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Top 5 mobile payment trends of 2021

by Team Techcolite
Published: Last Updated on 6 minutes read
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mobile payments trends

This era of the 21st century is considered an era of advancement of technology. Scientists and technologists used to invent new machines daily basis and governments of each nation spend most of part of the budget on the progression of technology. The mobile phone was invented at end of the 20th century and a few years after smartphones play a crucial role in every sphere of life. The invention of the smartphone and the internet changed the way of living and refresh it. Over time, technology is developed more and digital cameras, online business, online payment methods were introduced.  Our living has been refreshed with the application of the internet and technology. Online and mobile payment methods are one of the key developments of technology. Now, people have access to their bank accounts on smartphones and can transfer money from one part of the world to another in a short time. This transfer of money is transparent because mobile applications display the complete details of bank account on smartphone. Moreover, technology also provides the facility of online currency change. Such innovation makes life easier and you get more time to do some good things. In this way, technology saves time and you do not need to invest your energy in visiting the banks.

Mobile payment one of the developments of technology was introduced in the first decade of the 21st century. Now, 90% of users of smartphones are using mobile payment methods and all mobile companies have launched payment apps. By virtue of this technology, users can buy social media applications and pay for them sitting at home. It is not only limited to online bank accounts but also some other applications, websites, and techniques. It has completely changed the lifestyle of people. They are able to receive and send money through mobile and able to monitor all the present and past activities of their online account. There are various types of online payments and operate differently from one another such as QR code payments, cloud-based payments, audio signal payment, a mobile wallet, and internet browser payments. The top five trends are explained in the following;

QR code scan payments

QR stands for the quick response and the barcode contains payment information or website link. It is one of the fastest money transfer applications. It requires good internet speed and a mobile camera to scan QR codes. Mobile phones do not have built QR scan code applications but the user has to install and get registered. The process of sending money is very easy:

1-     Open the application and camera

2-     Scan the QR code

3-     Confirm the payment amount and click Ok.

You can also generate your QR code and receive payments from more than one customer at a time. It is also a safe mobile payment method.

Credit card payments

The 21st century is an era of online business and jobs. People use to trade and invest money through mobile payment methods and receive transactions for assigned tasks on applications like Freelancer, Upwork, Fiver Local got talent app, etc. The time of posting money order has gone. Businesses use merchant accounts for credit card processing, taking payments from cards such as master card, visa card, etc. This can be done using a physical terminal or online. One such provider is https://www.easypaydirect.com/merchant-accounts/credit-card-processing/.  Globally, credit card payment is regarded as the safest and easiest way to transfer money. It is a formal way but it may take a time of 30 minutes. However, credit card payment is the most common in online shopping.

Internet browser payments

This kind of payment is done by browser links that are created for sake of transactions. This method contains few steps and is reliable for business persons. Browser payments are based on web applications that are established by the programming of computer language. It is also linked with chrome. These are a few steps of browser payment.

  1. URL identifier

URL identifier is created by a dealer with help of computer language programming that receives a request of browser for transaction

  1. Manifest body

Initially, the browser sent a request to an identifier that responds with ok

  1. Completion

Payment through the internet browser is not common because the public face issues with it but merchant and trader know its use and do their transaction through the browser.

Online bank account

This is a significant type of payment method in which you have a mini bank on your phone and complete access to your account. You are required to install applications of respective bank and bank account is compulsory for this application. You don’t need the help of an accountant or an agent to check your current balance or make a transaction. In fact, you are your accountant. You can also structure your budget in this mobile application. One extra care is to keep all the information of your account and password confidential because if someone login your account once, he can make any transaction without your permission and you can face a great loss. So, be careful with the use of technology.

Local tools of payment

Local tools mean payment methods within a state or country.  In local tools, there are no taxes imposed and you can do transit safely. As for the international payments, little amount of taxes imposed. People have the best experience of both and prefer these applications over others. You are supposed to create an account on local application of your region and it can be created on a phone number and identity card number. These applications are used for bill payment, shopping, money transfer, insurance, recharge, etc. This is the most reliable trend of mobile payment because money can be transferred to any other bank account. Customers do not need to carry cash to a bank or outlet as they can make a safe and convenient transaction at home with help of a smartphone. Each country has its own local applications available on Google play store and Apple store. Technology is another gift of God’s afterlife. It makes our lives easier as the mother of civilization.

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