Several new trends could determine the future of the mobile payments world
The mobile payments space is gaining momentum and evolving at a rapid pace. According to a report from eMarketer, the amount of money being spent by consumers in the mobile space will triple this year. As the mobile space continues to grow, new trends are likely to emerge throughout this sector. Some of these trends may provide businesses with new opportunities to engage consumers and find greater degrees of success in mobile ventures.
Security technology will become more important for those involved in the mobile space
One of the trends that will likely emerge in the mobile commerce space is a greater focus on security. Over the past several years, cyber attacks have become a major concern for consumers and businesses alike. When it comes to online transactions, many consumers are beginning to refuse to use credit cards when shopping online due to security concerns. This will likely lead to a rise in the use of new security technology designed to protect mobile transaction. One such technology is tokenization, which replaces consumer financial information with digital tokens.
Many companies will look to break into the mobile commerce market
Another trend that will affect the mobile commerce space will be the growing number of companies that are entering the market. In the past, retailers had relied on the payment solutions being offered by other organizations. Recently, however, Walmart announced that it will be launching its own mobile payments solution, becoming one of the first retailers to do so. Technology companies are also becoming involved in the digital commerce space, with companies like Apple, Samsung, and Google breaking into the market. These are just three among several others that are entering into the mobile payments space.
Wearable devices may soon become the favored mobile shopping tool among consumers
The mobile commerce space may move beyond smartphones and tablets in the coming years. Wearable devices are likely to become more common in the near future, and these devices can be used to shop online and in physical stores. An estimated 81.7 million people will be using wearable devices by 2018, according to a report from eMarketer.