Gear Up for the Future of Mobile Payments by Going on an “Appventure!”
The Diamond Jubilee took place a couple of weeks ago in London, England to commemorate Queen Elizabeth II’s 60 years of reign. The celebration sparked many discussions about changes in politics, society, fashion, and technology over the past 60 years, such as this article from The Telegraph, which captures 60 years of technology in pictures. It got me thinking about how much technology has evolved (some of it now entirely obsolete), and how the realm of payment is on the verge of major change as a result of new technologies.
Most recently, mobile payment startups are on the rise, revolutionizing how businesses make transactions and how consumers make purchases.
VentureBeat recently reported that 73% of smartphone owners have used their device while shopping, but only 2% have used it as a mobile wallet or for making in-app purchases. While these numbers are not astonishing, the number of companies working to increase the use of mobile payment is quite impressive, as there is an abundance of mobile payment apps available on the market for both consumers and businesses. So the question is not where to find the right app, but rather which apps are right for your consumer or business style.
Since most of these apps are still in their early stages of development, it’s a great opportunity for consumers and business owners to go on an “appventure” – just pick an app, test it out, and decide which one best suits your needs. For consumers, make your decision based on your location and spending habits. As a business, it’s important to choose an app that best aligns with your business model and customers’ needs.
To help get you started on your appventure, I’ve compiled a list of many of the payment apps out there so far.
The following mobile payment apps are more suitable for consumers:
- Google Wallet
Businesses, try out these apps so you can start receiving payments anytime, anywhere, and give your customers a faster, more convenient way to pay.
This extensive list of new mobile apps is a testament to the fact that we’re on the verge of a mobile payment wave. What do you think about this evolution of technology? In 60 years, will our credit cards and/or entire wallets be just another obsolete item?