Mobile Payments changed due to The Pandemic

Mobile Payments changed due to The Pandemic

The Pandemic had changed many things like mobile payments and other things in the past year… 2020…. Manny people find it difficult to make payment base on their locations…. and more reason why Mobile Payments changed due to The Pandemic.

As the name implies, it was a way to store payment cards (and other cards) in your phone and access them without digging into your regular wallet.

Though it was embraced by techies, Google Wallet never enjoyed mainstream adoption at the time. It retreated to card from before being absorbed into Android Pay, now Google Pay. 

The field is littered with extinct mobile payments services. MCX, with its never-launched payment system CurrentC, was operated by a consortium of merchants led by Walmart WMT +0.3% to use QR codes and ACH to make an end-run around credit card processing fees. The company launched in 2012 and in 2017 its technology was bought by Chase for Chase Pay, which shut down in 2020 after failing to win over retailers.

Samsung Pay was built on technology developed for Loop, an innovative mobile payment system that used magnetic communication with magswipe card readers, even readers that did not accept EMV or chip cards. 

And who can forget Clinkle? The startup brought in $30 million in what was at the time a mega-funding round for fintech, though of course it is a rounding error compared with today’s raises. Clinkle’s “aerolink” was supposed to use an ultrasound system to communicate with point-of-sale devices.

the Covid-19 pandemic changed all that. Consumers were now prioritizing contactless payments as people were less than enthusiastic about paying with cash and/or wiping down their cards with hand sanitizer. Merchants were suddenly encouraging users to use contactless methods, which mobile offered. 69% of retailers saw an increase in contactless payments during the pandemic, and 94% expect that increase to continue over the next 18 months. In-store or proximity mobile payments grew 29% in 2020 as mobile became the preferred method for the times.

Of course, the pandemic cut both ways. Fewer people were out shopping in stores, but those that were, increasingly used mobile devices. In a new report, eMarketer projects that 50.1% of smartphone users will have made an in-store purchase by 2025. This may sound modest for the US market who have been slow to adopt, but it’s over half of all smartphone users and highlights a larger shift in behavior that will shape the future of how we pay moving forward.

SOURCE: forbes


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