The rise of mobile money via smartphone apps & tools
Implications - Digital currency has been steadily gaining ground among consumers, with an increasing number of people using their smartphones to purchase products and services. There are now a variety of apps and tools created specifically for on-the-go phone payment, ranging from portable card-swiping systems to instant tapping and scanning applications. For time-pressed consumers, these phone payment tools provide a quick and convenient way to buy; for brands, it secures the customer faster by eliminating hassle (and time to reconsider the purchase).
Trend Themes
1. Mobile Payment Apps - The rise of mobile payment apps has created a new way for customers to pay for products and services quickly and conveniently from their smartphones.
2. Contactless Payment Methods - The advancement and development of more contactless payment methods, such as QR codes, tapping, and scanning, provide more secure and efficient ways for consumers to pay for products and services.
3. Voice-activated Payments - Voice-activated payments and transactions enabled through mobile payment apps have made payment processes much more seamless and efficient for consumers.
Industry Implications
1. Mobile Banking - Mobile payment apps and contactless payment methods have disrupted traditional banking systems and provided customers with more accessible and convenient payment options.
2. E-commerce - Online purchasing and shopping have become more seamless with mobile payment apps and contactless payment methods.
3. Retail - Brick-and-mortar stores and retail businesses have implemented contactless payment technologies for quicker and more convenient payment processes, improving the overall customer experience.
