Cryptocurrency is a trendy sector, considered by many to become the currency of the future. Its growth is boosted by the incessant and rapid emergence of new technologies and advanced securities. Alongside this digital currency, cryptocurrency wallets are also gaining popularity. This market is equally enjoying an extensive growth as multiple industries are starting to adopt them, as revealed in a recent study published by Garner Insights.
From the very beginning of the first mobile payment, people were reluctant mainly because of security issues, comparing it to online purchases. The primary concern was online hacking since most users didn’t understand and were not convinced of the safety and security of paying through the internet.
The payments industry in Canada, encompassing a cross-section of options ranging from credit and debit cards to cheques and mobile wallets, is valued at about $16 billion a year, according to Payments Canada. The yearly cost of processing all those exchanges is itself between $3 billion and $6.5 billion. Mobile payment is seen as a fertile ground for investment, especially in an era where consumers are increasingly demanding secure, rapid and convenient modes of payments. Visa and PayPal have extended their digital and mobile payment collaboration to Canada.
A wide array of cards available to consumers today has increased competition on the market. To stand out from the crowd, various service providers have started to tempt consumers with multiple options such as rewards for using their cards. Every card has its own strengths and shortcomings, but the common feature is that they are all profitable to consumers.
Paytm Canada, a payments and financial services company offering a mobile payment and commerce platform, has pioneered by introducing an innovative rewards platform in the country. Users can earn points and cash back through any method of payment when using the Paytm mobile bill pay app. This cost-free mobile account allows them to manage their bill payments at more than 5,000 billers conveniently through their smartphones and earn rewards and cashback offers the transactions. Operating since one year in Canada, the company considered it had to offer something big to distinguish itself from the numerous competitors in the country.
Digital payment has been rapid to catch the quick-service restaurants (QSR) industry. After Subway launched touchscreen self-ordering kiosks, a mobile payment app, dedicated pickup areas for mobile orders, and digital menu boards last year, another QSR has not lagged behind in adopting digital strategies to stay ahead of the curve.
E-commerce is a booming sector in the retail industry. Representing an estimated value of $102.7 billion of sales in the United States (U.S.) in 2016, it is poised to keep its exponential growth in the years to come. To maximize benefits, large firms are continuously exploring innovative means, especially Artificial Intelligence (AI), to enhance competitiveness and boost customer loyalty.
“Payments Pulse: Small Business Edition”, a fresh survey undertaken by Leger Marketing and Payments Canada has revealed that small and medium enterprises in Canada are demanding more digital payment options. It has become imperative for these businesses to provide a wider array of point-of-sale options to their customers as well as for back-office payments to vendors and suppliers. At the same time, they equally acknowledge that digital options such as e-transfers, e-wallets, and digital currencies are a means to make payments in a safer and more secure manner.
It is a fact that technology has changed the ways of doing business. Thanks to technology, we may no longer need to carry cash in our pockets in the near future. Businesses in every country are gradually embracing online payment systems and Saudi Arabia is one of those countries. The Kingdom has established centralized systems of online payment that enable individuals and companies to send and receive money via electronic channels.
Mobile payments are today imposing themselves in the era of the continuous digital transformation in retail and e-commerce. They are equally steadily moving away from physical bank cards, standing alone. Even if they embody an unrivaled level of convenience, users stay cautious, demanding a likewise level of security. To dispel these fears and add a strong layer of security, mobile payments are now being coupled with biometrics.