Where are we at with Mobile Payment Systems in 2017?

Compared to five years ago, mobile devices, smartphones and tablets are no longer emerging ideas in the technology community. In fact, they are now considered far less as luxury items and way more as an ingrained part of everyday life.

The number of smartphone users in the United States is expected to reach 223 million by the end of 2017, along with a total in excess of 2 billion worldwide users within the same timeframe. With more people than ever using mobile devices to pay for goods and services, and to deposit and transfer money in a number of ways, we need to talk about security and convenience.

Here's our rundown of three key areas in which mobile payment systems play a huge role, the best solutions out there and how they are currently serving their purpose.

iGaming

"online-poker-ranking-reliable" (CC BY 2.0) by Chingster23

It's no coincidence that the steady rise of the iGaming industry correlates with the growing popularity of mobile devices. From sports bookmakers to virtual poker rooms, many iGaming operators have already started to invest heavily in mobile apps and more secure payment systems that allow players to deposit, play and withdraw money at a moment's notice, wherever they are.

Review websites do a good job of rating and comparing the security and convenience of different canadian online casino payment systems, particularly those based in North America. The range of payment options these days is actually wider than ever, with many casino games offering players the choice between credit or debit card payments, or online payment systems such as Skrill that are typically known for a quicker withdrawal speed.

Small retailers and merchants

"freelancer" (CC BY 2.0) by abductit

Mobile technology has revolutionized the way in which small businesses can take payments for their goods or services. Whether you're a startup T-shirt vendor, a hairdresser or a freelancer, you're ultimately looking for a quick and secure way to bill your customers that is painless for all parties involved.

The two main mobile-friendly options at the moment are Paypal and Square. Paypal is the more well known of the two, and considered to be the industry standard for digital transactions. As well as being secure, it's also easy to create, send and receive invoices. That said, Square has become a key rival to PayPal's success and offers the nifty option to embed payment gateways directly onto a website, as well as slightly better rates for transactions (2.75% compared to Paypal's 3%). Decisions, decisions...

Personal mobile wallets 

"Google Wallet at Peet's" (CC BY 2.0) by kennejima

This is very likely going to play a big part in the future of mobile payment systems. While many of us are still getting used to contactless card payments, we're already well on our way to seeing systems like Android Pay, Google Wallet and Apple Pay becoming more and more established in the very near future.

The idea is that, instead of needing a wallet full of cards and cash (if only), all customers need to do is wave their smartphone at the till machine and it will be able to identify their bank account details through a respective Windows, Google or Apple account. At the minute the technology is in its infancy, relatively speaking, and supported by a limited number of merchants on a limited number of devices. However, we definitely expect that number to expand rapidly in years to come. Watch this space!

All of these areas considered, it's clear that mobile payment systems are at a more sophisticated and secure level than they have ever been before.

Whether you're a keen iGamer looking to withdraw quickly and securely from a mobile casino, a budding startup looking to set up a clear transaction process for your products, or even just a regular Joe who likes to keep an eye on the next phase of technology, the landscape of mobile payment options has never been richer. And, in the grand scheme of things, things are only just getting started.