Are Mobile Payment Platforms the Future of Money?
Money is changing; at least in the ways we can use it and move it about. Gone are the days of physical money as we are embarking upon a dawn of mobile payment and digital wallets - in sectors ranging from online casino to e-commerce.
Apple Pay, Android Pay, online credit card Monzo, which looks to track your money as you spend it and create a rich report on your spending habits, and the wealth of cryptocurrencies show that consumers are calling out for alternate ways to do the transactions they were used to doing the old-fashioned way when playing online slots or living life like a Kardashian. So is this the end of paper money?
One barometer of whether or not paper money is out and mobile payment options are in is how much uptake retailers and vendors have in mobile payment methods.
Apple Pay, for example, is widely offered – and the £30 limit that applies to contactless transactions being scrapped by the iPhone developer shows that all signs are pointing to a growth in mobile payments.
The service has been in the pipeline for years and when it launched in 2014 consumers were wary initially. However, as time wore on, the early adopters made a compelling enough argument for the use of mobile payment platforms.
Indeed, compared to just 10% of consumers using such methods in 2015, 2017 saw around a third of customers opting for paperless methods. When it comes to online-based companies, such as many online casino providers, digital payments are the only option, so uptake for the sector was great to match the audience demand.
Online companies are fighting to show their dominance in the world of digital payments. Some websites offering new casino site reviews isolate payment options as a distinguishing factor when deciding an online casino provider, showing that all sectors and industries understand the importance of moving to a mobile payment platform.
By showcasing various alternative payment options as a reason for choosing a casino site, customers are given greater flexibility.
Moreover, Groupon offers alternate payment options for its days out – pandering to the audience of younger people who are more likely to be purchasing the experiences.
Monzo, connected to Apple Pay, urges consumers to pay through the service so their spending can be tracked and financial goals can be met. Indeed, paying solely through mobile platforms allows comprehensive data to be collected on an individual’s spending habits, which can help inform their financial future.
Mobile payment platforms are certainly seeing a lot of uptake - not just in digital heavy sectors such as online casino - and are convincing more and more people to make the switch.
Poland recently accepted Apple Pay and had 200,000 users in just ten days. As technology continues to rise, it’s easier for those in the digital world to join the revolution.
Safety and security when completing online transactions are of course of paramount importance – and may be the reason some continue to choose paper money and more traditional chip and pin methods of paying by card.
The phasing out in the UK of card charges (and the replacing in many places with a minimum limit instead) shows that the government and big business understand that our purchasing options are more spontaneous and we don’t want to be laden with wads of cash.
Some do feel contactless is unsafe – but steps have been made to ensure safety with paying this way is a top priority.