Tech Companies Pulling Out All The Stops in Mobile Payments

Perhaps one of the surest signs that mobile payments are a mature—or at least maturing—market is that the companies that offer such systems are frantically trying to find new markets to reach. That sheer frantic nature is the biggest sign that the early adopters are all in and tech companies are looking for untapped users. That’s drawing in some big new promotional efforts to get the new users in.

A new report from USA Today suggests that only 10 percent of customers are actually turning to mobile payments right now. That’s still a hefty slug of market, as we’ve seen previously, but it’s nowhere near what it could be. That’s prompting tech firms to step things up a notch and give customers a reason to step in.

One of the biggest new inducements is biometrics, the ultimate in gee-whiz security that allows users to scan a part of their own body—irises in eyes, fingerprints, thumb prints and more—as a means to access an account. Some are even going so far as to bring out chip-based implants that are inserted into the skin. Other unusual promotions include the growing move to pay with Siri, as well as efforts seen from credit card companies outright who want a slice of the payment processing pie.

This is good news for those who aren’t already using mobile payments, or even for those who are. As companies get increasingly desperate for users, they may begin to offer better terms, like improved rewards program access or the like. Plus, new features will also come into play going beyond mobile payments, like mobile order-ahead, special pickup-only lines, or even “usual order” features where your usual order is remembered and applied for you immediately. We’re already starting to see many of these features step in, and before long, they will simply be table stakes, required to have any chance of competing in the field.

The mobile payments market is really only getting started, and we’re going to see a lot more out of this before it’s all said and done. What’s immediately next is unclear, but it’s a safe bet that further—and bigger—change is coming.