One of the things that merchant acquiring services providers should care about are industry trends. Mobile payments is definitely one of the top trends to look at. In fact, the popularity of mobile digital payment processing is increasing on a daily basis.
Mobile payments would reach up to $3 trillion USD by 2021. Therefore, it is important to have a clear understanding about the mobile payment trends 2016. Here is a list of 5 digital or mobile payment trends in 2016.
Five mobile payment trends in 2016
1. China will play a dominating role in mobile payments
Countries in the Asian Pacific region such as China play a dominant role in mobile payments. In fact, 58% of the mobile payments that take place in the world happen in China. People in China prefer to use their mobile phones instead of personal computers. The introduction of more user-friendly mobile apps and the availability of smartphones have contributed a lot towards the above mentioned fact. People who live in rural areas of China have also started making transactions with the help of their smartphones. Mobile payment processing in China is on a significant increase.
2. The increasing popularity of mobile payments in UK and US
The popularity of doing transactions via an online payment gateway is increasing in the US and UK as well. At the moment, 17% of the consumer payments done in UK take place via mobile devices. On the other hand, 12% of the people in US make their payments with mobile devices. This percentage would rise up to 50% by 2020.
3. People prefer to make mobile payments for service oriented categories
It has been identified that people prefer to spend their money on service oriented categories through the internet. For example, they can do travel related purchases at a lower price tag via Internet. The same reason has contributed towards the popularity of media downloads, ticket purchases and food delivery services as well. People can easily make the payments for these services through their mobiles on the go.
4. Mobile commerce is driven by younger generations
Another of mobile payment trends in 2016 is the fact, that mobile commerce is extremely popular among younger generations. That’s because they grew along with the technology and they are using it a lot. They don’t have to go through any hassle when making a payment for something online through their mobile devices. The millennia prefer the convenience that is associated with mobile commerce. They also make mobile transactions on a regular basis when compared to other generations.
5. Remote mobile payments would dominate the world
We can consider remote mobile payments as the next big thing in mobile commerce. It is facilitated by the proximity payments. In here, people use their mobile phones as a substitute for payment devices when they are at a merchant outlet. This can help the people to make their lives easy because they just need to use the mobile phone in order to make a payment. Samsung Pay, Apple Pay and Android Pay are emerging trends at the moment and they would definitely take mobile commerce into a whole new level.
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