Saturday, 4 November 2017

How is Mobile Payment Evolving with Introduction of Digital Currency?


There’s no doubt that, with the advent of mobile technology and the popularity of smartphones as a portable computer, mobile payment systems have trumped and continue to trump other forms of payment as the primary method of payment.

Almost 5 billion individuals are expected to be using a mobile phone by the end of 2017. As a result, merchants and financial institutions would do well to pivot onto mobile payment systems, if they wish to increase revenue and meet the increasing demands of customers. 

The advantages of mobile payment systems lie in their convenience of a transaction. A few taps on your smartphone is far more appreciable than a visit to the bank or the signing of a cheque. Think about yourself: How would you rather make a payment?

Broadly speaking, there are a few different mobile payment options. You’ve got your well-known e-commerce cart system, where you make transactions online and receive the confirmation. You’ve got an application which stores your payment data on your phone - Android apps are an example of this. 

And then you’ve got mobile wallets, among which cryptocurrency wallets are quickly becoming a top option. 

The latter form is growing because you don’t need to remember any of the data yourself. Through strong security measures, your data is protected. It benefits companies to have it this way, as customers can browse and buy their wares without having to worry about how they’re going to pay for it. The fewer steps involved in the buying process, the more likely the buying will take place.

What’s more, brands can launch loyalty programs - which is available on cryptocurrency payment systems - through their mobile apps that have mobile wallets integrated into it. This further attracts and retains customers.

The current focus in this payment is to beef up security. More and more companies are embracing tokenization, where a unique ID is associated with a customer. Through this, no critical financial and personal information is passed onto the seller, preventing fraud and false payments. 

Another key aspect of its evolution, as we mentioned, is its focus on loyalty and customer retention. Major brands like Walmart offer discounts and points to users when they use the mobile payment system. Like how credit cards have offered loyalty rewards, the same is being introduced to mobile wallets. 

How does digital currency fit in? As Bitcoins and other cryptocurrency grow in use, we can expect the same interest and development in its digital wallet. Such features already exist, but cryptocurrency’s inbuilt security features and tokenization system make it ideal as a mobile wallet. Traditional mobile wallets will fight to keep up with this as it tries to fend off the rise of cryptocurrency.

Financial experts state that mobile payments will soon become the dominant form of payment. And who’s to argue with them? We all know how easy and swift the process is. While it may not be the dominant form right now, the changes that are taking place and the constant evolution of its security and feature are soon to make it so.

For more on the cryptocurrency and financial world, visit Money Trade Coin. You’ll get the latest on how to enter the world of digital currency, tips and news on its developments.

#MoneyTradeCoin #Newage #Cryptocurrency #MTCOIN



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