Societies and lifestyles change constantly, that is something easy to understand and agree looking back to our history. Who could imagine how mobile phones would improve their possibilities, or how smartphones and Social Media would be so essential for human relationships twenty years ago?
By the same way, payments methods have also changed, and will keep doing it. Nowadays cash is losing importance against credit cards around the world. In fact, in some countries, credit card payments are definitely over cash ones, and increasing.
Bit a bit, from the smartphones, social media and apps revolution, our world and way to interact is changing a lot, having already a new scenario in front of us, the ability of paying straight from your mobile smartphone. This new way is already quite common in some cities to pay for, for example, taxis, and forecasts say that this trend will keep growing until… who knows?
Consumers in the UK have been quick to take advantage of the convenience mobile wallets offers. The trend is sweeping across Europe, too. Commerce analyst Juniper Research has estimated that 16 million users will have made contactless payments via their mobiles across Western Europe by the end of 2016. We’re also seeing mobile payments crossing over into foreign exchange with the launch of the Revolut app.
Mobile payment providers are aware of consumers’ hesitancy and are working to provide reassurance. Apple Pay has said privacy and security are at the core of its technology.
When consumers use the app in a store, cashiers will no longer see the customer’s name or card details, helping to reduce the potential for fraud. Likewise, Samsung is alert to the importance of keeping personal and financial information secure. Android Pay uses virtual accounts, which means real credit or debit card numbers aren’t sent with any payments.
For consumers, too, the shift towards a more streamlined approach which makes their lives quicker, easier and more hassle-free will no doubt be increasingly welcomed.
Ade Camilleri is a leading Internet marketer and Data Marketing Analyst for some of the worlds leading Comapnies with a focus on Tourism, Public Companies, Government Organmisatioons and iGaming. He forms part of the Media Plan group of Copmpanies who provide Digital Marketing Services for iGaming, Tourtism and Fortune 500 Companies.