There is no gainsaying that the digital era transformed many aspects of life; more recently, it is influencing how we make payments. The traditional debit or credit card payment, cash, and cheque payments have been replaced by more advanced, digital, and user-friendly solutions for customers of payment service providers.
Although Advanced Payment Methods (APMs) like mobile payments, eWallets, and cash transfers are pushing the boundaries of traditional payment methods, they have several drawbacks, leading to some speculations about how payments may function in the future.
What is The Future of Payments?
Including smart and basic cell phones, Bankmycell estimates that there will be 7.26 billion mobile phone users worldwide in 2022, or 91.16 % of the world’s population. Mobile device connections have overtaken the global population since the invention of the cell phone in 1973, making it the fastest-growing human-made technology phenomenon ever. Which answers the lingering question in the headline above: the future of payments is mobile.
If the future of payments is truly mobile, it is important to take a deeper look into the way people interact with their mobile devices – what are they searching for through this interaction? And more importantly, what is it that can be done differently to improve and enrich their overall experience?
Mobile device users spend the majority of their time on messaging apps and social media sites. According to a 2021 report by Messaging App Revenue and Usage Statistics, messaging apps had a user base of over three billion, making them one of the most widely used app categories.
How can Messaging Apps be Integrated into Payment Services?
A messaging app is a chat platform or application that allows users to connect and send instant messages to one another via their desktops or mobile devices. As texting is more popular than face-to-face communication, messaging apps have grown to become convenient platforms that can be leveraged to bring consumers value that goes beyond a simple message exchange with friends and family. Imagine you making enquiries about a dress and paying for it with the aid of a messaging app or texting your friend about a weekend getaway, making reservations and payment, all in a single app. Super amazing!
To prove that this is possible, Brazilian newspaper globo.com, stated that WhatsApp pay has now debuted with 30 institutions. In the same breath, Facebook Payments has been authorized as a “payment initiator.” According to the Central Bank-approved model, WhatsApp will only start transactions between client accounts at banking firms where they have an account. The debit or prepaid card number for Visa or MasterCard is the credential that must be entered into the application.
The Unlimint-Telegram Integration
Unlimint announced an integration with Telegram on June 29, 2022, becoming its official payment provider. Clients of Unlimint can use the fintech’s solution directly from the messenger in addition to their website or app thanks to the integration, providing customers with a seamless experience.
In the past years creating an omnichannel experience for customers really helped retailers stand out from the competition. For example, a recent case study revealed that the worldwide famous fashion retailer Zara, boosted its digital sales by 74% thanks to omnichannel adoption in the first half of 2020. A commissioned Forrester Consulting study conducted on behalf of Shopify also found that 49% of brands plan to increase their investment in social commerce in 2022.