The rise of mobile-payment apps is due in part to the rise of consumer demand for payment options on mobile phones. This is the main reason behind the increase in using mobile payment options worldwide. In the US alone more than 50% have accepted making payments through mobile phones for services and products. Consumers today are more sensitive and aware about the worth of money. They are ready to make investments on energy and time in order to find the right service or product. However, consumers prefer institutions for providing mobile payment means through wallets and apps in order to gain the confidence and trust in mobile payment security.
At least 60% of consumers have accepted that they will become more willing to accept mobile payment apps if certain financial institutions offered them the right resources. Mobile payment apps have increased worldwide because the majority of payment resources are realizing the importance of smartphones and features that are being made. They also understand how consumers are becoming comfortable with the entire process of mobile payments today more than ever before.
With the mass use of tablets and smartphones, the entire world is reaching the phase where everything will become mobile. We are moving away from card based and fixed point transactions and opting for mobile resources. Mobile payments examine and analyze the mobile payment state and how they will match up with the card readers. Credit card companies, traditional banks, card processors and similar institutions are seeing mobile payments as a tough competition and threat.
The majority of brands are switching to the mobile payment mode. For example, Starbucks is switching its debit and credit card processing system to Square. Another recent development is that mobile payments are becoming a part of the huge mobile commerce market and it is bound to explode soon.
Android phone users are engaging and using mobile payment apps and the trend has grown to 8%, a 35% increase from last year. Mobile wallet and payment solutions are at the peak of its development. Consumers are using it to make basic payments, from bill payments and account management to moving money. They are also using their phones to make payments of services and goods of limited value, including the purchasing of movie tickets or getting coffee.
Success and rise in mobile payment apps completely depends on the changing trend in consumer behavior and their shifting reliance and dependence on the use of mobile payment apps and wallets.