What are the emerging trends and innovations in mobile e-commerce payment methods?

1 Biometric authentication

One of the key challenges of mobile e-commerce payment methods is ensuring the identity and security of the users. Biometric authentication, such as fingerprint, face, or voice recognition, can provide a more reliable and user-friendly way of verifying the identity of the payer, without the need for passwords, PINs, or codes. Biometric authentication can also reduce the risk of fraud, identity theft, and chargebacks, as well as enhance the trust and confidence of the customers.

2 Contactless and QR codes

Another trend in mobile e-commerce payment methods is the use of contactless and QR codes, which allow users to pay by tapping or scanning their mobile devices at the point of sale. Contactless and QR codes can offer a fast, convenient, and hygienic way of paying, especially during the COVID-19 pandemic, when social distancing and minimizing physical contact are important. Contactless and QR codes can also enable seamless integration of loyalty programs, coupons, and rewards, as well as provide valuable data and insights for the merchants.

3 Cryptocurrencies and blockchain

Cryptocurrencies and blockchain are also gaining popularity as mobile e-commerce payment methods, especially among the tech-savvy and privacy-conscious consumers. Cryptocurrencies, such as Bitcoin, Ethereum, or Dogecoin, are digital currencies that are decentralized, peer-to-peer, and encrypted, meaning that they are not controlled by any central authority, intermediary, or regulator. Blockchain, on the other hand, is the underlying technology that records and validates the transactions of cryptocurrencies, as well as other types of data, in a secure and transparent way. Cryptocurrencies and blockchain can offer advantages such as lower fees, faster transactions, greater anonymity, and more security for mobile e-commerce payments.

4 Social commerce and in-app payments

Social commerce and in-app payments are also emerging as mobile e-commerce payment methods, as more consumers are using social media platforms and mobile applications to discover, browse, and buy products and services. Social commerce and in-app payments allow users to complete their purchases without leaving the platform or app, which can improve the user experience, conversion rate, and retention rate. Social commerce and in-app payments can also leverage the social and interactive features of the platforms and apps, such as reviews, ratings, recommendations, live streams, chats, and stories, to enhance the customer journey and engagement.

5 Voice commerce and smart speakers

Voice commerce and smart speakers are another innovation in mobile e-commerce payment methods, as more consumers are using voice assistants and smart devices to search, shop, and pay online. Voice commerce and smart speakers enable users to use their voice to initiate and complete their transactions, which can offer convenience, accessibility, and hands-free functionality. Voice commerce and smart speakers can also provide a more natural and conversational way of interacting with the customers, as well as personalized and contextualized offers and suggestions.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?