The introduction of 5G will only bring more innovations in retail technology and it will bring a lot benefit to the consumer.
While still in its infancy, there is an expected global 5G rollout coming soon which will lead to a more interconnected global economy of merchants and consumers. Faster internet speeds and a decrease in latencies will lead to even faster, more seamless payments made via a mobile device and usher in a new era of innovation. Mobile payments are an increasingly popular payment method and the arrival of 5G will only fuel and further accommodate the growth of this trend.
The rise of mobile shopping across the world and make mobile payments are on the rise. Faster 5G speeds will only enhance these shopping experiences leading to unprecedented rates of mobile transactions.
Consumers worldwide are looking for easier and faster ways to shop. If they see a new game their friend has or an interesting looking jacket on the train, they want to be able to instantly make that purchase on the go. With broader coverage areas and faster speeds, 5G will turn these preferences into a global reality.
Faster Speeds Create Seamless Experiences, For Consumers and Retailers Alike
Faster internet speeds and lower latencies will lead to better consumer online transaction experiences; this is especially for true mobile shoppers. 5G is expected to speed up data three times compared to 4G/LTE. Utilizing mobile payment methods will lead to a smarter and more customized payment process for consumers. This will be the key for retailers and online merchants to capitalize on the benefits of 5G.
Commerce is quickly shifting towards mobile. Faster data with less latency will result in an ever-higher adoption of mobile payments due to ease of use. A consumer will be able to see a product in an ad and can purchase it online. Faster internet speeds will open the door to vast mobile retail possibilities.
The Role of E-Wallets
Mobile E-wallets are already a widely adopted payment method and majority have direct access and interfaces specifically for mobile adoption. The popularity and adoption of these payment methods will only continue to rise with the arrival of 5G.
E-wallets have become an increasingly preferred payment method due to their ease of use and seamless smartphone integration. Their adoption is very high in Asia and Europe. While the US is not too far behind. With faster 5G speeds all regions should see a major uptick in mobile payment usage.
The two largest mobile e-wallets in Asia are Alipay and WeChat Pay they are offering these payment methods will be vital to reaching mobile and online shoppers. These number of users will rise even higher with the rollout of 5G.
introduction of 5G will likely inflate these figures even further as the ease and facilitation of shopping on a mobile device continues to progress. Retailers and Merchants that embrace these different mobile payment methods will be ready to take advantage of this growing opportunity.