Mobile payments pave way for the future 24.05.2017

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Mobile payment solutions, including SMS payment and digital wallets are adopted by the younger generation and merchants across the world. Millennials, in particular, are more inclined to own a mobile wallet. The trend is understandable as the world's mobile user base grows by the hour. As suggested by a Javelin report released in Summer 2016, one in every two dollars spent online will come from a mobile device by 2020. This is in part fueled by increased reliance on mobile devices.

Utilizing mobile wallets for purchases in a browser or an app is more seamless. Using a mobile wallet doesn’t require entering names, address, card or email information. Same can be said about SMS payment.  Both methods offer a faster way of paying for goods and services. With that in mind, financial services should make haste and invest in overarching mobile strategies.

 

Recent data has shown a drastic shift to mobile self-service channels. This is particularly visible in the millennial demographic. Over a 30-day period, they’ve used mobile apps and browsers 8.5 times average to access their financial accounts. As this demographic grows over time is it a perfect compassion for companies to navigate their future development strategies with.