Nov 17, 2022
5 Trends that signal Mobile Payment App will be the best bet in 2022 for start-up founders
Mobile payment Apps have become the biggest source of transfer in the United States. In 2021, 40% of smart phones in the United States had mobile contactless payment applications installed. Here are 5 trends that indicate that amazing new opportunities are going unattended in the Mobile Payment App space.
1. In Store Mobile Payments
The in-store payment is predicted to go over $ 228 Billion in Unites States alone by 2022. There are many gaps currently in this space. The only capability that in store payments has is transactions.
Many smart entrepreneurs are exploring possibilities of remarketing products purchased by customers using in-store payments to increase revenue for the stores. This my friends is just one odd example.
There are many analytics capabilities that can device artificial intelligence, machine learning and optical character recognition (O.C.R.) for consumer experience, business intelligence etc.
2. Contactless payments
This isn’t a secret that Covid-19 accelerated contactless payments worldwide. However, with Omicron it is equally easier to anticipate that the United States citizens will prefer contactless payments.
In 2020 alone, 93.2 million citizens in United States over the age of 14 years made at least one payment using proximity based mobile payments.
The contactless payments are expected to increase by 49% in 2022. Also, as per e-Marketer the number of contactless payment transactions are expected to increase by approximately 45% - 500 per every year in 2025.
3. Mobile POS Technology
Recently this has become a clear mandate from all retailers in the United States. This capability basically allows businesses to pick up the charging machine and relocate it anywhere instantly. The tethered payment POS devices were connected via a chord.
Obviously, this trend is going to stay. 73% consumers in USA expect more consumer centric payment experience as per a recent survey.
4. Business Intelligence
Mobile payment apps have the biggest potential to harness consumer data and analyze businesses to deliver various business key performance indicators like Product consumer fit, Consumer persona etc.
For e.g., say there is a consumer who keeps buying small artificial stones for his jewelry design studio as raw materials. He often makes use of his mobile wallet to make payment to several vendors he deals with on a regular basis.
Now what if his mobile payment app can recommend better outlets on his regular route to office. Or many be outlets that offer more range of products, competitive pricing etc.
To Conclude, Mobile payment apps are becoming popular. Also, there is a lot of scope of integrating consumer purchase/spending and seller transactions with artificial intelligence and machine learning to enhance mobile payment app usage experience for both the sides (Buyer & Seller) of the eco-system.
This is just one-use case. There can be plenty of use cases.
If you are a Fin-Tech founder do reach out to us. We can help you explore ideas how you can make use of artificial intelligence and machine learning to build consumer centric fin-tech products that build more value in the fin-tech ecosystem.