It is undeniable that the digital age has transformed many aspects of life; more recently it is influencing the way we make payments.
Traditional payment by debit or credit card, cash and check payments have been replaced by more advanced, digital and customer-friendly solutions from payment service providers.
Although advanced payment methods (APM) such as mobile payments, e-wallets, and money transfers push the boundaries of traditional payment methods, they have several drawbacks, leading to speculation about how payments may work in the future.
What is the future of payments?
Including smart and basic mobile phones, Bankmycell estimates that there will be 7.26 billion mobile phone users worldwide in 2022, or 91.16% of the world’s population.
Mobile device connections have overtaken the world’s population since the invention of the cell phone in 1973, making it the fastest growing man-made technological phenomenon of all time.
Which answers the lingering question in the headline above: The future of payments is portable.
If the future of payments is truly mobile, it’s important to take a closer look at how people interact with their mobile devices: what are they looking for through this interaction? And more importantly, what can be done differently to improve and enrich their overall experience?
Mobile device users spend majority of their time on messaging apps and social media sites.
According to a 2021 report from Messaging app revenue and usage statsmessaging apps had a user base of over three billion, making them one of the most used app categories.
A messaging application is a chat platform or application that allows users to connect and send instant messages to each other through their desktop computers or mobile devices.
As texting is more popular than face-to-face communication, messaging apps have become convenient platforms that can be leveraged to provide consumers with value that goes beyond just exchanging messages with friends and family. family.
Imagine inquiring about a dress and paying for it using a messaging app or texting your friend about a weekend getaway, making reservations and one payment, all in one app. Super amazing!
To prove that it is possible, the Brazilian newspaper globo.comsaid WhatsApp pay has now debuted with 30 institutions and in the same breath, Facebook Payments has been authorized as a “payment originator”.
According to the model approved by the Central Bank, WhatsApp will only start transactions between customer accounts of banking companies where they have an account.
The debit or prepaid card number for Visa or MasterCard is the identifier that must be entered in the application.
Unlimited advertised integration with Telegram on June 29, 2022, becoming its official payment provider.
Unlimint customers can use the fintech solution directly from the messenger in addition to their website or app through the integration, providing customers with a seamless experience.
Over the past few years, creating an omnichannel experience for customers has really helped retailers stand out from the competition.
For example, a recent case study revealed that popular fashion retailer Zara increased digital sales by 74% through omnichannel adoption in the first half of 2020.
A mandated Forrester Consulting study conducted on behalf of Shopify also revealed that 49% of brands plan to increase their social commerce investments in 2022.