Are Phones Going to Become the Most Popular Mode of Payments in Future? 

Are Phones Going to Become the Most Popular Mode of Payments in Future? 

Will phones be the only way we gonna pay with in future?

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Mobile devices have taken over every business sector and are intertwined with our daily lives. We rely on our smartphones for the most straightforward task like Googling a recipe or even drafting an email for work. So, it is no surprise that in 2022 mobile users will spend per day over 4 hours on their mobile devices.

At the same time, the usage of mobile wallets has skyrocketed by every standard, and it’s expected that by 2024, up to 4 billion smartphone users will have a mobile wallet. As we are basically glued to our smartphones, it’s far easier for us to use our mobile devices to make a payment online and offline, and it’s even considered safer than using cash. In this article, we will cover the main factors which propelled the rise of mobile wallets as a popular payment method. 

Famous Brands 

One of the major factors that influenced the popularity of mobile wallets is the involvement of famous brands like Apple, Google, PayPal, and Samsung Pay, to name a few. PayPal, for example, is one of the most popular payment methods, which is deemed safe and reliable by millions of users worldwide and merchants. It keeps up with the latest trends in the sector. One of the latest innovations was the implementation of cryptocurrencies, as PayPal now accepts crypto transactions from its users.  

But, it has also made a step forward when it comes to mobile payments and the mobile version of PayPal as an e-wallet. It has also increased the popularity of mobile wallets in general since it represents a secure and well-known brand.

For example, users need to make daily withdrawals and deposits on online casinos. So, it goes without saying that convenient and safe payment methods are of paramount importance. PayPal is one of the most popular payment options on casino sites. It’s even boosted the reputability of PayPal casinos online because users can safely and without sharing any additional personal data, complete (in most cases instantly) their withdrawals and deposits.

Other famous brands are Google Pay and Apple Pay, which not only allow users to make online payments but also allow the use of mobile applications for offline purchases as it incorporates near-field communication technology. Furthermore, mobile wallets act as a physical wallets where you can store your credit cards, tickets to certain events, loyalty cards, and even gift cards. 

Convenience 

Convenience is another major factor in the increased usage of mobile wallets. Firstly, you just need to download a mobile application to your smartphone, which is very easy to do from the App Store or the Google Play store. Next, you can conveniently store different credit cards and vouchers in your mobile wallet and use them when you make your next purchase online from the same app.  

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Security 

Security is another important aspect of mobile wallets. When you’re making a purchase in a traditional brick-and-mortar store with your mobile wallet, you won’t have to take out your actual physical wallet in order to make a purchase. You just need to use your mobile wallet’s app to complete a contactless payment.  

This is, in a lot of ways, more secure for many customers as well as businesses. Also, the sensitive data of the users is kept safe with the latest encryption technology, firewalls, and other safety measures utilized by famous brands in the industry. 

Conclusion 

In conclusion, the future of mobile wallets is bright. They represent a profitable sector not just because they are able to serve users in different ways but because they are able to incorporate the latest technological innovations for both online and offline payments. So, it’s safe to say in the future that, there will be more brick-and-mortar stores that incorporate mPOS (Mobile Point-of-Sale) technology.

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