The Emergence of Mobile Payments: How It Will Drive Global Economy?

In the emerging age of tap and click, online payments offer the promise of greater convenience, security, and new ways for customers and brands to engage with one another. Going cashless has made it easy to buy most products and services online these days via our smart devices. Moreover, it’s easy to link our phone number with bank accounts and online payment processors like PayPal. The mobile wallet provides the facility to access from any remote location and it’s handy to carry a mobile phone and pay anytime, anywhere.

According to a report by Mobile Payment World, by 2020, the number of mobile payment users could increase up to 150 billion. The prominent players are Braintree, PayPal, and Stripe, among these; PayPal processed nearly 102 billion mobile payments in 2016.

Several global and regional factors are driving the growth in mobile payments such as the global emergence of smartphones especially in developing economies. Several international smartphone technology makers are making their mobile wallets available in more countries, partnering with a great number of local financial institutions. Furthermore, developers are building mobile payments apps more attractive with added features such as messaging and chat. 

Every consumer is a digital customer, and to be in mobile app payment, means you have to be in a digital economy. Going digital is no longer an expense; it’s a mandatory expense that can deliver real returns to the fintech suppliers. Considering, the benefits associated with mobile wallets include:
•    It is the most convenient option for customers: 
•    It is more secure and reliable 
•    It is an opportunity to stay updated with new and latest technology 
•    It makes bookkeeping easier
•    It Improves the Customer Experience

With this, it can be summed up that mobile payments provide better customer experience and set up a better and stronger relationship between customers and suppliers.  Additionally, the ease of transacting or managing money anywhere and anytime is a huge benefit. Therefore, it has become more secure and customer-oriented, and mobile payments will play a significant role in the future of finance and customers.