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“Time to do away from Billfolds: Mobile Payment Technology takes the charge”
himeshkhatri   4/16/2014 7:10:17 AM

Without an iota of doubt, if something that has evolved under technology and become more impressive is mobile technology. After, following mobile technology so closely and with full zeal and enthusiasm, I may not be wrong to conclude that mobile technology is at its peak. Back in those days, I remember my father carrying his mobile, which was not that mobile. Its body was so concrete that one could to push a nail into the wall with the help of the mobile.

However, today when you look at Smartphone, they simply appear to me as an amazing piece of creativity. 'Smart' is not only applicable in terms of looks, but also when it comes to performance and speed. I am sure most of the pockets in this world have a cell phone; if not a smart one. Thus, mobile technology is almost omnipresent. Their role in our lives has increased with greater usability. Perhaps, it has enhanced our everyday living.

Mobile technology has helped human in numerous ways such as calling, texting, mailing, writing notes etc. It has brought world closer than ever before. You may call up your near and dear ones anytime, anyplace in a fraction of second to have word or share a feeling. Sharing of photos, videos, files were unimaginable 20 or 30 years ago. However, with technological strides and innovative solutions, mobile technology has made such amazing phenomenon possible.

Today, I wish to emphasize on one emerging and remarkable mobile technology that has taken us to next level. This technology is known as 'mobile payment.'

Well, let me start by asking you this question. When was the last time you opened your wallet to show the ticket at a movie hall? When was the last time you opened your wallet to count money? You don't have an answer, then you might be using virtual wallet instead of actual one. And believe me, this is the trend that will go viral in coming times. As of now, mobile payment is driving E-commerce steadfastly.

Mobile payment would change the way you involve in a transaction. In fact, it would revolutionize the online trading system. One need not maintain accounts or bills in a book. It would be stored inside your mobile payment service that can be accessed anywhere and anytime. Until now, cash and cards were two main primary sources of transactions. However, mobile payments have amassed itself with many eyes that want to do away with cash and cards.

Such mobile phones propelled by internet are no less than a blessing. As per $15 trillion gold rush cover story by Forbes magazine, there will be a cat race between industry tycoons and the startups. With smartphone only witnessing an upsurge, mobile payment technology would witness battery of users in future, this is just the inception. PayPal is beefed up in the competition to provide mobile payment services. David Marcus, president of PayPal, has released many amazing products that would carter to the users using mobile payment services.

There have been many companies trying penetrate into this market. Big companies like Google, master or visa cards are competing to provide better services on the pretext of satisfying services and low transaction fees. Obviously, they see immense potential that would drive the online payment services. There has been another high end innovation in the mobile payment services. As per flint mobiles, their new technology would scan the credit or debit cards to allow transactions. This would be another feather in the cap of series B funding byVerizon investments, which takes the total investment of flint mobiles to $8 million.

Not only customers, but store owners are also banking on mobile payment service for their advertising needs. Confused? Well, data generated from mobile payment would throw insights into customer shopping patterns and ultimately help store owners to design strategies as per customer behavior. Thus, mobile payment services are getting hotter by the day. Some retailers also offer discounts for using mobile wallet apps. Further, they also link customer loyalty program to mobile payment services.

Also, stiff completion among firms would prove to be beneficial to store owners as it would ultimately reduce the burden of high processing fees.

As per the latest report by Allied Market Research, global mobile wallet market is expected to reach $5,250 billion in 2020, growing at a CAGR of 127.5% from 2013 to 2020. This is enormous! The report credited this to factors such as increasing use of Smartphone, awareness of mobile wallet services, rising security concerns. It stated that many key players in mobile payment field are teaming up to innovate and provide a better product to consumers.

Competition seems to very evident after a news on tech crunch says that Apple has filed a patent request for mobile payment services. As per Tech Crunch, this patent would be for touchless payment services. This service would involve two types of wireless service. One will be used to send the signal to Point of Sale (PoS) via NFC. At the other end, another wireless communication would receive the same signal and forward it to the backend for processing your transaction. It has also constructed a security measure known as "security enclave" that would ensure secure transactions and protect the user's data.

Definitely, mobile payment technology is future!

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