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The evolution of mobile payment methods

The evolution of mobile payment methods

Much has changed and transformed in the past 10 years. With this technological transformation, a huge revolution took place in the mobile payment sector. From paying a water bill to paying for large home appliances, mobile payments have made our lives very convenient. It all started with the rise of NFC (near-field communication) and the success of M-Pesa in Africa and Asia.

However, this is just a beginning as many other new technologies have jumped into the mobile payment sector. This all could not have happened if there wasn’t any spread of smartphones and the evolution of the Internet.

  • As mentioned, this mode of payment more prominently spread after the success of M-Pesa by a joint venture of Safaricom and Vodacom.
  • As M-Pesa made its mark in Africa and Asia, Apple Pay was a huge success in the country with a succession of PayPal.
  • Many applications are created with Bluetooth and QR code scanning compatible mobile payment option.
  • Likely, there are many applications built such as MobiKwik, M-Pesa by Vodafone for the sole purpose of providing ease in payments through mobile, which makes an investment in mobile payments solutions a good option.
  • Many of the facilities have made one’s phone an elementary bank without any formalities.
  • 10 years ago, mobile phones were considered as the only source or medium through which a person can communicate, are now a basic necessity apart from being used for communicating with other people.
  • You cannot evaluate the outcomes as technology is taking sharp turns every day. So by examining PayPal targeting Germany’s m-payment method back in 2007, you can get an overview of today’s scenario.
  • The only one thing that has changed and the dark side of m-payment is, though it has made people tech-savvy, it has also made them lazy and less interactive.

Ample of things have changed, and a myriad of technologies took birth in these 10 years due to the invention of mobile payments. One can even do an investment in mobile payments solutions to enjoy long-term benefits.

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