The adoption of banks towards technology is definitely affecting the consumers spending, don’t you think? It is reported that by 2025, 75% of all financial transaction will be cashless and a report conducted by Mobile Payment World revealed that by 2020, mobile payment users could rise up to 150 million.  The evolution of money, started from barter -> coins -> paper -> plastics -> now phones.

A mobile payment is a payment technology that is used for regulated transactions to anyone through the use of mobile devices, and applications such as Paypal.

Mobile wallet is the application, which is responsible for storing the credit and debit card details allowing you to pay digitally. The most commonly used are Apple pay, Google pay, and Samsung pay.

Well, we are unbelievably so dependent to our smartphones, which inspires and forces companies to switch and adopt into the digital world, this then turns into a golden opportunity for them as they are able to come up with the solutions to our problems, just like this one, removing physical wallet.

What does this mean in marketing perspectives?

Security and Convenience are the major benefits offered by mobile payments. It reduces the hassle in a physical wallet, book keeping, and online shopping. With one finger print and face ID away, later comes the uncontrollable addiction to shopping. Mobile payments make paying enjoyable and quick. In terms of the businesses perspective, they will have to really maximise the customer journey map, the lesser button the customers have to click, the more they will be satisfied and purchase.

What do you guys think? Do mobile payments increase your spending?