The manner that we pay for goods and services has been completely disrupted by the advent of mobile payment systems in recent years.
Consumers are increasingly relying on their mobile devices for their day-to-day financial activities. This includes anything from contactless purchases to digital wallets to online loans. When we look even farther into the future, to the year 2023, we can see various trends in mobile payments that are going to completely revolutionise the business.
1. Authentication Using Biometric Data
The usage of biometric authentication is currently one of the most prominent developments in mobile payment systems. An individual’s identification can be validated using their fingerprints, face recognition, or iris scans thanks to a process called biometric authentication, which makes use of a person’s unique physical traits. In recent years, this technological advancement has been gaining more and more popularity, and we can anticipate that in the years to come, it will become even more pervasive.
Traditional passwords and PINs have a few disadvantages when compared to the benefits offered by biometric authentication. To begin, there is an increased level of safety because it is much more difficult for con artists to imitate the one-of-a-kind physical qualities of a person. A further advantage of using biometric authentication is that customers do not have to memorise difficult passwords or carry about actual tokens such as credit cards or tokens. This makes biometric authentication significantly more convenient for customers.
2. An Increased Reliance On Artificial Intelligence And Machine Learning
The increased application of artificial intelligence (AI) and machine learning is one more development that the mobile payments industry is likely to follow in the next years. These technologies have already been utilised to identify potentially fraudulent transactions; but, they are also capable of being utilised to make payments for customers even less cumbersome and more comfortable.
For instance, AI can be put to use to automatically recognise and classify transactions, which makes it much simpler for customers to comprehend the patterns of their own spending. It is also possible to apply machine learning to customise a person’s payment options based on their previous business dealings, which increases the likelihood that the individual will use their mobile device to complete a purchase.
3. The Growing Use of Quick Response Codes
Despite the fact that they have been around for some time, QR codes are still a rather novel technology in the field of mobile payments. In spite of this, we should anticipate a rise in the use of QR codes in the next years because, in comparison to other types of payment methods, they have a number of benefits.
To begin, QR codes can be manufactured fast and easily, making them ideally suited for use by sole proprietorships and other types of small enterprises. In addition, because QR codes can be encrypted and need biometric authentication in order to complete a transaction, they offer a higher level of security when compared to regular credit card purchases.
It is possible that further technological improvements will be made in the future of smartphones, which will result in gadgets that are significantly more potent, efficient, and flexible than they have ever been. The following are some of the most important themes that are likely to have a significant impact on the future of smartphones:
Foldable screens: Foldable screens are now a reality, and it is expected that they will become more common in the future years. Foldable screens have the potential to revolutionise the way we interact with technology. Foldable screens enable larger displays to be contained inside a smaller footprint, which may be of particular benefit for the consumption of games and other forms of multimedia.
5G connectivity: The rollout of 5G networks is already under way, and this is anticipated to result in internet speeds on smartphones that are both quicker and more dependable. This could result in the creation of new apps and services that call for connections with a high bandwidth.
AI and machine learning: As a result of advancements in AI and machine learning, it is conceivable that smartphones will become even smarter in the future. This may result in more individualised experiences for consumers, as well as an increase in the battery’s life and an improvement in the system’s overall performance.
Augmented reality: Augmented reality, also known as AR, is currently being utilised in a variety of applications, including gaming and commerce, among others. There is a good chance that more augmented reality applications may become available for smartphones as augmented reality technology continues to advance.
Biometric authentication: Fingerprint scanners and facial recognition software are just two examples of the growing number of biometric authentication methods available on today’s smartphones. There is a good chance that this pattern will continue, and new biometric technologies will continue to be developed that provide even higher levels of ease and security.
As a whole, it is expected that the future of smartphones will be marked by ever-increasing levels of technological innovation, which will lead to gadgets that are more powerful, diverse, and useful than they have ever been before.