Here’s how smartphones are shaping the future of payments industry

How has the Covid-19 pandemic changed the mobile payments industry?
The mobile payments industry accelerated during the Covid-19 pandemic, with consumers adopting new payment methods, from contactless technology to QR codes to making bill payments, digital transfers and other transactions. Smartphones enabled this shift, and as people and businesses adapt to the new normal, the mobile payments industry is set to grow even further in the future across various touchpoints – from retail stores to banks, hospitals, government services, and more. The rollout of 5G networks in the region will further strengthen the mobile payments industry in the future.

With regard to security, what are the top threats for smartphones?
Given that smartphones have become an extension of people’s lives today – from holding valuable information, from security passwords to transaction histories, photographs, contacts, access to social media profiles and more – security is crucial. Moreover, people access their work emails via their phones risking sensitive information being exposed and enterprise security concerns are increasing with the growing bring your own device trend, even more so during and after the pandemic. Unfortunately, mobile ransomware, phishing and malicious apps are used by unscrupulous individuals and entities, resulting in data leakage and theft. Unsecured public wi-fi can also lead to security breaches, which is why securing data on your device is paramount.

What does the future hold for the payments industry and what role do smartphones play in further shaping the future of payments?
As mentioned before, the payments industry is poised for tremendous growth in the future. Industry forecasts show that a majority of UAE consumers plan to use digital payments more in the future. This shift is being witnessed across small and medium businesses too as they move to mobile payments because of the seamless checkout experience. As hygiene, safety and convenience become more pronounced, mobile payments are here to stay. Smartphones will ensure a smooth transition to digital payments in the future, as they allow users to comfortably link their bank card to their device, enable near-field communication (NFC) payments, split bills, send money and even pay utility bills, with a few taps.

With a lot of innovation happening in the smartphone industry, what is Nokia working on currently?
Innovation drives everything we do. We are leveraging innovative strategies across our portfolio of products and services. The future of our phones is based on affordable 5G, imaging and software security management. But it is also based on innovation in design, materials, form and function. We are currently working on offering a wider variety of choices and the best quality tech at every price point, to ensure that our fans continue loving, trusting and keeping our phones.

Sanmeet Singh Kochhar is the vice president – India and MENA at HMD Global

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