The invention of smartphones in the early 2000s opened up a whole new world of possibility for phones. Now, instead of simply making calls, phones can do a host of other things. Among the most exciting new technological developments for smartphones is mobile payments.
Mobile payment technologies such as Apple Pay, Samsung Pay, and others are making it possible for people to make incredibly easy and seamless payments, directly through their phones. Because mobile payments are so convenient and simple, they have the potential to become incredibly widely used. Here are some mobile payment trends to watch for in 2017.
1. Bitcoin options for mobile payments
Cryptocurrencies such as Bitcoin are on the rise. In fact, one Bitcoin is now worth over $2,000. Also, the total value of all Bitcoins ever created is over $37.5 billion. Part of the reason why Bitcoin and other cryptocurrencies are growing in popularity is because of the perceived security of blockchain technology, and because they can be easily traded across borders.
So, it is highly likely that more mobile payment options will be created to accommodate the growing use of cryptocurrencies such as Bitcoin.
2. Wider integration of mobile payment options across many different devices
Because mobile payments are growing in popularity, it is likely that mobile device makers will begin integrating mobile payment options for all of their different mobile device offerings. This will make it significantly easier for users to become familiar with making mobile payments, and to start using them on a larger scale.
3. Less plastic card use
The increasing use of mobile payments could result in a reduced use of plastic debit and credit cards for payments. This is because many people carry their mobile devices with them almost everywhere that they go. So if more and more people get used to making payments through their mobile phones, then mobile payments could start to seriously compete with debit and credit cards. This could alter the payments landscape entirely.
Whether you have already begun using mobile payments, or whether you are yet to hop on the bandwagon, mobile payment trends are a good thing to know. This is because they are likely to become increasingly popular over the next decade. This means that if you own a business, then it may be very wise for you to begin creating options for mobile payments for your customers.