's rapid rise. In addition, several governments are pressuring banks to provide infrastructure to enable secure mobile payments in rural areas, which presents a big opportunity for providers.
Mobile technology has a bright future as a result of these tendencies. More automated payment options and capabilities, such as mPOS, biometrics, AI, and mobile wallets, are expected.
Cadoo has conducted research into the Growth and Future of Mobile Payments. Check out their infographic for more information on the history of mobile payments, where they are today, and where they are headed in the future, as well as the advantages of a cashless society and the top mobile payment apps available.