With major advancements in mobile payment technology, more people are finding out about the convenience of mobile payment solutions. Smartphones have taken retail payments to a whole new level, and banks and businesses are able to use the Internet of Things (IoT) to offer better experiences for customers.
90 percent of users expected to use mPayments by 2020
Mobile payments are expected to become the standard by the year 2020, with the majority of all payments being made through mobile wallets. According to research by credit card giant, Visa, by that time 90 percent of people will be leaving their wallets at home in favor of making payments through their mobile phones. Confidence in the services is expected to increase, with both consumer and retailer being comfortable using the services.
Apps or SIM cards are used in most payments in the US
At the moment, most payments are made through an app or by using a special SIM card that is enabled for near field communication (NFC) payments. The SIM cards are enabled with the fastest and most stable internet connections to ensure that payments are seamless when connecting to NFC terminals. Using a built-in LTE data connection, users can save data when outside of a Wi-Fi area. These mobile payment processes are expected to get faster and more reliable as technology improves, and resolve any current security concerns. Industry experts expect that mobile payment solutions will increase in 2017, as the technology matures. Recent trends in mobile payments are showing 2017 to be the year mobile payments take off across the North American continent.
Mobile payment technology offered across all devices
Mobile phone manufacturers are making it easier to access the mobile payments technology by including it in all new mobile phones and making the applications work across all available mPayment solutions. With these technologies being rolled out on all handsets, whether basic phone or smartphone, everyone will be able to access their favorite mobile wallet. Samsung has already developed their low-range and mid-range phones to include mobile payment technology, and fingerprint scanners have been added for security. And with other major manufacturers poised to release their own designs on this technology, it can only strengthen the use of mPayment solutions for all mobile phone users. This holds true especially in developing countries where budget handsets are more common.
Mobile bitcoin access through smartphones
Although blockchain is more normally accessed through a PC, there are now mobile apps that can manage your cryptocurrency use. The further development of these apps is expected to promote a rise in the use of mobile phones for bitcoin transactions. Apple, for instance, has already developed iMessage to allow blockchain payment services, in conjunction with blockchain leader, Circle. Users can now send payments through iMessage in U.S. dollars, pounds sterling, Euros, and bitcoins, using a simple text messaging platform. Although this is only available for iOS 10, Apple expects more users to frequent the service as technology moves forwards. And they have recently introduced their Apple Pay payment solution into the iOS 10-based Mac. With blockchain now joining the world of mobile technology, it can only help bitcoin gain a bigger foothold in the cryptocurrency markets after its recent slump. Bitcoin has been making a comeback this year and has already reached the 1,000 US dollar mark again, the first time since the slump started in the last quarter of 2013.
Bluetooth makes a comeback in 2017
For those of you who thought Bluetooth was dead, think again. There is a new huge demand for Bluetooth chips to be integrated into mobile devices as a major option for file transfer. And it is Apple that has forced this new return to Bluetooth. With the advent of their wireless technology to move away from cable-based headphones to its new EarPods, it offers a better connection and increases both the volume and quality of the sound. And Bluetooth has long ago matured into an application that can be made available to a much wider audience. Mobile payments are set to make a huge impact in 2017, and there are a number of new innovations in mobile payment technology that are available. Banks and manufacturers are embracing new tech to make the process of mobile payments easier and more secure.
PayTM is introduced in Canada
Indian mobile payment solution, PayTM, has recently launched a bill-payment service in Canada, which makes it the first wholly Indian-owned company to make inroads into payment solutions in the North American Continent. Canadian PayTM users will be able to make payments for such services as water, electricity, the internet, cable, and mobile services. The app, which is available for both Android and Apple, can also be used to pay for insurance services and property taxes, according to the latest media reports. PayTM has had a lab division based in Toronto for the last two years, where it has been working on this new solution for Canadian customers.
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