With mobile wallets being introduced more, you can have more accessibility through many retailers that offer payment processing terminals.
The use of mobile wallets has greatly increased because of improved accessibility.
The Increased Use of Mobile Wallets
The increased use of cellphones in the United States has dramatically risen, with roughly nine out of ten Americans having cellphones and well over two-thirds of them owning smartphones. With technology advancements being such a prevalent force in our society, the increased use of mobile devices has become a very common and essential tool in most individual’s lives.
Through the increased use of cellphones, there has been a lot of innovation that is centered around having multiple methods of accessibility for people in many different industries such as healthcare, finance, entertainment, and more. One major industry that has dramatically been impacted by cellphones is the financial services industry.
Mobile technology has been a significant solution in economic factors such as banking solutions, budgeting, and various other important factors throughout the industry. Mobile wallets are a huge factor that has changed the potential for payment options. A mobile wallet is a virtual wallet that is stored on your phone and stores multiple credit card’s information, and other documents so that you wouldn’t have to carry around your wallet in some instances.
The increasing potential for mobile wallets is massive and can change the face of the payment system. Studies have found that 8 out of 10 millennials access shopping and pay bills through their phone creating an efficient manner of mobile wallets. There are many different advantage points for the use of mobile wallets such as easy access to in-store and online payments, management of cards, and having easy access to financial information needed. This innovation also comes with tons of encryption almost making it impossible for fraudulent activity to occur.
The Potential for Mobile Payment
Mobile wallets have the potential to be one of the fastest growing payment methods in the following years to come. Millennials are driving a huge shift towards this economy that is slowly becoming completely digital because of many upsides. With this new digital age, the government would find it easier to regulate currency, and creating payment methods to become immediately transferred is a plus.
Currently, the most popular mobile wallets are Apple Pay, PayPal, Google Wallet, Square, and Venmo. There are many other related companies that are trying to use mobile financial payment options because they are one of the fastest growing trends when it comes to payments. The overall future of mobile payment and financial technology has been changing completely, from consumers, banks, merchants, and payment processors.
Since it’s so easy to have access to mobile wallets and be able to render payments through internet services, the forecast of mobile payments is set to reach over 500 billion by 2020. One big reason why mobile wallets are growing and expanding so fast is because of the convenience that it poses for customers and merchants. There is a huge overall mobile point of sale for payment processing and the flexibility of transactions.
The future of mobile payment technology looks progressively strong and will lead to easier to use mobile payment options. There are many more advancements through the use of mobile payments such as automation to look forward to in the near future as well.