5 Trends That Signal Mobile Payment Apps Will Be The Best Bet in 2022 for Start-Up Founders
5 Trends Mobile Payment Apps Start-Up Founders
Mobile payment Apps have become the biggest source of transfer in the United States. In 2021, 40% of smartphones 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.
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 have 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.
This isn’t a secret that Covid-19 accelerated contactless payments worldwide. However, with Omicron it is equally easier to anticipate that United States citizens will prefer contactless payments.
In 2020 alone, 93.2 million citizens in the United States over the age of 14 years made at least one payment using proximity-based mobile payments.
Contactless payments are expected to increase by 49% in 2022. Also, as per e-Marketer, the number of contactless payment transactions is expected to increase by approximately 45% – 500 per every year in 2025.
Mobile POS Technology
Recently this has become a clear mandate for 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% of consumers in the USA expect more consumer-centric payment experiences as per a recent survey.
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 payments 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 the office? Or maybe outlets that offer a wider range of products, competitive pricing, etc.
To Conclude, Mobile payment apps are becoming popular. Also, there is a lot of scope for integrating consumer purchase/spending and seller transactions with artificial intelligence and machine learning to enhance the mobile payment app usage experience for both sides (Buyer and 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 on how you can make use of artificial intelligence and machine learning to build consumer-centric fin-tech products that build more value in the fintech ecosystem.