What Is The Future Of Mobile Commerce Payment?

If there is one trend booming in 2015 that has set the pace with the market, it would be Mobile Commerce – more precisely mobile payments & digital wallets. With the majority of mobile pay players, it has been discovered that various technologies support smart phones and increase the opportunities for mCommerce payment. The evolution of mobile commerce is paving the way for online store owners to flourish with a plethora of great results. Not only does it benefit the merchants, but online shoppers also prefer to go with digital payment methods because it is efficient, quick and cost-effective!

The paradigm shift in enabling mobile commerce is now a perk since it provides a seamless and integrated shopping experience to its customers. With several mobile wallet payment options available, businesses that take the initiative to match these online payment trends are most likely to excel. Merchants can go digital with innovative technologies, which emphasize security, simplicity and control. The discovery of mCommerce payment gives companies the ability to provide meaningful offers and promotions that are exclusively online, helping to drive shoppers t0 the online store.

But the question is, how safe are mobile commerce payments? There is no denial that the digital world offers ease to making mobile payments. However, paying through smartphones is still a relatively new concept. If we compare them with PCs, laptops and other gadgets, mobile smartphones are ahead of the market pace. This leads to an intriguing matter of discussion on futuristic mCommerce payment methods and their security. Despite these many advantageous factors, bugs in mobile apps are possible. The security factor plays a vital role here as this technology advances enormously, having yet hit its peak.

Being a technology enthusiast, many of us are eagerly observing the latest security trends as they unfold over the next few years.

Since we have discussed the scenario of mobile commerce payments at length, the one thing not to be forgotten here is, “THE DREAM SHOP!” Have you ever dreamed of having an ideal shop? You don’t need to dream anymore, because having your ideal shop can become a reality in the form of Mobile Point Of Sales (POS). As big brands currently utilize it and enterprises from different sectors are moving forward with this idea, online businesses will continue to use it more.

Mobile POS Does Wonders!

POS allows users to scan the tag of an item through an app on their smartphones, which gives them access to all the information about the product – color, size, cost and the reviews. Beyond this, the information will be imparted on PCs or touch screens inside the stores. Moreover, users can have access to diverse electronic checkout systems, allowing buyers to pay online. The good news is the payment process is automatic and easy. Shoppers no longer need to wait in a queue anymore – they just pay for the merchandise, which helps them save time!

Looking at the functions of POS, it seems that it is an ideal futuristic solution for mobile commerce payments. However, should online stores introduce this solution? Is it really a safe approach in digital technology? It can be an amazing helping hand with infinite possibilities, which helps buyers in the online world. On the other hand, is it significant for physical stores to introduce digital technologies? As we know, most people are in the quest for online shopping options so they can visit different stores from anywhere and at any time, despite there not being any systematic method to purchase. The majority of buyers prefer to compare prices and products in order to get the best deals.

Nonetheless, if the internet is a competitive factor, physical POS can hit today’s market with key benefits. Firstly, they introduce products immediately, while online shopping means the buyers would have to wait for the product to be dispatched. This could be strong inclination to cut down the waiting time with the “self-checkout.” The second benefit is that the online store has a team who offers different services. Buyers can ask for advice and help. Using POS, merchants can obtain information from the buyers and check the purchase history on their handheld devices. This helps them adapt to new smart selling techniques. The third benefit of Digital POS  is that it gives relevant product information to the consumers, but the human interaction can’t be replaced!

Local, Social, Mobile!

Mobile consumers utilize their devices to explore what is being offered and then visit the stores to shop. They even go social as well to search for the best deals and promotions. However, the ultimate first step for merchants is to optimize the online presence for local search. Some proactive store owners have cultivated numerous smart solutions to make online shopping better, smoother and effective. They use Geofencing technology, which targets consumers inside the store by sending them promotional offers on their smartphones. When shoppers are near a particular area, they will have information about the store before they even enter it.

In-Store Mobile Shopping & Payment

Ever thought of location-based shopping on mobile? Luckily, there are different convenient methods readily available for “in-store mobile shopping.” Online store owners have come up with innovative business models which help enhance the mobile payment experience in their own stores. It is very evident that the payment landscape has been changing fast in today’s digital world, empowering eCommerce stores and consumers, whose expectations are transformed through digital wallets and mCommerce payment methods.

Globalized payments hit a record high in 2015 – and they’re predicted to exceed the $14 trillion mark in 2016! On-the-move or on-the-go, the mobile commerce payment trend will continue to evolve in the coming years.

But will it really be robustly secured? Is mCommerce payment really benefiting the buyers and eCommerce store owners globally?

This article was originally published on Amit Shah’s LinkedIn. To learn more about Amit, visit his website, connect with him on LinkedIn, or follow him on Twitter

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