Mobile payments: will we pay for goods with a smile?


Learn about our predictions for payment processing through smart devices, smartphones and wearables with new features

The future of mobile payment processing


Will you be paying for goods with a smile in the future?

The idea of ??paying on a mobile device, some time ago, seemed like a scene directly from “back to the future”, but currently 92.6% of the population has an internet connection through a mobile device.

Today the cell phone is an excellent tool to promote financial inclusion, with less friction and a better experience for both the user, the business and even for the state that seeks exponential growth in the inclusion process.

Using a mobile device to pay from anywhere in a store or offsite is no longer reserved for early technology adopters, it is the new norm for merchants and customers alike. While mobile payments conversations once focused on functionality, security, and cost, there’s only one question to ask: what what’s next? Here’s a description of what the future may hold for mobile payment processing.

The cards will become irrelevant.

Consumers have not abandoned the use of physical cards as easily as some mobile industry experts predicted, despite the massive launch of mobile wallets by major mobile device manufacturers and technology providers.

Although 15 percent of consumers reportedly used mobile wallets as of 2015, CIO magazine says that consumer adoption of mobile payments facilitated by other mobile technology such as near field communication (NFC) is on the rise.

The reason NFC has generated more adoption than mobile wallets is twofold: Unlike mobile wallets, NFC does not require merchants to invest in a particular mobile wallet provider technology to accept mobile payments, and reportedly , provides more robust data insights, which merchants can use to build loyalty from consumers who pay using NFC-based mobile payments.

NFC allows consumers to pay using their mobile device and a direct link to their bank account or card to pay for items at the point of sale when the cashier scans a barcode generated by the device. As a result, experts predict that as NFC mobile payments and mobile wallets become more accepted by businesses of all sizes, consumers will constantly change from the need to carry a physical card.

Wearables will evolve

Consumers can ditch their cards and wallets, but they will replace them with wearable devices. Although smartwatches will continue to function as mobile payment devices, they will become tools that facilitate contactless payments using NFC, as well as a mobile wallet.

The wearables market will also expand into battery-free and waterproof smart rings that include wireless hardware designed to process NFC payments (they were tested by users at the 2016 Summer Olympics).

Simple clips that attach to the wearer’s waistband or belt buckle to facilitate mobile NFC payments will also be available for those who don’t want to wear jewelry. Wearable bracelet-style bands that use a person’s heart rate to authenticate property and validate NFC purchases are currently being tested to facilitate secure mobile payments.

“Proprietary” mobile payments by retailers.


Retailers have always offered their own brand name credit cards; Expecting them to launch mobile payment tools to retain that business when transactions become card-free is to be expected and we look forward to it.

Likely inspired by the success of Starbuck’s payment app, CNET reports that Walmart recently launched its own mobile payment platform across the country. Consumers at a Walmart point of sale can enter a PIN code into the retailer’s app on their mobile device when they are ready to pay; have the option to charge their purchase to a credit or debit card principal, or on a Walmart credit or gift card. As retailers continue to look for ways to capture more revenue and consumer insights, they expect the trend to continue.

Get cash using your mobile device


Mobile payments allow consumers to load purchases and access cash in their account using a debit card, but will also evolve as a means of obtaining cash from ATMs.

In May 2016, Bank of America launched a mobile technology that allows ATM users to access their cash without a card, simply by tapping on their mobile device to make withdrawals using NFC technology.

Although in Argentina we have a solution that seeks to provide the same benefits, we have not yet managed to ensure that the networks provide frictionless experiences to users.


Pay with a smile

Mobile devices and cameras go hand in hand. It was only a matter of time until “selfies” found a role in the mobile payment experience. Retail giant Amazon filed a patent in spring 2016 that would allow online shoppers to take photos of themselves to pay, instead of using a password.

To reduce the likelihood that thieves will be able to capture images of people and steal their identities for a mobile shopping hack, selfie-based payment requires users to move in a certain direction or blink to confirm that they are the people initiating the photo. paid selfie at that time.

Major banks are testing a similar selfie-based mobile payment technology. In fact, the technology is expected to be so popular that predicts that consumers should expect it to become the norm in the next five years, replacing passwords and signatures. Although fingerprint authentication has become the norm among some mobile device users, biometric fingerprint or retina authentication will continue to influence authentication in the mobile payments space.

Mobile payments allow users to manage money from anywhere, at any time. Such financial convenience is the hallmark on which the mobile payments industry was founded and will influence the evolution of mobile payment processing for years to come. Although nearly 60 percent of mobile device users currently manage some aspect of their financial lives on a mobile device, most of that activity is limited to basic functions such as checking account balances.

As mobile technology becomes more secure, user-friendly and value-oriented, mobile payments and their relevance to the lives of users will play an important role in the future of finance.

And here is the interesting thing … you should know our wallet solution and mobile payments hub … without a doubt your experience will be the same again.

Editorial: Diego San Esteban



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