The $601 billion mobile payment market of 2019 is expected to rise to $4,574 billion by 2023! Major players in the market are looking to small and medium businesses (SMBs) to handle their mobile payment business.
The top three mobile payment future trends include:
- Blockchain: Blockchain is a growing list of records, called blocks, which are linked using cryptography. Blockchains are now primarily used in cryptocurrency but appear to be the most promising mobile payment technology.
- Voice Commerce: Currently, about 8% of transactions are voice. The future of connected devices, chatbots, and in-home technology could take voice commerce mobile payments to another level.
- Card-to-Cloud Transition: This means enabling payments without taking out a credit card, and instead using QR codes on a smartphone.