Exploring Mobile Payment Gateway Solutions: Trends and Innovations

Mobile payment gateways Solutions are growing in the business industry on a daily basis. If you are an entrepreneur or have an established business, you must be aware of the term payment gateway. 

The easiest way to make online transactions hassle-free, secure, and fast is by making transactions via the security of the payment gateway.

Letspe payment gateway is the top payment aggregator that is dealing with the top brands. Connect with them today via their linkedIn account - company/letspeofficial and make your transactions highly secure.

Mobile Payment Gateway Solutions

The mobile payment solutions have modified the traditional methods of payments. These innovations have opened new pathways for businesses as well as consumers to make payments online.

Security is a major concern for all people, whether any big businessman or any common individual. The security of the transactions and details is the major point of focus for almost all the payment gateways. 

Mobile Payments Gateway

Mobile payments are basically the financial transactions that take place using technical methods via smartphones, tablets, or other devices. 

This allows the people to exchange money online using apps and various other methods like - Cards, QR Codes and UPI.

Mobile Payment Methods

Mobile payments are basically divided into three categories - Card Payments, Mobile Wallets and Digital Wallets. Let us understand the basic difference between these three.

You can see our another blog by the title - Navigating the World of Mobile Wallets: A Comparison and Best Practices - in which we have mentioned the difference between Mobile wallets and Digital Wallets.

Card Payments

These are payments made by mobile that include tapping or entering feed in the credit card detail in the mobile device or any small card reader that is plugged into the jack of a mobile device. 

These are cost-efficient options for small enterprises. RuPay, Visa, and MasterCard suit the most as examples for Card Payments.

Mobile Wallets

For such payments, you don't require a physical wallet or card. In the mobile wallet/app, you can store the forms of payment and upload other required details. 

You can make online transactions using these mobile wallets or apps. A good example of Mobile wallets would be “Applepay”.

Digital Wallets

Digital wallets are a broad phrase that refers to all electronic devices or online services that allow individuals to make digital transactions by storing information and passwords for different payment methods and websites. 

Also Read: Navigating the World of Mobile Wallets: A Comparison and Best Practices

Google Pay and Amazon Pay are the best examples of a Digital Wallet.

Mobile Payment Services Trends

The change in mobile payment services has brought a vast change in the market. Below we have shared about the various Mobile payment services trends. 

Contactless Payments

A contactless transaction is a wireless money transfer in which a customer purchases by moving a security token near the merchant's point of sale (POS) scanners. 

BNPL (Buy Now Pay Later)

BNPL is a new trend that works as a credit card for web and mobile wallets which take zero interest for any predetermined duration or time.

More P2P (Peer-2-Peer) payments

P2P systems basically use money transfer apps like PayPal, Google Pay and Apple Pay. 

It facilitates direct money transfers between people. You can split payments in such apps.

Biometric  Authentication

In Biometric payments people use technology which require confirmation in the form of facial recognition or any thumbprint access to make payments.

This eliminates the need for physical card or password requirement.

Crypto-Currency Payments

Crypto-Currency is a form of currency that is virtual or digital. No major banks are required for transactions. 

It is a P2P digital payment system. The best example of this could be Bitcoin or USD Coin.

Mobile Wallets

Mobile wallets are digital wallets that are accessible using a mobile device. This mobile technology could be a smartphone or tablet. 

Payments can be made using stored card data, gift/loyalty cards, and other methods.

Smart Speaker Payments

Voice payment system is integrated in online transaction platforms. The most appropriate example for this would be Apple Siri and Alexa.

Payment Tokenization

Payment Tokenization is the procedure of converting sensitive details, like card information or account number, into ‘Tokens’. 

These have no value anywhere else other than the particular transaction.

Blockchain-based Systems

The blockchain is a massively distributed database that enables participants to track transactions of all types directly, securely, and in real-time, eliminating the need for intermediary firms and with complete traceability.

International Payments

International payments occur between the buyer and the seller living physically in two different countries, using different currencies.

Open Banking

Open Banking is the banking practice that offers third-party financial service providers which opens access to customer banking, transactions and other related data from banks by using the APIs (Application Programming Interfaces). 

POS (Point of Sale) Devices

A POS is a device that is used to operate transactions by retail clientele. A cash register is a sort of Point of Sale (POS). 

The cash register has been mostly substituted by electronic POS terminals that accept credit cards, debit cards, and cash.

Conclusion

In the blog above, we have introduced you with the latest trends and innovations in the mobile payment gateway solutions today. To know more about such latest trends and innovations in mobile payment gateway solutions, you can bookmark our site.

Letspe payment gateway is a suggested payment aggregator to take service from. This gateway will keep you updated with the improvements in the Fintech industry.