Yesterday, Today and Tomorrow of Mobile Payments System

24 Jul 2023 AppcodeTechnologies

India is nowhere behind when it comes to innovation and technology. We as a nation are continuously siphoning off the latest advancements and ideas to connect people of the rural and urban India, various industrial sectors and individuals. And it construes to the new spirit that our society and our country hold. Gone are the days when people used to wait and seek for hard copies of bill, invoices or hard cash.

The Software and IT industry have kept a great pace for the last 3 decades with unstoppable innovations in both hardware and software technologies. Here we talk about mobile app development and its major role towards the digital payments & mobile finance solutions.

Yesterday’s Of Mobile Payments:

The most significant shift was from the paper money to the electronic money. The very first credit cards were introduced in the 1950s. With the furtherance of payment technology Debit cards were introduced in the 1980s, which ended the dependency on chequebook and cash. Also with little or no popularity of mobile phones, one can’t expect payment solution through mobile app development back then.

Today Of Mobile Payments:

As Earlier these payments were limited to a certain amount or micropayments and were not very robust and secure. Net banking and wallets were the later entrants. However, in 2011 some major players like Apple and Google entered in the field of mobile app development with their mobile payment services and supported the concepts of E-Wallets. Mobile wallet software offers multiple functionalities and services on a single platform and companies came forth with slight modifications and newer UI experience. And these are the hottest trends going on in mobile app development as of today. We are using plethora of digital means to market, promote, transmit, adopt, share and pay on various platforms that have proliferated around us in recent years. E-marts, e-commerce, wallets like Amazon, eBay, Paytm, PayPal, PhonePe, Apple Pay, GooglePay are the prominent market leaders till date.

Tomorrow Of Mobile Payments:

The mobile payments have now become a sophisticated yet extremely complex network of both technology and management. This cutting-edge mobile finance solution will be the "brain" behind this digital payment system. Mobile finance solution is a unified digital platform that provides all users a digital ecosystem. At present companies and tech giants are going beyond the mobile app development by bringing contactless payment (nfc payment), by simply slipping or keeping card near the sensors. This technology might prove to be a boon in/after this COVID time when one is sceptical of accepting paper cash from any individual. This shift might be a base for tomorrow’s technologies and mobile app services.

Conclusion

Despite all these breakthroughs, mobile apps hold a significant position and AppCode Technologies is determined & well versed in making hassle-free native mobile app solutions with our efficient mobile app development service. The mobile phone is the nearest and 'all time available' means for us which makes mobile apps more adaptable and convenient for all age groups. Therefore it should be given prime consideration. We as India’s best mobile app development company can help you to create native mobile apps on different platforms like Android, iOS and Progressive Web. We at AppCode Technologies can quote ourselves as the best mobile app development company as we incorporate the latest trends and technologies to hand over best in class experience with our efficient team working spirit on mobile app development.