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Financial transactions on the go

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in Office Technology,Web Tools

Mobile technology is advancing every time we blink. Our phones are becoming more than just communication devices; they are how we conduct business and effect transactions.

For example, a recent development in the past few years is the mobile wallet. Would it surprise you to know that mobile wallets actually began in 2008?

By definition, a mobile wallet is an application that holds payment data allowing the mobile device carrier to conduct transactions using only the device, where previously she would have needed a plastic card, tag, or token of some kind.

In 2011, Google Wallet was introduced and the debate about where exactly the payment data should live heated up. Should it be on a SIM card, on the device itself or only in the cloud?

As things began to settle down, another player came along: ApplePay. The field became littered with smaller players who came and went as their technology and user adoption rates proved untenable.

Today, major credit card companies have their own wallet, as well as ApplePay and Google Wallet of course.

Today the three big players, according to Tom’s Guide (TomsGuide.com), include:

1. ApplePay—4 million accepted locations

2. Android Pay (formerly Google Wallet)—greater than 1.5 million accepted locations

3. Samsung Pay—greater than 30 million accepted locations.

Shopping this way may just become the standard approach to conducting business.

The other significant statistic, though, is still user adoption. JPMorgan Chase did a survey recently revealing that only 16% of U.S. consumers have used a digital wallet to complete a transaction.

Adoption of this technology is faster overseas. China and Norway lead the pack, with over 40% of their consumers using mobile wallets.

This is followed by the UK and Japan at over 20%. The U.S. is just slightly below average on this measurement.

Should your company be accepting mobile wallet payments? For further reading, check out the following sites before making a final decision.

Mobile wallet usage by country: https://loyalty.dog/mobile-wallet-usage-country

JPMorgan research study: Highlights the Intersection of Payments and Commerce in a Digital World: https://www.jpmorgan.com/pages/detail/1320555837382

Tom’s Guide—Mobile wallets: Apple Pay vs. Samsung Pay vs. Android Pay: https://www.tomsguide.com/us/mobile-wallet-guide,news-20666.html

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