Consumers, retailers, banks, and payment processors form a complicated network in today’s payment processing environment. Recently, there has been a massive change from physical to digital payment, especially with the need to use contactless payments due to the pandemic.
Online sales, smart devices, and mobile payments transform how consumers search for and pay for products and services and how payment processors accept, secure, and facilitate transactions.
It might be tough to stay up with the current developments in mobile payment technology since it evolves so quickly. We’ll go through some of the technologies that are reshaping how customers make payments and how mobile payment gateways facilitate such transactions.
Going contactless instead of physical payments
The rise of mobile wallets has inevitably resulted in a fall in traditional payment cards. Non-cash payment is still dominated by credit and debit cards. Over 70% of people in the United States have at least one credit card. More than 15% of people in the United States have five or more credit cards.
Credit cards’ popularity isn’t going away anytime soon. Physical cards are becoming obsolete due to mobile payment apps and other digital payments (Bitcoin, peer-to-peer transactions).
Mobile payment processors in the future will