The Mobile Payments Generation

mobile-payments

The cash is still the favorite, but the mobile payment is growing.
According to Gartner, the estimates of the Mobile Payment worldwide market in 2016 will be worth 617 billion dollars.

This because the smartphones are became essential tools for carrying out a huge range of everyday activities,also The idea of paying with your phone seems simple enough, and many people follow this trail because It is becoming a current trend that will grow in the years.

In Japan and Korea, everyone already pays with phone, China introduced payments via NFC as early as 2009 when it established the China National Advanced Payments System, which enabled businesses to easily develop and launch mobile payments, e-billing and real time payments.

ApplePay did blew up this trend, in 2014 saw the US release of Apple’s Pay service. This allows newer devices (iPhone 6, 6 Plus and newer iPads) to make payments both for digital and physical retail transactions.

In October of 2014, CEO Tim Cook announced that more than 1 million credit & debit cards were hooked up to Apple Pay within three days of launch. Subway, McDonalds, Walgreens, Uber and 220,000 other vendors have already signed up to receive Apple Pay.

But, the percentage of potential users who can use Apple Pay has fallen in this year, an ongoing survey conducted by InfoScout in cooperation with PYMNTS.com shows the number of eligible Apple Pay users who tried the service dropped from 15.1 percent in March to 13.1 percent in June. Further, respondents answering yes to the question, “Did you use Apple Pay on this transaction” fell from 39.3 percent to 23 percent over the same period.

 

Apple-pay-adoption

 

One drawback is that not all bank cards are currently supported, though they should be ‘coming soon’. And, aside from having to have the latest iPhone or wearable, users might encounter issues with contactless terminals which have been capped at the usual maximum transaction of £20.

Another drawback, is that not all iPhone users have Apple Pay-capable devices. 40% of active iPhone users had upgraded to iPhone 6 or 6 Plus as of March. This leaves a large user base who might be interested in using Apple Pay but lack the hardware to do so.
But, according to a new report by the International Data Corporation (IDC), Mobile payments are predicted to rise to $1 trillion in 2017, boosted by significant growth in the Asia/Pacific economies.

Also, Google announced the coming release of its mobile payment system in May, noting that it will allow Android device-based purchasing at more than 700,000 store locations across the US.
In addition to McDonald’s, other stores expected to accept Android Pay will include Best Buy, Panera Bread, Subway, Toys ‘R Us and Walgreens.

But, one drawback, is that the fragmented nature of the Android mobile device market means that people who are used to having a lot of choice will be limited to handsets with thumbprint security if they want to use Android Pay safely.

Is Android Pay the same as Apple Pay?

In a word, yes. Both use NFC technology in real-world scenarios and both offer one-tap online payments. Fundamentally, the only real difference is the operating system it is running on – if you have an iOS device, you will have to use Apple Pay and if you have an Android device you will have to use Android Pay (or Samsung Pay, if you have a Galaxy S6 or S6 Edge).

Apple Pay does have one feature that Android Pay does not, however: it works on smartwatches (specifically Apple Watch), whereas Android Pay so far only appears to work on Android proper and not Android Wear.

whatever, Now we are sure that the sheer number of mobile wallets available or in the works from Apple Pay, Samsung Pay, CurrentC, Google Wallet, and others will drive mobile payment adoption as we.

Posted on 26 August 2015 in Digital Payment, Innovation

Share the Story

About the Author

Back to Top