Mobile Payment is IT industry’s new favorite!The concept was so amazingly fresh, that some of the largest companies had to climb this wagon wheel and be part of the race. With this came a continuous wave of growth;and the total annual volume of mobile based transactions continued to rise in an upward curve, with projected bulk to reach $734 billion by 2017.
With every great product or service, comes a fair share of disbelievers. In every war there are those who readily believe defeat to be their fate as soon as the first man falls. The mobile payment system is the most unusual but a common product since it has many doubters.Many call it illogical and say it will fail. Let me give you the reason why I believe it is here to stay. Let’s look at the concept of mobile wallet to fully understand why they are not doomed.
The Idea of Mobile Payments
I am certain you are carrying your phone in your pocket right now as you are reading this. Most of us perhaps have it placed on the table, right next to your laptop. But let’s be certain, you would probably not leave home without it. And perhaps you have your wallet too in the back pocket. So why not merge the two? Why not that new provision on your smartphone that substitutes your wallet? The result would be most convenience for you. You would only need to safeguard your phone and your back pocket will be completely empty. Your transactions would take place even faster and more reliable than your credit cards or cash. And let me assure you, your financial accounts are much more secure and protected via your smart phone than your leather wallet.
Security of Your New Wallet: More Secure
Mobile wallets are secure and offer additional protection against theft. This is due to the complexity of the telecommunication systems through which data can simply not be stolen easily! Even in case of theft, your banking details are well protected/hidden through your PIN and Passwords.
Easier to Use and Hassle Free
Additionally, no swiping, no slow receipt printing and no signatures required. Instead just click a button on your phone or wave it in the reader’s face, a digital receipt will be generated and put together with all your old receipts. You just witnessed a hassle free transaction along with a complete record of all your purchases.
Predictably, the idea caught on quickly with payment and mobile companies jumping into the competition, a few software firms and hopefuls trying their hand too. The result yet is only slightly better than chaotic, there is yet to be a standard mobile wallet protocol which could serve as a foundation for a lasting change across the globe like the internet. Does this mean that the concept is headed to the trash can altogether? Not quite.
The stunted upward growth of mobile payments surprised a great number of people. A lot of money, time and effort were spent in trying to find out why and the results were most comprehensive.
Like the image above, most surveys claim 3 top reasons why people hesitate to use Mobile Payments (the old system’s working for me, it’s not secure, and I don’t see the point).Remember, the whole point of mobile wallets is to replace your old system with more secure, reliable, transparent and faster more of transaction. This is a simple marketing failure; that may result in a slight loss. Note that the reasons people give for not using mobile wallets are actually the products’ strengths rather than weaknesses.
Wallets Won’t be Leather Anymore
In conclusion, let me tell you a story, of two brothers who pursued a dream then deemed only as wild by the people around. Their names were Orville and Wilbur and they dreamt of inventing a machine that could fly a controlled flight. They had already made a glider. Every time they went out to test their plane, they took five sets of spare parts because that’s how many times they would hit the sand every day. They did not manage to hit the mark for a long time, but they stuck to the attempt and eventually succeeded. Every time they crashed, an attempt had failed but the concept of a flying machine was not doomed.If you’ve managed to link this somewhat far fetched example, you will be thinking there is a slight resemblance. The wright brothers struggled a long time before they succeeded, mobile wallets are fighting too.
Call it wishful thinking if you will, but it is a realistic belief. The idea is historic and I think a historic tale of repeated attempt and failure is in order. Let’s not get disheartened just because square killed of its wallet. Mobile wallets stand for something greater than just a profitable business model; it is about changing the course of human history. The greatness of the concept requires a powerful shield of patience. Soon people will stop carrying leather wallets around even though that’s what they have always done.