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We hail from an era that has made tremendous technological advancements in every sector, whether that’s healthcare, fashion, food, sports, financial, etc. However, we will mainly focus on the massive advances made in the financial sector when the whole payment system shifted rapidly to digital mode..

 Gone are the days when we used to check our wallets twice before leaving home. All we need is our mobile phone to make digital payments, or smartwatches can also do the work. Digital payment has attracted billions globally, even before the pandemic scenario. However, it acted as a turning point from 2020 where people wanted to make contactless payments and maintain social distance..

Contact-free payment tech became the safer option for people enabling the global online payment industry to hit USD 5.4 trillion in 2020. Digitalization has given people the opportunity to make faster payments with convenience and security. Cashless payment systems are putting in more effort to make the payment systems safer and secure.

 Mobile app development companies are looking towards some more advancements to the current digital payment systems. Well, here are some of the best 2021 trends you want to know to boost your company’s success.


Top Cashless Payment Trends to Change the Dynamics of FinTech Industry

1. EMV Technology


Shifting from reading the number printed on the cards, EMV tech is more secure. Europay, Mastercard, Visa (EMV) tech is a new payment method computerized and has higher security measures. Conventional magstripe cards stored all the data in a single magnetic strip, and one swipe was adequate to complete the transaction. Simultaneously, EMV cards have microprocessor smart chips with encoded data to save you from being scammed.


EMV is a super-advanced tech to finish transactions in offline mode too. Since the cards have microprocessors to interact with terminals, cardholder validation & offline transaction validation is possible. Enhanced security with no need for internet connectivity to the banks makes this new payment system one of the top payment trends.


2. Smart Speakers


With the revolution in payment technology, voice assistants are used to paying the dues. Smart speakers receive your voice command & answer your queries. Everything is possible, from booking a taxi to ordering food with these incredible speakers. All you need is to order Alexa, and the payment is made! Home assistants can be used to shop for products like groceries, home care, clothing, etc.

As per Business Insider, the use of smart speakers will rise from 18.4 million users in 2017 to 77.9 million users in 2022.


3, Biometric Verification


boosts brand awareness


This is one of the most anticipated technologies of the online payment world. Biometrics authentication methods can make payments safely and securely. The biological & structural attributes of a human will help the system to verify him/her. The digital payment will be made after evaluating the biometrics through face recognition, heartbeat analysis, iris recognition, vein mapping, and fingerprint scanning.

This verification system can prevent thefts and frauds. Biometric authentication will secure the Tap-and-Go payment method with improved security in place. Efficiency, accuracy, & security are the three tiers of this payment trend..


4. mPOS Payment Technology


mPOS stands for mobile point-of-sale, and its demand is rising each day. Everyone is looking ahead on accepting payment through this mobile, be it a retail store or any street merchant. An mPOS is movable and can be plugged into the charging ports of smartphone devices.

A great mPOS tech can gather data and help you in expanding your business. This payment tech can make a substantial difference in making your business more efficient & well-organized. According to Global Market Insights, a CAGR of 19% is expected between 2020 to 2026.


5. Artificial Intelligence & Machine Learning-based Payments


AI and ML are the future of the payment industry. The most crucial aspect of every payment method is to be secure and safe. AI integration into the payment system can guarantee convenience and safety. An online payment system can have chatbots to offer 24*7 assistance to the users and respond to their queries. AI-based digital payment tech can flag unusual bills and tips that are higher than normal. AI eliminates the need for payment verification from banks. Amazon’s Deepens Tech eliminates the need to visit the cashier to bill your items.


6. e-Wallet Solutions


As reported by RetailDive, approximately 2.1 billion customers were using e-wallets in 2019. Mobile wallets are the new payment method acting as a virtual wallet, saving a person’s payment information on the smart device. You can send & receive funds virtually through a digital payment system. Transactions take no more time than a single tap, consuming less energy and time compared to net banking. Some of the advantages of this payment system include getting discounts, gift cards, vouchers, and great deals.


7. NFC Technology


innovation elearning experience


You can pay money through your smartphone or credit card without having any physical contact. Besides being quick, smartphones or credit card systems ensure safety from viruses and bacteria. NFC (Near field communication) tech powers contactless payments through RFID (radio frequency identification).

A particular radio frequency enables the payment to be made via smartphone or card when the payment reader device and the payment tools are close to each other. Contactless payments are safer than magnetic stripe cards. These strips use obsolete tech, which is easily prone to become the victim of frauds and identity thefts.


Digital Payment Methods Will Continue To Boom


Digital payment tech, with the help of the top app development companies are reshaping the fintech industry. Several companies are investing heavily to make online payment systems more advanced and secure worldwide. There are several benefits of using these new payment methods, and in 2021 we may come across more. While digital payment trends will continue to boom, we must remember that the essential aspect is ‘Security.’

Mobile app development has a vast scope for the latest technologies such as AI, AR/VR, IoT, Blockchain, and others. Of which, our main focus will be on augmented reality in this blog. AR is an incredible technology that can transform the smartphone world with its superior functionalities in mobile apps.


AR is increasing these days enormously, especially in the light of Covid-19; it has been of immense help in the mental health field, given that there are quite a few AR mobile apps to help people with a mental health condition. Other than that, several augmented reality app development companies create AR gadgets for various sectors such as media, entertainment, eCommerce, healthcare, fashion, etc.


AR apps are evolving with the changing business trends and conduct. AR apps have enabled people to view products better than before and interact with business reps more effectively through smartphones.


Topics To Cover:


- What is AR?

- How is AR fostering the growth of mobile app development?

- How much does AR app development cost?

- AR to go a long way ahead


What Is AR?


AR is a digital experience where experts combine users' physical world with visual elements, sensors, sound via advanced technology. The AR era is swiftly growing among mobile app development companies. AR & VR are often confused, but both are not the same. AR is facilitating app developers & companies to sync digital information in the physical world in mobile apps.


The world-famous Pokemon Go is the best example to show how it quickly caught the world's attention due to creating a gaming app that is combined with the virtual & physical world. The use of AR tech in this game app got 900 million installs initially and made USD 1.2 billion in revenue.


How Is AR Fostering The Growth Of Mobile App Development?


Let's look at how AR mobile apps are revolutionizing customer experience and businesses.


1. Boosts Brand Awareness


boosts brand awareness


AR tech is helping businesses to boost brand awareness. AR apps help companies gain a competitive advantage to attract more customers.


2. Enhancing The In-store Experience


AR mobile apps feature products in actual size in virtual fitting rooms, giving customers a virtual in-store experience. AR mobile apps enable users to try on clothes by using virtual trial rooms, saving time. AR apps can also allow the stores to display more inventory than they can physically manage. Sephora, Converse, H&M are a few examples of brands using AR apps.


3. Location-based AR Apps


Location-based AR apps utilize the geolocation data in smartphones to render the information of a specific location. Location-based AR apps offer users an immersive city tour or discover where they parked their car nearby.


4. Improving Online Buying Experience


Customers mostly look for demo videos before they decide to purchase the same product. AR apps enable brands to offer visualization & configuration of their item in the physical world. This will help eliminate the chances of doubt & abandoned shopping carts.


5. Social Media App & Snapchat are the biggest hits for those apps that use AR. With people spending more time on their smartphones and seeking interesting apps, mobile app creators can develop a unique social media app using AR tech to assure user engagement and app success.


6. Innovation eLearning Experience


innovation elearning experience


The education industry will indeed benefit from AR tech. AR apps can make online education or eLearning effective & creative. The teaching professionals can use animations or visual graphics in real-time while communicating with their students. This innovation in the academics sector can genuinely transform the learning experience. Chromville Science and ZooBurst are two popular AR apps.


7. Real Estate


The real estate sector is reaping the maximum benefit of AR business apps. Real estate agents and realtors are using the AR app to sell property benefits. AR is incorporated in the mobile app to offer potential tenants or buyers a 3D experience of the house or apartment.


How Much Does AR App Development Cost?


After understanding the scope of augmented reality in the mobile app world, it's now essential to learn the cost estimate to build an AR app.


The cost of AR mobile app development depends primarily on 3 factors:


- Information: The information an app user is supposed to receive

- Method: How will you render this solution

- Location: Where AR app should be used


The technology helping augmented reality apps define a specific location or place encompasses location tracking, 2D/3D photo tracking & matching, compass, face recognition, gyroscope, Simultaneous localization & mapping (SLAM), and accelerometer. The AR info includes 3D model and animation gesture detection, primarily in the picture, video, audio, and text formats.


Several tools are available for augmented reality app development. iOS app development agencies may charge you based on the Apple device type you want to build the app for, such as Mac, iPad, or iPhone.


AR To Go A Long Way Ahead!


Consumers are using augmented reality more than ever before. Companies are reaping the advantage of AR being a growing tech. AR is helping mobile app development agencies and enterprises to take user experience to the next level. Apple & Google are already holding a solid place in this market and embrace the benefits of AR. Users are also expecting more businesses to render incredible AR apps to make their life more comfortable.


Do you also have great ideas for developing an AR app? If yes, that's fabulous! Since this is the right time to build an AR mobile app considering the pandemic situation and growing demands of the consumers. This will ultimately boost your business revenues and help you expand your wings. But, you need to outsource a reputed and experienced mobile app development company for the same, using the latest technologies and rendering fantastic customer service. You can get in touch with our team and share your unique ideas for the same!

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