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There are very few people who do not use their mobile phones. We talk to other people, send text messages, watch videos, and listen to music on smartphones now. The increase in prevalence of social media and apps has ensured that there is very little time that is not spent on one’s mobile phone. The […]
There are very few people who do not use their mobile phones. We talk to other people, send text messages, watch videos, and listen to music on smartphones now. The increase in prevalence of social media and apps has ensured that there is very little time that is not spent on one’s mobile phone.
The telecommunications industry is attempting to increase all that your mobile can do. This is with the introduction of mobile payment. There is already a certain amount of acceptance regarding paying with your phone. This may be the year however, that this trend truly takes off. Wireless carries and cell tower real estate companies such as www.towerpoint.com alike have been noticing an increase in demand for wireless services. This is just one indication that mobile payment may get the boost that it needs in 2016. Here are some of the other aspects that may affect this payment system:
It is a movement that has been observed before. When important technological giants such as Google, Apple, and Samsung endorse a technology, there is likely to be a change in consumer trends. Mobile payment has received unmitigated support from this leading tech companies. This is largely due to the payment systems that have been developed by the corporations. Google has already created Android Pay and launched in the United States. It is now turning its attention to the European market, UK specifically. Apple Pay has already inaugurated its app and is now hoping to expand its services to websites as well. Samsung, too, is testing its new service and is determined to release the system to the public quite soon. It is even alleged that Microsoft will join this current payment development as well.
Vendors are having to upgrade their current payment system with credit cards. Credit cards are moving from the traditional sign and swipe method to a more secure advancement. This is in the form of a computer chip and pin. This new technology has forced vendors to invest in new systems that will be able to read the newly modified credit cards. It is, however, a logical conclusion that there will be vendors who will forego this expense. Many may simply buy the mobile payment systems being offered by tech companies. This will save them from having to upgrade their payment systems once more.
An increasing amount of credit card fraud has caused a reduction in the trust of the payment system. The security measures offered by mobile phones, however is rapidly getting more sophisticated. People are also more trusting of the technology. Many people already store important and sensitive information on their phones and have gotten accustomed to doing so. This is, in part, due to the increase in security features of mobile phones. These procedures will be extended to the mobile payment systems as well. Apple Pay, for instance, uses its customers’ fingerprint as identification to allow the transaction to go through.
It is inevitable that mobile payments eventually become widespread to eradicate credit cards entirely. The technology is already here and slowly gaining traction amongst the general population.
