Within recent years, fintech revolving around mobile devices have gradually become common. Since mobile devices are now widely used, the technology behind paying with a mobile device has been incorporated within each smart phone. In the article, “What is a Mobile Wallet, Origin, and History in Financial Technology?,” by Angela Scott-Briggs, it mentions four different types of mobile payment processing models: mobile-based billing, SMS-based transactions, mobile web payments, and near-field communications (NFC). According to Scott-Briggs, the first introduction of mobile fintech was from Coca-Cola in 1997, where consumers made a transaction through text message. Today, there are multiple ways to use mobile payments.
With seeing how apps today, such as Venmo, are becoming more commonly used, I can predict the rise of mobile wallets and the increasing use in the future. With more people becoming comfortable with using technology to pay, the technology behind mobile payments will be improved. However, the question comes with how mobile payments, in particular, the google wallet and apple pay, will change the way people make transactions. It might take a while for businesses to integrate this feature, but once it is widely available, then the public will be more inclined to use it.
Source: http://www.techbullion.com/mobile-wallet-origin-history-financial-technology/
Interesting article! I agree with your prediction. Seeing how popular Venmo has gotten, I foresee greater innovation in the mobile wallet space.
I definitely see how people have become pretty dependent upon apps such as Venmo. I wonder though, how have companies increased their security standards to ensure that the growing access is also paralleled with good privacy?