The Future Of Mobile Payments: Trends And Challenges In The Digital Payments Landscape

Future Of Mobile Payments

Online payment involves mobile phone applications or credit and debit cards. Sometimes a person might have to use both to make payments online. Online payments are swift and easy to make.

These require less time and can deliver payment within minutes if not seconds. Most apps that enable such forms of payments use Artificial Intelligence and several other technologies. This makes such apps mostly automated and easy to use.

The presence of such technologies can also make such applications secure as well. This enables anyone to use them without the intervention of someone else who can steal money during a transaction. All these features make such apps popular among the common masses.

Recently, software developers have been trying to make more advancements in such apps. Many software companies worldwide are trying to hire dedicated mobile app developers for this purpose. Such people are trying to make better online payment systems.

Therefore, everyone should know what lies ahead regarding the future of mobile payment apps. This can help people prepare to know how to use upcoming applications. One might also be able to understand whether these are worth their time.

Some Of The Most Important Trends That Will Affect The Future Of Online Mobile Payment

Several trends might affect the future of mobile payment systems. All of these trends will make mobile payments better and more secure.

The trends for mobile payment app development are as follows:-

  • Introduction Of Biometric Authentication System

Biometric authentication systems will soon become a part of online mobile payment. These systems will involve scanning and confirming a person’s biological characteristics. These can include the scanning of fingerprints, facial structure, or one’s eyes as well.

Currently, many online payment apps already use fingerprint authentication systems. However, this is not proving to be enough to prevent online fraud. Therefore, many software organizations have decided to introduce facial and iris recognition as a part of online apps.

Many apps might also go to the extent of analyzing one’s heartbeat or pulse rates. The purpose of all these is to make such apps more secure. This can help to prevent fraudulent activities from occurring.

  • Card fewer Transactions Using Codes Only

Many people use their credit or debit cards for online transactions. However, this might not happen anymore with the advancement of mobile apps. This is because a new transaction system will soon come forward that will not require cards.

These transaction systems will involve the use of a code. The code will enable one to quickly make payments from their bank accounts. The purpose of this is to enable more security during payments.

This is because online fraudsters can often know about one’s ATM card details through card swipes. This can often lead to money getting stolen by anonymous sources. Therefore, the use of codes can prevent such instances from happening.

  • The Introduction Of Mobile Point Of Sale Technology

A new form of technology will soon come to the market, making online transactions more flexible. It is the Mobile Point of Sale Technology or m POS system. This technology makes a mobile phone or electronic tablet into a payment device.

As a result, this can enable anyone to use these to make payments from anywhere at any time. This technology can be useful from one’s device. One can also operate it through multiple verification systems as well.

As a result, it will be hard for fraudsters to steal money from someone using such technology for online payment. This can also enable one to send money quickly to far-away locations. This includes domestic and international transactions as well.

  • Payments With The Help Of Smart Speakers

Several robotic products are now available that can help one manage their daily activities. These smart speakers can work per a person’s voice command. These can also help one make online payments through their mobile phones.

These speakers can operate your phone to make a payment when you order it. No fraudster can use it to their advantage since such machines can only operate as per their user’s voice command. These also use Artificial Intelligence to make payments securely. The use of these can make mobile apps more secure for usage.

  • The Introduction Of Contactless Payments

One of the most interesting trends that will soon reshape online payments through mobile phones is contactless payments. This form of payment will not require one to touch their mobile screen. One can simply wave their phone over a debit card reader.

This will enable one to make payments quickly and securely. Many new apps will soon come that will provide such systems. This will prove to be revolutionary in the field of online payment as a whole.

  • More Security By AI and Machine Learning

More software developers are now trying to enhance the capability of AI to detect fraud. This also includes Artificial Intelligence systems that power most mobile apps for payment. This implies that most mobile payment apps will have systems differentiating between genuine and fraudulent transactions.

The A.I. can also learn more ways to secure one’s transactions by studying data about fraudulent activities and past transactions of a user. Such systems can also enable one to use blockchain as well. This can help one use Bitcoins to make payments securely.

Opportunities That One Can Get From Advancements In Mobile Payment Apps

There are several opportunities present that one can get from the trends mentioned above. The main opportunity, in this case, is the advancement of online mole payment apps. The other opportunities that these trends can present to everyone are as follows:-

  • More Usage Of Smartphones In Cashier Services

Mobile phones will become mandatory for all cashiers with touchless payment and Mobile point-of-sale technology. Cashiers in any restaurant, store, or anywhere else will need phones to make payments effortlessly.

This will make payments much less time-consuming and more organized. People will also find transaction processes quick as well.

  • More Security In Online Payment

All of the latest trends in online payment gradation aim to minimize fraud chances. This implies that most online transactions will become safer as time progresses. People will not need to worry too much about fraudsters who want to steal money.

The use of AI will make this even more possible. Innovative versions of AI will quickly detect malware or other fraudulent activity and neutralize it. This, in turn, will save a person’s money from fraudsters.

  • More Usage Of Cryptocurrency

The up gradation of all mobile applications might also pave the way towards the use of cryptocurrency as well. This is because most apps and online payment systems will also include blockchain as a part. As a result, one will be able to use cryptocurrencies for making payments as well.

This includes currencies such as Bitcoin, for example. This can help one to make payments from anywhere at any time. One can also be able to make payments securely without worrying about fraudsters. This is due to the protection that blockchain offers.

Challenges That Can Happen In The Case Of Mobile Payment Apps

Despite so many chances for advancements, not everything is good in the case of mobile apps for payment. There are still several challenges that everyone might have to face in this case. These challenges or issues are as follows:-

  • Risk Of Fraud

Even though fraudsters might not find it easy to steal people’s money because of such advancements, they can always find a way. Fraudsters might be able to form more severe types of malware and other ways to steal people’s money.

They can always find vulnerabilities in any system and exploit them. This might still happen even after so many advancements.

  • Inability Of Banks To Record Transaction Details

Banks might find a hard time recording transaction details. This is because of the presence of many third-party apps. The increasing usage of apps will make it difficult for banks to record transaction details. This might make it easy for fraudsters to steal more money.

  • Inability To Use Apps

Many people might find it hard to use certain apps. This applies especially to older individuals. A sudden introduction of a better app might not always be beneficial. This is because most people might not be able to use it initially.


The advancement of online payment apps provides both opportunities and challenges. It is up to the user to decide whether these advancements will favor them. Mobile app developers might also have to think more innovatively in this case.

This will help them to create apps that are more suitable for usage by common people. Customer satisfaction should be the main target for all software developers. However, there will still be some problems that they will eventually fix.

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Author Bio:

MultiQoS Technologies is a leading Golang Development Company In the USA. Led by CEO Prashant Pujara, the company is known for delivering high-quality on-demand Marketplace App Development solutions. They also provide the opportunity for businesses to hire dedicated developers for cross-platform app development.

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