• About
  • Contact
  • Privacy Policy
  • Submit For Review
  • Template Gallery
  • Excel 2016 Udemy Course
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

TheAppTimes

App Reviews, Tutorials, & Gadget News Hub

  • Gadgets
  • How To
  • Mobile Apps
  • Software and Web Apps
  • Buying Guides
  • Show Search
Hide Search
Home » Gadgets » 5 Mobile Payment Trends for 2013

5 Mobile Payment Trends for 2013

April 24, 2013

Clearly, mobile payment is the next big thing for mobile app development for smartphones. As per Forrester Research predictions, mobile payments in the US will grow from $12.8 billion in 2012 to $90 billion in 2017 – an annual growth of approximately 50% over five years. The launch of several NFC enabled phones over the past year, and the move by large players to grab a share of the mobile payments market, shows that more and more customers are moving towards using their smart phones as mobile wallets.

With mobile payments, customers get several benefits such as not having to stand in queues, splitting the cost of bills with friends at restaurants and saving time and fees spent at ATMs. While earlier security concerns prevented widespread adoption of mobile payments, with the safety of cloud storage for credentials and apps with PIN/password locks, mobile payments are being viewed as a safe and convenient alternative to credit cards and wallets. Most of the mobile payment networks are used for micro payments.

Mobile app development will have a key role to play in faster adoption of mobile payments. Here are the five trends that in our opinion will result in mobile payments replacing other modes of payments in the near future.

5 Mobile Payment Trends for 2013

5 Mobile Payment Trends for 2013

1. NFC (Near Field Communication)

NFC has been around for a while, and it will have a major role to play in the rapid adoption of mobile payments. The latest Windows phones and the top-selling android phones are NFC enabled. The new BlackBerry 10 will soon support it, and rumor has it that the next model of the iPhone will have it too. The store-end integration, which was earlier an issue, is slowly gaining pace as more and more retailers are adopting payments systems such as Square and PayPal.

2. Contactless Payments

Mobile payments that remove barriers and queues will be the order of the day. Consumers got a taste of the efficiency of contactless payments at the London Olympics 2012, where Visa Paywave systems helped in beating queues by offering seamless conversions that allowed customers to pay for their food and drinks by waving NFC enabled smart phones at special terminals at retail outlets.

3. Better Security

A lot of initial customer concerns about mobile payments today are focused on security issues. Since financial information such as credit card and bank account details are stored on smart phones, there is an increasing risk of misuse in case of loss or theft of such phones. However, with cloud storage, there is a move from the mobile wallet to a digital wallet, which stores all sensitive information in the cloud, from where it can be accessed through either an NFC enabled device or a card by using a PIN. This largely reduces the risk of financial information being compromised.

NFC - Near field communication / easy pay with mobile phone

4. Integration of Coupon and Rewards

For a while, coupons have been used for enticing customers to enter retail outlets. With mobile payments gaining popularity, businesses can now integrate them with loyalty programs and rewards. Starbucks rewards customers with a star every time they make a payment using the mobile payment app or the Starbucks card. Customers can collect stars and redeem them for bigger benefits. It’s only a matter of time before more brands follow suit.

5. Consolidation of payment standards

Currently, there are several methods available for mobile payments – from card readers to mobile payment apps on NFC enabled phones. In the end, it’s all about the customer, and the players who offer customers a consolidated system that works even at outlets that don’t support NFC, will benefit from mass adoption.

According to Jitin Narang, COO at TechAhead Software, “Mobile payments are the key to future of cashless payments. As the number of PC users are decreasing and mobile users increasing, the same trends will follow with mobile payments.”

Developing countries have used mobile payment as a means to reach those who are still far away from banking services, these numbers according to Financial Access’ 2009 Report “Half the World is Unbanked” are estimated to be 50% of world’s adult population.

What is your experience with mobile payments, and how do you see it panning out in the future? We’d love to hear your views.

Tweet
Share3
WhatsApp
Pin5
Buffer2
10 Shares

Filed Under: Gadgets, How To, Mobile Apps, Software and Web Apps

You May Also Like

Samsung Galaxy S10 Unlocked - TATFI
The Samsung Galaxy S10 Unlocked– Your Key to Total Freedom
How Mobile Wellbeing Apps are Empowering Patients - TATFI
How Mobile Wellbeing Apps are Empowering Patients
Tips to Boost Your Ranking and Sales on Etsy - TATFI
5 Ways to Boost Your Ranking and Sales on Etsy

About Shanal

Shanal A, is a Technical Writer, at TechAhead Software, a renowned Mobile app development company, assisting organizations in creating secure ecommerce apps, and helping them reach their target audience. Shanal, loves to read about latest technology news and can be reached through Google Plus

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Hottest New Gadgets!

Best e Readers to Buy in 2023 - TATFI

5 Best eReaders to Buy in 2023

Amazfit Falcon Smartwatch - TATFI

The Amazfit Falcon is a Military Grade Smartwatch with Premium Looks and Great Features

Couchmaster Cyboss Ergonomic Couch Desk - TATFI

Couchmaster Cyboss is an Ergonomic Desk to Keep Off Neck Pain

Philips Hue Festavia String Lights - TATFI

Add a Bit of Sparkle to Your Christmas Tree with Philips Hue Festavia String Lights

Samsung Galaxy Tab A7 Lite Kids Edition - TATFI

This Kid Friendly Tablet from AT&T is a Thoughtful Gift for Your Little One This Christmas

Is An iPhone Really Worth It - TATFI

Is an iPhone is Really Worth It?

Devices You Might Want to Try - TATFI

4 Fantastic Devices You Might Want to Try

Popular Tags

android android apps android games android how to apple casino games chrome extensions excel excel how to facebook gadgets gaming gmail google instagram ios apps ios games ios how to ios tips ipad iphone kids apps learn excel management microsoft music apps new releases outlook how to photo apps powerpoint powerpoint how to productivity Samsung security smartphone smartphones software tablet tablets twitter web browsers windows 10 word how to xbox youtube

Disclosure

TheAppTimes is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.
Samsung Galaxy S10 Unlocked - TATFI

The Samsung Galaxy S10 Unlocked– Your Key to Total Freedom

Make Money Playing at Fairspin Online Casino - TATFI

Make Money Playing at Fairspin Online Casino

How Mobile Wellbeing Apps are Empowering Patients - TATFI

How Mobile Wellbeing Apps are Empowering Patients

Tips to Boost Your Ranking and Sales on Etsy - TATFI

5 Ways to Boost Your Ranking and Sales on Etsy

PunchBee Time Management App - TATFI

Know How You Spend Your Time with PunchBee

DevOps Model Explained - TATFI

The Complete Guide to DevOps: How the Model Works and Who It Benefits

Approaches to Digital Marketing - TATFI

Blending Technical and Content-Centric Approaches to Digital Marketing

Tech Tips For Startups - TATFI

Useful Tech Tips For Startups

Boox Tab X Android eReader - TATFI

Boox Tab X is an Android eReader That Helps You Do More Than Just Read

Best Translation Apps for Android - TATFI

5 Great Translation Apps for Android

Dynamic Island Feature on Your Android - TATFI

How to Get the Dynamic Island Feature on Android

Connected TV Advertising In 2023 - TATFI

5 Things You Need To Know About Connected TV Advertising In 2023

TheAppTimes © 2023 // Runs on StudioPress