NEW YORK—How has the pandemic impacted the future of mobile payments? One report suggests three key trends are coming.
According to Global Banking & Finance Review, those three trends include:
More Utility & City Service Payments Made Via Mobile
Going forward, mobile payment API providers will enable companies to apply a plug-and-play solution to easily integrate with an entire local ecosystem of electricity, water and gas providers through just one endpoint. This means the payments-as-a-platform (PaaP) service will directly connect to existing utility payments infrastructure, allowing customers to pay bills via their mobile phones.
Mobile Payments Will Reduce Barriers for Cross-Border Trade
Digital mobile payments can facilitate greater cross-border trade by opening up channels for intra-continental and inter-continental payments, especially in regions where payment platforms for remittances are limited, Global Banking & Finance Review said.
Social Media & Mobile Payments Will Converge
Partnerships with PaaP providers will be increasingly explored to leverage social networks as P2P payment conduits and to create unique online shopping experiences, Global Banking & Finance Review explained.
“Credit, savings, insurance, and wealth management are new ways for payment platforms to diversify their revenue. For example, as of 2018, 3.8 billion customers had not yet been reached by traditional insurance providers, opening up opportunities for platforms to harness. Also, social media and messaging apps can be integrated within payment platforms to deliver better customer support experiences,” Global Banking & Finance Review said. “The success stories of WeChat and GooglePay already indicate the potential for combining payment features with social media platforms.”