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Future Trends in Mobile Payments

23 June, 2017 Smartphones


The mobile payments market has come along leaps and bounds in the past few years. We've went from using them hesitantly to making these payments a part of our everyday lives. Even in stores that accept contactless or for sending money to one another, we've been using this payment method more and more.


Right now, there's a massive war ongoing between various payment providers. Alternate payment providers, like Apple Pay and PayPal are now becoming even more popular than banks. This is because they are flexible, easy to use and generally don't add extra charges to their payments. These eWallet services now offer a viable alternative to traditional banking, which users are quickly catching on to.



Back in 1998, PayPal first came onto the scene and there's no question that this revolutionised how we pay. This product was well placed at the beginning of the online shopping boom and this was a great time for this to occur. People wanted to experiment with online payments but were still wary of the dangers that it posed. PayPal was a convenient way for users to get extra security while using this service.


As far as payment methods are concerned, PayPal is still king. This is true in just about every sector, from online shopping to gambling. The sheer number of sites accepting this payment method is almost frightening, as it's undoubtedly the most popular eWallet. Take mobile bingo pay with phone bill sites as an example, these bingo sites outnumber those that accept Neteller, Bitcoin or Paysafecard.


Through using these alternate payment methods, the online gambling sector is able to entice even more players that perhaps would not have deposited if this was not an option. This helps the industry to look more legitimate and get rid of some of the stigma surrounding the industry.


Apps for mobile payments just make the whole process much more convenient. Players can easily keep an eye on what they're spending and their own security. Banking providers are attempting to keep up with this by pioneering their own apps but these don't usually have quite as much flexibility. They also have more stringent security, often requiring three step processes to verify a payment.



For this reason, alternate mobile payment methods like PayPal must have more fraud protection in the case that their security is subverted. This allows them to offer easier ways to make payments while still accepting liability if they are breeched, which makes users a lot more comfortable.


In the future, it seems that Google will be one of the driving forces of innovation. They're currently working on a product that would use the contactless of your card, while it's still in your handbag. All of their innovation seems to be geared towards making the process easier and faster for users to pay.


Over the next few years, we'll probably see some massive changes to the way we pay with mobile. PayPal will likely still top the charts but this could shift quickly if another payment method does things better.

 


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