The financial sector has already gained captivating transformation; traditional banking has been given a seamless, innovative and controlled structure with the introduction of modern technology. In addition, rapid innovations and improvements in mobile banking apps are expected to offer new features and better security.
The rise in mobile payments and mobile wallets are considered to increase in near future, as they are secure, fast and supremely convenient. According to studies, the global mobile payment market is expected to surpass $1 trillion by 2019.
Mobile payment solutions are referred to as payment services through which we send or receive through a mobile device. Now-a-days people carry only a mobile phone to make payment; the technological advancement has eradicated the need to carry cheque, cash or payment cards. Mobile payments is a swiftly developing technology and broadly adopted by global industries.
Another growing trend is the mobile wallet, which is also called as digital or virtual wallet. It is used to store debit/credit information using mobile device app. PayTM is a definitive example of an Indian mobile wallet that is being extensively used by the merchandisers as well as customers.
As the banking industry explores the prospective of new technologies like artificial intelligence and machine learning, the apps are expected to come out with new features such as Robo-advisors to customers, voice payments, and card control.
Moreover, mobile banking apps are predicted to become more secure, personal and user-friendly. With innovative technology, these apps are likely to offer a unified banking experience to its customers. The way banking is done will never be the same anymore as we move towards technological advancements.