According to Juniper Research, 50% of mobile wallets in the developed world will feature a form of contactless payment technology. Even, 95% of wireless devices are expected to climb up in coming year, as more number of payment transactions are done by it. What it signifies? People are ditching cash payment methods instead they are adopting online or card system to make transactions.
‘Going Paperless’ is an already adopted option for paying bills in the United States. Payment Goes Cashless with mobile payment ignition, however, people are not really accepting this way of payment.
Will technology rule on the consumers by shifting them to the new culture? Will they like to use, but didn’t want to make their habit?
There are a growing number of countries, offering cards that enable consumers to make mobile payment. Other than retailers, there are big giants like Google, and Apple are developing and testing Google Wallet, and Apple Pay respectively to replace wallets with phones with a key feature of ‘Payment’.
People Are Not Accepting Separate Approaches Such As Apple Pay
According to the quarterly PYMNTS/InfoScout data, it is shown that user adoption leveled off and started to drop in the total eligible Apple Pay by using population, that means there were more people using iPhone 6 and among them, less were using Apple Pay. The reason is merchants don’t accept it.
The obvious point is there was no place of using Apple Pay and thus, less usage or no usage. “Apple Pay took for granted merchants would roll out Apple Pay in their stores, and that didn’t happen”. It is one of the huge speedbumps that Apple faced in 2015. Moreover, merchants don’t easily upgrade, when money is involved.
When merchants were trying to take a change that was EMV, that become more challenging for them and less probable.
PMI researcher Leon Majors said, “70 percent of the people using it are reporting some problems. Initially, again I believe the banks and Apple didn’t even realize that these things could even be an issue. Now I think the banks are doing better and training call centers to deal with those problems. Back in 2014, you had Apple and the banks pointing fingers at each other.”
PMI believes that Apple’s predictions remain positive despite these problems. However, mobile payments have to be about more than substituting (plastic card) that works perfectly. There are many contenders like Chase, Google, Samsung, PayPal, Visa, MasterCard, Walmart, Amazon, etc. that hope for victory as there are no clear winners right now.
At the end, it will be about consumers and the value that one can get from mobile payment application. The coming year would be more interesting as it is obvious merchant accepts what consumer demands.
Another Rival Enters – Ford’s Entry with FordPass to the Mobile Payment Market
Recently, FordPay also has entered the mobile payment market that enables users to make transaction from a vehicle for services like smart parking, personal mobility assistants and car features like remote start, lock and unlock and information on vehicle health.
Ford describes as a ‘one-stop mobility marketplace’ that collaborate smartphone functions into the car to provide direct payment option like mobile manufacturers Apple, LG and Samsung. Mark Fields, Ford president, and CEO, shares his words:
‘As we’ve studied the mobility challenges people face, we designed FordPass to help provide services that make consumers’ lives easier. FordPass is really about listening to people’s needs and developing ways to help them move better.’
Will FordPass be successful Or Face Difficulty like other leading manufacturers?
When Shifting Landscape of Payment…
Don’t make payment method difficult, try to make it simple and worry-free. It is predicted that mobile payments become ubiquitous and/or retailers will start accepting a more Uber-fied solution, where payment is just an addition.
The power of mass adoption is not limited to going card, payment gateway integration to mobile app works better than going cashless with card. Even, we also have developed application named ftcash that enables to make payment through debit cards, credit cards, and mobile wallets for your daily utilities. Recently, ftcash got half million us dollar funding from investors and now they are going to expand their app’s functionality.
The success ratio of payment integration is not limited to ftcash, Glovo, a Barcelona-based start-up company, also integrated with virtual and secured payment gateway without any real money getting involved to avoid fraud or cheating.
Do you have thought of integrating secured payment gateway in your application? Let’s discuss your idea with us.