Last year the total value of mobile transactions amounted to a staggering $14 trillion, a number expected to double over the course of the next few years. Just a few short years ago, mobile payments were a niche and emerging part of the financial landscape, yet now mobile is one of the most popular forms of payment across the globe.
So, what changed? For one, the proliferation of smartphones has helped facilitate the spread of mobile payments to every country and region, to the point where the platform has overtaken traditional payment methods in developing economies such as China and Nigeria.
Another key factor is how the software capabilities of mobile payment gateways have grown more sophisticated, secure, and simple to use. Whilst established mobile payment providers such as PayPal and Apple Pay still dominate market share, there are a number of innovative companies that are spearheading change within the service for the better.
Here are the ones you need to know about.
Facebook Messenger Pay
Companies have been trying to integrate mobile payment with messenger apps for a while, but few have been able to replicate the success of Facebook Messenger’s payment option. It’s done in collaboration with PayPal and allows users to send and receive money from their Facebook friends just by asking for it in the chat function. There is, of course, a PIN entry requirement to stop you from accidentally transferring your life savings over to a friend.
Paysafecard
Paysafecard is one of the most versatile and wide-ranging forms of mobile payment available right now. You don’t need a bank account or credit card of any kind in order to start using it, meaning that there are zero barriers to entry. It is used largely for the payment of online services and is particularly popular among players of online games, such as the bingo, poker, and slots titles offered by Buzz Bingo. It is incredibly secure, and the fact that your account is not connected to your personal finances makes it ideal for those worried about hackers.
Jaxx
Much has been said of the anticipated cryptocurrency revolution, which will soon have all of us paying for our food and bills with bitcoin or some other alternative, but few companies have actually stepped up to make this process a reality. Jaxx has arguably done the most to normalize the use of crypto transactions, with their easy-to-use mobile wallet that allows you to store bitcoin, Ethereum, Litecoin, Dash, and countless other major coins. Payment can be done instantly with any vendor that accepts crypto, which is becoming much easier to find nowadays.
iDEAL QR
QR code payments never quite took hold in the western world, tending to be much more popular in countries such as China and Japan. However, iDEAL QR is making major progress in its quest to bring the ease and security of mobile QR payments to the global masses thanks to their innovative app that allows any vendor to print out compatible QR codes for customers to scan. The Dutch company has rolled out its model across the Netherlands and Belgium, with plans to be fully operational across all of Europe within the next few years.
Mobile payments are the future of finance, and only the most innovative gateways will succeed. Make sure to download these options to your device today.
