Nobody can longer deny how alarming it is that people are becoming more and more dependent on their phones, especially now that it’s not only used for telecommunications, but for games, entertainment, shopping, etc. as well.
According to Pew Research Center, around 64% of the people in the US alone own a Smartphone. With this technology, people have gained easy access to almost every daily transaction. For instance, they can now pay their bills through the use of companies’ mobile apps. Even the remaining 36% of the US population can use other mobile payment options such as payment by texting, which is more convenient and simple than going to the bank or office directly. It’s safe to say that the same statistical data applies to the rest of the world.
How does this affect everyday living?
Imagine this: There are about 1.3 billion people in China. Around 700 million of those people are internet users. About half of that makes their payment through their mobile; that’s around 400 million Chinese. Now, add the population of other countries.
This new payment option is taking the world by storm.
There are more than 200 companies that are competing in this trending market and people are jumping on the offer. After all, this option is faster, quicker, and less hassle.
But, what about security?
It is true that mobile payment’s security is a big concern. However, year after year, security is getting better and better. And even without the upgrades, people who are already tired of the traditional payment system and slow bank processes would still choose mobile payment anytime.
You can see people’s way of purchasing products and services rapidly changing. Whereas people need to go to shops, they can now order everything just by using their phone and internet connection.
Here are some day-to-day activities where people use mobiles for payments:
Utility- People can now avail the services of online payment solutions in order to pay for their electricity, phone, and water bills. These can be done with just a swipe and click in their Smartphone’s.
Shopping- From clothes and shoes to plants and garden equipment, internet shops offer varied items for customers to choose. A person can buy all the things he needs by using a shop’s app or accessing its website.
Rent- If a person lives in a condo or big apartment, then payment can easily be transferred online. Even the number of landowners of small living spaces that accept mobile payment are growing.
Restaurant- Who wants to go out, battle against the traffic, and eat in a restaurant when people can easily order a takeout? There are already a lot of meal delivery applications that accept mobile payment.
These are among the many transactions which can be done through the use of mobile payment. It’ll be no wonder if all companies in the future tap into this market and make their own app to promote growth in sales. For now, it’s clear that people are getting used to this new mode of payment.