Mobile Wallet App Development Trends to Watch in 2021
Bitcoin, NFC, and voice-based payment, the digital mobile wallet solution of the longer term will have of these and lots of other features. In recent years, technology has evolved to facilitate people to form payments by using multiple options. because the smartphone user’s expectations and demands keep it up changing rapidly, we’ve got innovative ways for payment within the mobile wallets.
Today, we witness a transformation of money from the physical form to digital form. In this age of digitization, the concept of digital money becomes rapidly popular across the world and the mobile app development company integrates smart features to make the payment experience more convenient and safer than ever.
In the past five years, we’ve seen an exponential increase within the popularity of digital wallets. The year 2019 has remained a milestone year for customized mobile payment solutions. because the year 2020 comes nearer, newer trends are becoming able to make the digital mobile wallet more advance and convenient for the users.
Here are the highest five wallet app development trends set to rule out the year 2021. If you’re getting to bring a mobile wallet for your customers, these trends will remain helpful for you.
What are the Digital Wallet Trends to Dominate in 2021
1. Increase in mPOS (Mobile POS) devices
Mobile-based payments also include Mobile Point of Sale or mPOS. Talking about mPOS, these wireless devices offer an easy and convenient way for merchants to simply accept payment. These portable units are often taken anywhere for accepting payments from customers.
All they have is that the Internet to figure seamlessly. These devices are way better than a standard in-store payment system.
Enhanced security and increased convenience are two big reasons for the growing popularity of mPOS. The brick-and-mortar stores, small retailers, healthcare service providers, charity organizations, and repair providers also believe mPOS. it’s expected that by the top of 2021, the amount of mPOS units will exceed 27 million globally. this is often possible because of the growing usage of credit and debit cards for payments.
2. Prevalence of biometric identification
Fingerprint scanner, retina scanner, and voice-based authentication are not any longer new terms for smartphone users. Both Android and iOS platforms offer these features to reinforce the safety of devices. These biometric identification methods can act as additional safety features for creating online transactions safer .
The BFSI sector will definitely consider integrating biometric identification system to reinforce the security of online payments. you’ll hire mobile app developers to implement some or all authentication features. In 2020, we will expect that the biometric identification system will replace the legacy PIN system. Banks are therefore keen to feature these features in apps.
The major reason for the prevalence of biometric identification features is people have already accepted these features. As a trustworthy method, biometric identification will remain highly useful within the mobile wallet app.
3. Advent of Machine Learning
In the year 2020, don’t get surprised if you discover the ML-based features within the mobile payment apps! The wallet app development is preparing to integrate the features of ML within the mobile wallet app.
ML can remain helpful for detecting fraud or suspicious transactions from many thousands of daily online transactions. The BFSI sector are often an excellent beneficiary of this technology and secure their transactions through a correct scanning.
The Machine Learning-based software can analyze various online transactions stored by banks and financial institutions. Gradually, the software can mark the difference between normal and fraudulent transactions in real-time.
Credit card companies also can leverage the advantages of ML software within the digital mobile wallet solution. Evolving ML technology can help the BFSI sector to safeguard mobile payments and find fraudulent transactions immediately within the year 2020 and beyond.
4. Speaker and Sound Wave-based payments
It all started within the year 2014 when Amazon launched its smart speaker for the primary time. After a few of years, Google and Apple also joined the race by launching Google range in 2016 and Apple Smart Speaker in 2017 respectively. Today, smart speakers have mainstreamed in many US homes.
Statista has revealed that 82% of individuals have used the voice assistant to urge information. When it involves online payments, about 28% of the users have made direct payments and sent money through smart speakers.
You may argue that this percentage is sort of low as compared to other online payment options, but it’s fair to say that this number will definitely increase within the near future. As compared to other traditional options for online payments, speaker and sound wave-based payment options are safer and convenient for people.
A recent prediction about smart speakers has revealed that the usage of smart speakers will increase from 18.4 million to around 78 million users by 2022. Simply put, the trend of speaker-based payments is here to remain .
5. Cryptocurrency support
We all realize bitcoins and other cryptocurrencies. SMEs and even startups have also began to accept cryptocurrency. within the coming time, this trend will grow and that we may have many cryptocurrency-based wallet app solutions.
As per Statista, the amount of cryptocurrency wallet solutions have recorded a huge increase from 6.7 million in 2016 to 42 million within the year 2019.
When cryptocurrency and blockchain concept are going to be integrated into the mobile payment technology, likelihood is that fair that we’ll have highly secure transactions at fairly lower costs. the rationale is straightforward . The blockchain concept eliminates the necessity for any third-party to form online transactions happen.
The small and mid-size businesses, also as startups, will avail the advantage of those features to scale back the transaction costs. This trend will remain to continue within the future.
Apart from these most noteworthy trends, we should always also keep international trade mind while developing mobile payment systems for little businesses and startups.
Digital mobile wallet solutions gain swiftly across the company world and among individuals. These solutions are often rightly considered as a way forward for online transactions. within the coming time, we’ll see the implementation of the many technological advancements in mobile wallets. It’s interesting to ascertain the impact of those major trends within the digital wallets of 2020.