5G has been the topic on everyone’s lips for what seems like forever. We’ve been told, over and over, that it’s the next technological revolution; that it will be transformative, transcendent, the biggest digital change of the past decade.
But if there’s one thing we have to admit, it’s that it’s been slow to roll out. While there are 5G-optimized mobiles now available on the market, they’re not present in such numbers that we’re seeing the full effect of this evolution.
Patience, dear reader. The 5G revolution really is just over the horizon, and when it gets here, mobile payments will never be the same again. Here are just a few of the exciting ways that fifth-generation cellular network technology is set to change everything.
A More Immediate and Personalized Payment Experience
We’ve been making payments via mobile platforms for a long time now, but 5G is set to have a significant impact on the experience. Not only will this become quicker and more streamlined, but we’re also likely to see some new and interesting innovations.
Speedier networks will undoubtedly support the continued growth of mCommerce (aka mobile eCommerce), with the global market set to reach $5.4 trillion by 2026. This represents compound annual growth of 24.5 percent, and one of the factors that will enable this is improved interactions with customers.
Location-based engagement will help massively. As we move toward a 5G future, we’re likely to see an increased reliance on beaconing, geo-fencing, and geo-targeting. These approaches will combine location data with information on consumer behavior and purchasing history to target offers in more immediate and personalized ways.
As we become more reliant on eCommerce – specifically, mCommerce – security is a key area for concern. Mobile casinos, for example, now rival their land-based counterparts with regard to their popularity, with sites like Mr. Green placing an emphasis not only on their flexibility, convenience, and customer service, but the security of their transactions too. In addition to the range of games available, from table games to slots and demo games, the reason an online casino like this one will share its security measures is because of its importance to safety-conscious consumers.
It’s true that as fast as companies innovate, hackers search for ways to undermine their defenses, but with 5G, their job is likely to be a lot harder. That’s because of tools such as artificial intelligence and deep learning, which will soon be able to recognize customers based on behavior, context, and location. This will make it much easier to identify fraudulent transactions and stop online criminals in their tracks.
Last but not least, 5G will help make mobile payments more inclusive. Its application in emerging markets will mean a greater number of people can take advantage, including those in rural and remote areas. This enhanced connectivity means online stores can offer their goods to a fresh audience – no matter where in the world they’re located.
This should enhance financial inclusion, offering an entry point to the digital economy for those who cannot access banks or traditional credit or debit cards. The alternative payment solutions on offer could thus revolutionize eCommerce and its inclusiveness regarding the unbanked and underbanked of the world.
When it comes to understanding the impact of 5G on mobile payments, it’s hard to wrap our heads around its incredible potential. All we can say for certain is that, once it comes into effect, the digital landscape will never be the same again.