New software and advances in Near Field Communication technology has changed the way we buy the things we want. Instead of cash and cards more people are using their smart phones and wearable devices. Just wave your device in front of the credit card reader and you are on your way.
In 2015 three companies pushed their mobile pay technology and really got the industry moving. Apple Pay had its first full calendar year in the market place, Samsung launched it’s own mobile pay service, and Google relaunched it’s wallet in the form of Android Pay.
Banks around the world are also joining in. At the end of 2014 there were only 7 banks that had services supporting mobile pay and now 55 banks around the world have started programs.
In the last year Apple has been able to gain millions of registered users for the Apple Pay service and to add to that success they have launched the Apple Watch. This wearable device will make it even easier for mobile pay users and is sure to bring more attention to the industry. Last year Apple was able to ship 8.8 million watches and later this year Samsung and Sony will be launching their own wearable devices.
References:
http://www.forbes.com/sites/kevinanderton/2016/04/29/mobile-payment-and-the-future-of-money-infographic/#525f32dd1e30
http://www.businessinsider.com/sc/mastercard-mobile-payments-2015-2
It’s interesting how quickly people are willing to wear their mobile payment methods on their wrists! Even the method on how Apple creates a unique identifier for each transaction and for each user is an added layer of security that eases many users. As many other banks start to enroll in this type of program, it would be interesting to see if Apple has any competitors!
One of Apply Pay competitors is Android Pay. Basically, it comes back to the battle of acquiring and retaining users of Apple phone and Android phone. I expected in the future, at least in the US we no longer have to carry either cash or cards. However, it comes the challenges of improving mobile security to protect users from hackers.
I agree that the future of payment is mobile, but one thing I have noticed is how fast this trend is moving. While consumers may be up to the trends, we can only hope that retail stores and vendors are also capable of receiving mobile payments.
Do you think, the Google wallet will ever be able to become Apple pay competitor, looking at the business model of the Google?
Do you think Google wallet will ever be able to become the competitor of Apple Pay, considering the Business process og Goggle and how they use the details of user for their benefit.