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With 5G, retailers will come up with super-fast mobile payment options to nurture real-time transactions and deliver innovative consumer services.
FREMONT, CA: The retail industry has increasingly become mobile technology-reliant to meet the needs of the modern on-the-go consumer base, especially with the rise in popularity of mobile payments. The introduction of 5G will only enhance this trend in the retail industry and, in turn, will benefit the consumer. There is an expected 5G rollout coming soon, which will lead to a more interconnected global economy. Faster internet speeds will lead to even faster, more seamless retail payments made through mobile devices. This will usher in a new era of innovation for the retail industry.
Mobile payments and digital wallets have seen heightened growth in the past few years. This is due to the advancement of near-field communication technology. Today, mobile payments are not only accessible in urban areas where users can use it for daily transactions, but they are especially popular among the millennial generation. Today's customers have accepted mobile payment technology readily than the older generations. With the evolution of 5G, retailers will come up with super-fast mobile payment options, ultra-low latency, and improved connectivity to the cloud. This is expected to nurture real-time transactions, and also help to provide new and innovative ways to offer consumer-friendly payment services.
With 5G, speeding up data analysis up to three times as compared to the current 4G network, the overall consumer transaction experience will enhance, leading to more people relying on mobile payments. Facilitated by digital technology, retailers would be able to provide a smarter and more customized payment process to its consumers both online and in-person. Due to high-speed connectivity, consumers would also be able to browse through online categories before paying for them. 5G would also help retailers combine data and artificial intelligence in real-time to accelerate end-to-end experience.
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