IN - APP MICRO & WALLET PAYMENT WILL BECOME MAINSTREAM

INTRODUCTION

“Money makes the world go round”

Everyone desires money. Our daily activities revolve around money: money to eat, money to sleep. Let's not forget about day-to-day transactions when discussing money. Everything is going digital these days to make our jobs easier, and going digital for transaction activities will help maintain track of the monetary transactions that are taking place and provide more security for individual wealth. Dive into a cashless future, or digital payment usage via digital wallets, as it lowers the use of paper. Digital payments are quite valuable since they help us keep track of our payments and also benefit consumers as they grow more tech savvy. Keeping the top 5 trends in mind, digital payments are very handy.:

·       Banking through Mobile Apps

·       Loyalty rewards

·       Near Field Communication (NFC)

·       Artificial Intelligence (AI)

·       Crypto currency

Mobile wallet payments will be the way of the future. In addition to all of this, digital banking solutions, remote bank accounts, and even digital credit cards are expected to rise rapidly.

Remote payment refers to any payment technique that allows customers to access a bank's website or a client's website via a mobile phone, such as online shopping or purchasing tickets online. Near-field payment is another term for digital payment, and it relates to the method of swiping a card with a mobile phone to get into a car or make a purchase. To save time and effort, mobile payments is the platform that allows you to deliver more coupons and promotional messages to potential customers. We learn from all of this that popular mobile payment methods exist in the international market, which include start-ups such as Square's swiping card concept and PayPal's PayPal. Here, Google announced the launch of Google Wallet (based on NFC technology), Zip mark (scan to complete payment instantly), and other services. Among them, Square's swipe mode is the one that PayPal is most concerned about.

 

 

 

 

 

Here's some data from Gartner research covering the years 2011 to 2021:

2011	The number of people using mobile payments has increased from 160.5 million to 212.2 million.
2016	With an average annual growth rate of 42 percent, the market is expected to reach $617 billion.
2021	There are 448 people who use mobile payments.

 

UNDER COVID SITUATION:

During the COVID-19 pandemic, when some people were used to spray their cash with alcohol or with sanitizer spray then rubbing their hands with antibacterial gel, these mobile payment methods came in useful. Furthermore, by January of this year, when the media began informing the public that disinfecting every surface and for every touch is unlikely to be necessary, surface contact posed a lower risk of contracting the coronavirus than previously thought, with the CDC reporting a one in 10,000 chance of infection from contact with a contaminated surface.

However, because of the early emphasis on secure and contactless transactions, many individuals have become comfortable utilising mobile wallet services to make purchases and receive monies. Seventy-six percent of people use a mobile payment platform to make purchases. Digital wallets are not yet universal in the United States and most other countries. They're either online, like PayPal, Venmo, and CashApp, or they're limited to specific phones or operating systems, like Apple Pay, Samsung Pay, and Google Pay, which primarily accept credit card payments but no other forms of payment. This will aid in the protection of the consumer's privacy, as they will be informed of their transaction information, which will not be shared without their consent.

 

CONCLUSION:

When it comes to security, users of digital wallets should be cautious. It was necessary to have a strong user authentication system. Consumers should be notified about multi-factor authentication and encouraged to utilise it, and an appropriate run-time shielding solution should be in place to ensure that the API only serves requests from valid app instances. This combination of strong user identity checks and denying access to anything other than genuine, unmodified software ensures a sufficient level of security.

Article by : Abhishek Madan

Batch : 2021 - 2023

LinkedIn : www.linkedin.com/in/abhishek-madan-8240221b4