No doubt, the world is currently on the verge of adopting the use of mobile wallet and soon there will be no need for elegant leather wallets, stacks of bank cards, and wads of cash. Top mobile and fintech companies like PayPal, Alipay, Google, and Apple are already planning toward replacing cash and cards with mobile wallets in the seamless mobile-banking future.
To this end, people will no longer need to hold cash in hand to pay for meals in restaurants, buy goods in shops, and pay for travel by taxi, bus or train. They will only need to perform a simple tap or swipe action on their respective mobile wallet app or scan a QR code to make payments online.
Apart from getting rid of the trouble of carrying cash about, mobile wallets will go a long way in helping to reduce the barriers to spending, make shopping more fluid, as well as ease the stress associated with making payments. Obviously, the problem of theft will be drastically minimized and well-regulated.
But there is the challenge of reaching the entire populace particularly those who do not understand how the technology works. Currently, in Europe and North America, there is a battle for market share among technology and finance giants who have already launched their payment systems such as Google Pay, Samsung Pay, and Apple Pay.
But this isn’t the case in some other parts of the world like Asia. In China, the use of mobile wallets like WeChat Pay and Alipay has since being adopted as a better alternative to cash. In 2016, these fintechs accounted for about $5 trillion in payments thereby dominating the Asian market.
Aside from establishing a huge presence in the Chinese market, these two mobile payment techs are already pitching their attention toward Europe and the US where they’ve already started installing terminals at retailers and launching global operations.
When it comes to IT support in Fort Lauderdale, it is becoming imperative to consider the smartphone as an identification card, passport, payment wallet, and even a door key that serves as the portal to every human need. No doubt, IT professionals must understand that these devices will eventually become the dominant tool for payments.
With the rate at which technology is moving, it won’t be long before these innovations begin to take effect. As a matter of fact, the world of payments (fintech industry) is not immune to this technological evolution. In a bid to become the largest money portals on the planet, fintech giants are spending quality time and resources developing what would be the best mobile wallet.
Those working with IT support in Fort Lauderdale can build on the experience of China’s mobile payment apps to develop a single monetary operating system that can allow consumers go beyond managing direct debits, insurance, pensions, mortgages, loans, salaries etc. and venture into spending and shopping activities.