There is no denying that the digital age has changed many aspects of life; More recently, it affects how we make payments. Traditional debit or credit card payment, cash and check payments have been replaced by more advanced, digital and easy-to-use solutions for payment processor customers. Although Advanced Payment Methods (APMs) such as mobile payments, eWallets, and cash transfers are pushing the boundaries of traditional payment methods, they come with several downsides, leading to some speculation about how payments might work in the future.
What is the future of payments?
Including smart and simple mobile phones, Bankmycell estimates that by 2022 there will be 7.26 billion mobile phone users worldwide, or 91.16% of the world’s population. Since the invention of the cell phone in 1973, mobile device connectivity has overtaken the world’s population to become the fastest growing phenomenon of man-made technology of all time. Which answers the open question in the headline above: The future of payments is mobile.
If the future of payments is truly mobile, it’s important to take a deeper look at how people interact with their mobile devices – what are they looking for in that interaction? And more importantly, what can be done differently to improve and enrich their overall experience?
Mobile device users spend most of their time on messaging apps and social media websites. 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 integrate with payment services?
A messaging app is a chat platform or application that allows users to connect and send instant messages to each other via their desktops or mobile devices. With text messaging becoming more popular than face-to-face communication, messaging apps have evolved into convenient platforms that can be leveraged to provide consumers with value beyond simply messaging with friends and family. Imagine asking for a dress and paying for it using a messaging app, or texting your friend about a weekend getaway, making reservations and payments, all in a single app. Super amazing!
To prove that this is possible, Brazilian newspaper globo.com explained that WhatsApp Pay has now been rolled out to 30 institutions and in the same breath Facebook Payments has been authorized as a “payment initiator”. According to the model approved by the central bank, WhatsApp only initiates transactions between customer accounts at banking companies where they have an account. The Visa or MasterCard debit or prepaid card number is the credential that must be entered in the application.
The unlimited telegram integration
Unlimitt announced an integration with Telegram on June 29, 2022 and became its official payment provider. Unlimitt customers can use the fintech’s solution directly from Messenger thanks to the integration on top of their website or app, giving customers a seamless experience.
In recent years, creating an omnichannel experience for customers has really helped retailers differentiate themselves from the competition. For example, a recent case study found that world-renowned fashion retailer Zara increased its digital sales by 74% in the first half of 2020 thanks to the adoption of omnichannel. Brands plan to increase their investments in social commerce in 2022.