In last one year, we have seen a global inclination towards the mobile payment systems. People are preferring the cashless mode of transactions and the same inclination in no time gained eyeballs of the techy ‘Big Boys’.
However, still, the mobile payment market isn’t fully embraced by the people. While few are afraid to adapt the system, remaining are either not satisfied with the interface or are not completely aware of the application usage.
Proliferation of mobile app payments in preceding year
We saw that in 2016 Walmart, CVS, and Kohl’s launched payment feature in their mobile applications. These are just a few to count. There are numerous others who have joined the league.
According to a survey report, by 2020 there will be around 5.5 billion mobile users globally. Along with this, the big names like Apple, Google, Samsung, and Amazon have started taking steps towards betterment of mobile payment apps usage. These giants are using NFC for mobile app payments which gradually revolutionizes the entire payment system.
Words of Envisioneers
Despite the entire distortion, the ‘invisible mode of payment’ is undoubtedly marching towards a boulevard that will take mobile payment experience far ahead. It is expected that by the year 2025, approximately 75% of the transactions will be made without cash.
This figure portrays that people’s inclination towards the modus operandi. Maybe this is why ‘Big Boys’ are trying best to come with new innovations for mobile app payments.
Few major points to answer the ‘Why’:
1. Amazon Go
Though it is still in its beta version, this new cow in the town has gained commendable attention worldwide. It is expected to release globally somewhere in early 2017 and has given chills throughout the industry. If we go with the words of experts, it is expected that this will come as a game changer for the entire mobile payment apps industry.
2. Barclaycard and VocaLink Pay
The partnership is going to create another milestone in the world of mobile app payment. With this Barclaycard is looking ahead to enable their UK merchants to accept payments through the Pay by Bank App. With this, the users will be able to pay for their goods and services through mobile, without entering card details.
3. Vantiv and CardFlight
Vantiv will be providing CardFlight SwipeSimple mobile POS products to its merchants. The information was recently shared by CardFlight officials. The turnkey platform accepts payments through mobile with the help of an EMV-enabled mobile chip card reader.
4. Ant Financial to buy MoneyGram
The merger of two giants, Ant financial services (parent company of Alipay. A global mobile payment platform.) and Money Gram (money transfer service provider) has disrupted the entire mobile app payment industry. People are expecting something very big in the coming future with the deal worth $800 million that the latter company made while merging with Ant Financial.
5. Starbucks goes mobile
The coffee company has gained the people’s trust by adopting the promising technology. In the last quarter of 2016, the company managed to spike 20% in mobile pay and orders during the peak hours.
6. Developing self-channels
You can also find numerous retailers coming with their own payment channels. The majority includes those using QR codes for doing monetary transactions. This might not be the future, but the intention indeed is.
The points mentioned above clearly highlight the boom in the mobile payment app industry. We can undoubtedly expect that the coming years will showcase a number of cashless transactions.
This is a guest post by Shahid Mansuri who co-founded Peerbits, one of the leading mobile app development companies, in 2011. His visionary leadership and flamboyant management style have yield fruitful results for the company. He believes in sharing his strong knowledge base with leaned concentration on entrepreneurship and business. Being an avid nature lover, he likes to flaunt his pajamas on beach during the vacations.