Superapps are grabbing a growing share of our connected lives. Banks must take action in order to remain central to their customers.
Summary – Adoption of contactless payments is accelerating.
Issuers, acquirers and merchants must prepare for contactless payments options in order to get the benefits.
Mobile payment in transport: Fast, convenient and cheaper
The integration of digital payment in mobile apps has majorly fueled the growth of digital transactions. Smartphones have changed the way people network, bank, shop and make any payments.
It’s expected that the mobile payment market will grow at an annual rate of 33%, and by 2026, it will hit the $457 billion mark, as per a report by Global Mobile Payment Market.
Clearly, digitalization has propagated the banking industry, primarily through mobile payment functionality.
We at Pri-Num offer versatile and secure digital enablement solutions that work seamlessly with any payments scheme and with any mobile technology,
Many contactless payment options are powered by two major proximity payment technology; QR Codes and NFC/HCE.
Below are how these two different payment technologies stack up:
Enhance Safety or How contactless payments could slow down spread of COVID 19 Virus
Pri-Num offers a solution that allows a smartphone with NFC on OS Android to accept payments made with contactless cards and digital wallets.
Mobile wallets are often compared to physical wallets for one main reason: both perform basically the same function, which is the storage of payment means information like credit and debit cards, coupons and reward cards, tickets. Nevertheless, physical wallets are more unsafe than you might think.
As the contactless technologies slowly but surely take over the conventional methods in many spheres, the need of infrastructure modernization becomes evident POS terminals serve merchants for almost four decades, manufacturers have upgraded the technological base and design quite a bit, however, the core principle is the same.
Wearables such as smartwatches and fitness trackers form a perfect combination with mobile wallets and contactless payments to create a shift in banking services.