In 2015 mobile payments are very likely to go mainstream. Through Apple pay and Google wallet you can use your phone to make transactions almost anywhere from your local neighborhood store to renowned retail chains.
Mobile payments may start functioning on a global level
Today every app is recreated 20 times in different languages to facilitate people from different countries. With mobile payments going mainstream there is a possibility that app developers will develop apps that will help tourists in a foreign country to make payments without having to go to banks to exchange currencies.
Mobile payment companies will work hard to make the payment process secure
The biggest hold up in making mobile payments commonly accepted is the fact that people are scared they won’t be safe. With new technologies come new fears and incidents like those at Target have made people less inclined to share their bank account information. Due to this reason companies will work very hard to gain people’s confidence so that mobile payments can become widely accepted among people. And the company that best executes this plan is bound to gain the most profit.
Consumer adaption to mobile payments will increase
Due to successful validation of Starbucks mobile payments it is very likely that mobile payments will go mainstream this year. Starbucks’ products are very commonly and widely consumed. So introducing mobile payments at Starbucks is a very good strategy to familiarize people with how mobile payment technology works. Let’s face it people always go for the things that provide them with the most convenience and making payments through your smart phone is way convenient than pulling out your credit card and taking your wallet to every other place you go. As more and more people get used to making mobile transactions the better it is for the companies that provide this service.
Customers will have all the power
Once people become used to these new payment methods it would inevitably give the power to consumers. This would mean that they would get to choose the way they want to make payments. And if merchants want their business to flourish they’ll have to let the consumers decide their payment methods instead of making this choice for them.
Concept of mobile wallet will prevail
Mobile wallet technology has been extensively discussed throughout the years but 2015 may be the year it finally becomes widely accepted. The concept has become popular due to services like Apple pay and Google wallet. The big credit card companies have gone on board with the idea of enabling their consumers to be able to use this service. Whereas the big telecommunication companies have started making NFC enabled phones for this purpose. Retailers are also delighted to add value to their consumers’ shopping experience with the mobile wallet technology as not only you can make payments through your phone but gift cards and receipts can also be added on your phone. All in all if people didn’t have security concerns mobile payments would’ve become mainstream a long time ago.
This article was written by Syed Irfan Ajmal. He is a serial entrepreneur, a columnist and a certified inbound marketer.