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With cash becoming obsolete and credit cards being phased out, businesses and consumers alike are now interested in faster, safer, and more convenient payment methods. Mobile and social payment options could be the future of millennial-driven purchasing, creating the sort of instant gratification that millennials expect.
Mobile In-Store Payments & Apps
The development and usage of mobile POS options will increase exponentially as the demand and usage of mobile devices grow. A few facts about mobile device usage:
Nearly 90 percent of millennials today own and are in close contact with their smartphones throughout the day.
Consumers are currently making over $4 billion worth of purchases from their mobile phones. Researchers predict that the numbers will reach $34 billion in just a few years.
As a result, in-store payment apps are also on the rise, with PayPal Beacon and Apple’s iBeacon paving the way. Many consumers are turning towards these methods as a safer option, quicker than waiting in line, and easier to access, as each transaction has its own unique code. They allow users to simply pay for items found in the physical store via apps on their mobile phones.
Digital Currencies
Digital currencies are solidifying their place in the economic ecosystem of financing and they could very well be the future of financing and may change the entire economic structure of the world. Even if they don’t completely take over, digital currencies will become more popular among the millennials who enjoy innovation, freedom, and convenience, the commodities that virtual money offers.
The popularity of digital currencies stems from the instantaneous and borderless nature of the transactions, it can be used anywhere and isn’t being regulated by government influences and rules yet.
We are awarding some of the best Digital Payment Solution of the year along with other categories at the 3rd Indian ISV Awards 2018, an initiative from itVARnews (Techplus Media Publication) to acknowledge the best ICT Solutions by ISVs (independent software vendor), Systems Integrators, Solution VARs, and MSPs across India. To know more, visit the website now.(http://www.isvawards.itvarnews.com/)
