9 Trends Show the Future of Mobile Payment

Why it is necessary to weigh everything according to percentage ‘%’? The answer to this will be explained using the nine trends, explained by ‘MEF’s 2015’ using the global mobile money drivers and trends leading the way:

mobile-payments

  1. Have you paid in-store, No I didn’t. Indicative to what has to come. 12% consumers have made vicinity payments over the last 6 months. 4% has paid via contact less payment service using (NFC). 7% has used the Point-of-sale service and the remaining used the mobile loyalty cards to make payments and avail discounts.
  1. I am confused, what to do with this thing? Consumers are confused. A survey has been made of which results are astonishing. It stated that 15% people don’t know what is it, 15% people say what’s the use of it and a further 18% people say; ‘ I know no one, who is using this.
  1. Mobile payment no, ill just socialize. Socializing is the number one thing today that is happening. Smart devices features 24% phone user options, but 15% smart phone users indicate that social media is their first stop for mobile commerce.
  1. Let’s shop on mobile. Survey has stated that 94% people use other media while browsing on their phones. 32% people tend to shop online, while rest 14% looks up the internet for the same content.
  1. Threats stops mobile money growth. Security is our top priority, says 34% of the market segment. 11% people don’t trust the mobile payment, 9% people still fear to give away to much financial information. 8% people don’t trust the mobile apps yet and 6 percent people don’t trust the merchants.
  1. WOW! This is so fast. 32% people have ensured that mobile payment and Boloro is very fast. People usually praise speed and immediacy when making a purchase. Merchants too realize this need and make their payment method as friction- free as possible.
  1. Hey look, now I can do banking with my mobile. 69% people now do banking via mobile, of which 21% just check their balances. A sophisticated rising number of 18% has also started to transfer money – (from one account to another). 16% to someone else and the rest 9% apply for loan.
  1. Line can be used to transfer money. 56% people prefer making payment via apps, rather than doing it through a website. Line is an app which has an option to allow, people to connect through messages and also connect their credit card details with the app. This enables the consumer to move money to their friends or buy items in the selected stores.
  1. It’s the high time now. 58 % people stated that they found something they wanted to buy online while standing in the shop. Even survey has stated that 28% people buy stuff remaining in the shop and make their payment via the app provided by the merchant and collect their goods from the counter.

Summary: this article explains;

  • The way banking has changed
  • How people priorities’ security.
  • Apps that connect people, in every terms
  • Mobile payment cannot be stopped
  • Threats to mobile payment.
  • How people are confused