Oisc Business Blog | Experts Weigh In On The Future Of Mobile Money

For many years now, the methods that people use to make payments have been pretty much the same. You could pay with cash, check, or card. While those options are definitely still available, some new contenders have emerged thanks to technology. Mobile money options are becoming more common and they are poised to grow even more popular in the future.

A growth industry?

In fact, PayPal believes that the wallet is going to be obsolete by the year 2015. Because of their belief, they invested $240 million into mobile payment provider Zong. Google predicts that by 2014, half of all cell phones will have near field communication or NFC technology. This will completely change the way that many people make payments over the long-term.

Many experts believe that the total amount of mobile payments is scheduled to grow exponentially over the coming years. For example, they believe that the total volume of mobile money transactions is expected to exceed $670 billion by 2015. That?s a big jump from where the market currently is now.

Opening the digital wallet?

So how will this affect you on a daily basis? Regular payroll services will automatically deposit money into your bank account from work. Once the payroll service has deposited money into your account, you?ll have the ability to immediately start spending the money without a credit card, debit card or checkbook. All you?ll need is your smartphone. You go into a store, find something that you want to buy, and then simply put your cell phone close to the cash register when you?re ready to check out. At that point, you?ll be ready to go, as the charge is automatically attached to your bank account through the NFC communication in your cell phone.

In many cases, users will use a digital wallet instead of a regular one. With a digital wallet, all of the cards and personal information that you need in your regular wallet will be stored digitally. For example, reward cards from different merchants will be stored electronically. Your debit card information will be stored electronically as well. There will be extensive security measures in place to keep other people from using your digital wallet or your smartphone to make purchases.

There are a lot of different contenders out there who are scrambling to make the mobile payment industry grow. Some of the biggest names in the industry are Google Wallet, Visa Wallet, ISIS, and Serve by American Express. All of these companies are hoping to be the go-to mobile payment solution for customers who want to make purchases while on the go.

The future for business?

For businesses it is safe to say there will soon come a time to adopt these new payment methods. Many financial experts have for sometime predicted the end of cold hard cash transactions and whilst card payments have been the preferred option for most consumers for a long time now, they are often only practical where the transaction is over a certain amount (often dictated by the vendor according to bank and processing fees they need to pay). Digital or mobile money may in time become the preferred choice for all transactions, but much will depend on businesses wanting to adopt the technology, needing to adopt it and the cost of providing such a service.

Security fears have already been raised over the use of smartphone payments in particular because personal financial data is stored both virtually and on the user?s phone, leaving it potentially open to hackers. Another issue surrounds the availability of the technology to store owners, particularly those in bricks and mortar buildings. At present adoption of mobile payment systems will depend on who the store bank with or whoever provides their current payment systems.

In the future, there?s really no way of knowing just how popular these mobile payment solutions will be. However, with the level of convenience that they provide, there?s a good chance that many people will adopt these payment methods quickly. When that happens, it will completely change the way many customers do business on a daily basis. If you are interested in using mobile payment technology, it is surely coming up just around the corner.

Bio:
Article written by Georgina Clatworthy who is proactive in internet marketing and writes regularly on marketing, communications and business. She is currently a contributing writer for the experts at outsourcing service provider, Payweb through whom business of all sizes can outsource key administrative and financial tasks.

Source: http://www.oisc.org.uk/experts-weigh-in-on-the-future-of-mobile-money/

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