Mobile payments technology is changing the way purchases are made and processed. The future of payment gateways is mobile.
The rise of mobile payment technology truly began in 2014 when Apple Pay hit the market. At the time, it was the only major mobile wallet out there.
Online sales, smart devices, and mobile payment are not only changing the way consumers find and pay for goods and services, they are also changing the way payment processors accept, secure, and facilitate payments.
The mobile payment market was valued at USD 1139.43 billion in 2019. Stores and services across the globe are rapidly adopting and integrating mobile payment applications, such as PayPal, Samsung Pay, Apple Pay, AliPay and WeChat Pay, to accept payments. Owing to changing lifestyle, daily commerce, and rapid growth in online retailing, this trend is expected to continue over for subsequent many years.
Because mobile payment technology is evolving so rapidly it can be difficult to keep up with the latest trends. Follow Alertify’s mobile payment news to stay informed.