Today we can’t imagine a world where we don’t use credit/ debit cards, online payments or mobile wallets. But, when exactly did this change in the finance World start? Mobile payments gained popularity in 2014, just after Apple Pay was launched by Apple. There are many mobile wallets now that let you send your money to anyone you wish. Mobile wallets have also been successful in changing the shopping behavior of consumers. Mobile payments are on track to reach a $75 billion mark in 2017 and shall easily cross $503 billion by 2020.
Contactless payments today refer to you just swiping your phone in front of the Point Of Sale (POS) system. China has made a lot of progress in this regard. The only payment action that occurs is customers swiping their phones in front of a POS. This is as fast as you breathing in and breathing out. This form of contactless payment promises to be radically different than PayTM and Freecharge that we are used to. The amount of time that people will spend at a checkout counter will be much less than what it is today, thus allowing retailers to have more footfalls and transactions per day. This technology promises to make storing our money much safer than what it is today. Money will cease to exist as a form, it will just be a number in your account or your phone.
As we integrate our lives with technology, the amount of time that we spend on small tasks will make a technology successful or unsuccessful.