Money is the great thing around which the whole world revolves. And quite probably it is the only thing, the whole world is an acquisition for, from a small employer to the C.E.O of a huge company, all they exist because their respective designations are the source of money. So to cope with the challenges related to the money such as to handle a large amount of cash, to save it at a secured place, or to send it from one place to another, the system of banks were introduced. The concept of modern banking was formally introduced in the 17th century, since then the banking systems have formally become the source of keeping the money, history of transactions, deposit etc.
Today, when we are living in 2018, the technology has a great impact on our lives. Things in our surrounding are constantly changing and so as our requirements. As we become destitute of smartphones, our lives are totally relying on it. Now everything is just one touch away from your smartphone. Following the needs of instant payments, shopping from worldwide, payment confirmations, sending payments, all in one solution of mobile payments were introduced.
The successful assessment of mobile payments can be estimated from that the world-renowned coffee chain Starbucks 24% transaction are of mobile payments. Furthermore, there are mobile wallets revealed by the top tech companies in the world such as Google Pay, Samsung Pay, and Apple Pay. All of these apps tend to provide alternative digital payment solutions and convert into a cashless society. So let’s discover the impacts of mobile wallets in 2018 and so on…
Mobile wallets on the rise
Mobile wallets are a versatile and secure way to act as a consolidated platform to deal with your financial services at your fingertips anytime without having the need to go to a physical bank. Although, these payments are often subject to banking regulations, yet banks have an aversion toward too many mobile wallets startups for the fear of becoming physical banking obsolete.
Traditional bankers would be happy if the customers stick to plastic money, but from a customer’s perspective, why carry an ATM or credit card when direct transfer can be done from a mobile? Customers obviously don’t like a lofty wallet with plastic money (credit cards, debit cards, loyalty cards) to make a payment. So how about making mobile payments wherever they go? This is where mobile wallets make their great entrance. Unlike leather wallets, mobile wallets promise the flexibility and the power as a consolidated platform for making payments.
Pay with your phone
We’re just about to enter in the days, where we no longer need to dig into our pocket to withdraw currency notes, coins, bills, or even our credit or ATM card. Now our smartphone will be enough to deal with all these kind of problems. You can now pay through at any restaurant through your smartphone or any other place without taking tension of your transaction details, history and balance. And obviously, you can also use many services regarding the web stores and even some apps have in-app payment options which make easy to send payment from one to another.
As mentioned before, the mobile wallets by the tech companies, there are some services that do not even require to install a separate application: with Apple Pay, Google Pay, Samsung Pay, in-store payments are built into the wallet and person to person payments happen inside the application. Like Facebook payments don’t require another application, you do everything inside the messenger application.
Potential for mobile wallets?
There is no doubt about the fact that the potential for mobile payments is huge and it normally lies under the hands of the millennials. In fact, according to a survey, it is reported that 8 out of 10 millennia’s shop and pay their bills online via mobile phone. As we see this trend continue, we can hope for more advancements in both, offline and online mobile app payments opting digital payment technology.
The Future?
The future of mobile wallets seems to be very promising. The financial ease and with the revolution in the banking world, the mobile wallets are definitely going to rule the financial markets. It seems from the mobile wallets startups that are coming a day after another, that the idea of mobile wallets somehow becomes successful. In an increasing tech-savvy era, we can expect to see a majority of payments moving towards cashless transactions.