In this modern era, technology is stimulating the cashless payment systems. Will it be accepted by the users? Well, there might be several aspects to be considered before this transformation takes place. Small businesses still continues following traditional payment methods. With the ever changing digital requirements, cashless payment is the innovation simplifying the buying process. You would be able to pay even if you forget your wallet at home; well you might soon see this scenario around.
Apple Pay has changed the game completely since its launch in October 2014. There were other payment options too before Apple Inc. launched it. It entered the mCommerce market with a bang. By reviewing the current scenario, there is no room for cash and credit in the near future. Merchants are expected to offer ease to their customers by accepting payments through cashless payments.
Business owners, whether small or big will sooner or later accept and implement this innovative way of payment to make the checkout process quick and efficient. There are myriads of benefits offered by this system like saving valuable time, easy payments, secure and effortless transactions etc. Let us see, which cashless payment systems might chance the traditional payment scenario and rule the mCommerce world.
Most Popular Payments Systems
With the launch of iPhone 5s, thumb reading touch ID technology was introduced, which allowed users to unlock their phone using the Touch ID saved in the phone. It also helped in verifying the App Store downloads. Later this concept was reused in iOS 8, launched along with Phone 6 and iPhone 6 Plus, which were launched in 2014.
Apple users around the world welcomed it wholeheartedly. It arrived with a bang making payments to physical as well as digital transaction simple and easy. This application just needed a Touch ID and an NFC (Near Field Communication) to make the payments.
Users need to take their iPhone near the NFC and at one tap the payment is done. Unbelievable? But , this is the payment system that finishes its process within a blink.
This is another big player in the mCommerce market. Google had introduced this payment system in the year 2011 i.e. four years before Apple Pay was introduced. Unlike Apple Pay, this payment system supports all the smartphones consisting NFC technology.
You need a PIN number to verify each transaction and this is how Google wallet works. Customers can even turn off the PIN request for their convenience. Since its launch, it was slow to take over the market. It didn’t capture market focus all of a sudden. But with the launch of Apple Pay, it observed a surprising boost.
Users searching for the game changer mobile payment searched for Google Wallet. It has received unbeatable boost in last few months. It proved that Google Wallet can influence the market at any point of time.
Android Pay is not the replacement of Google wallet. It would continue as a separate payment system. It is the rival to other mobile payments available in the market.
Google recently announced that it is working upon new payment architecture, Android Pay. It is basically designed for Android users. It would be a new experience for Android users, confirmed by Google exec Mr. Sundar Pichai. It is an “API Layer” which would allow web development companies to develop Android apps offering secured payment on Android smartphone in both digital as well as physical stores.
"We are doing it in a way in which anybody else can build a payments service on top of Android. So, in places like China and Africa we hope that people will use Android Pay to build innovative services." said Mr. Pichai. It is new among the old players; let us wait for the reviews stating how successful it was to shake the cashless payment market.
There are several payment systems on the list, but I have covered only some of the big players, who have changed the game notably. These options in the payments system might transform the near future to accept cashless transactions.
For the customers tend to miss their wallets while shopping, this invention would be quite beneficial.
Year 2014 was influenced by Apple Pay created by Apple Inc. Since then the competition in mobile payment market got heated up. Other applications like Google wallet, Android pay etc. are also receiving notable response. Retailers and buyers have started adopting this invention helping the transformation to get a better boost.
Mobile payments, the next generation payment system are expected to capture the digital market and change the transaction scenario completely. With the several payment systems available currently before the customers, many are yet to come. It might be possible that few more applications might hit the ground in the near future.