Rapid development in mobile and digital technology have seen new and modern developments change the way we do things. Shopping and making payments for them will never be the same again. More and more people, as well as businesses, are beginning to accept modern payment methods that make their business transactions safer, available to a great number of people while adding an alternative form of payment.
A good example of these modern payment methods is a mobile wallet. Any individual can make use of his/her smartphone to make payments for goods and services. An individual who owns a mobile phone can download the wallet application and register for the application using an identification document. After the completion of the registration process, they can deposit funds into the wallet with an account provided by the service provider. Right from paying at a general merchant store to paying for your utilities like gas, water, and electricity, the reach of mobile wallets has gone far and wide.
Alipay has been dominating China's digital payment market since 2004. this platform accounts for more than half of China's online transactions with over 600 million registered users. After China became an almost cashless society. Alipay has been expanding its market globally including, India, Pakistan, Italy, France, Thailand, Malaysia, South Korea, and the United States.
Apple Pay, the fastest growing payments platform developed by Apple is enjoying huge success in the overseas market with 85% of total users being international and 15 % only in the US. Apple Pay today has over 252 million users that equate to more than 31% of the active iPhone users.
The blend of Android Pay and Google Wallet led to the formation of a new digital payment platform; Google Pay. Google intends to streamline its operations to become one of the stellar mobile payment companies in the world, like Samsung Pay and Apple Pay.
Launched in South Korea in 2015, the Samsung Pay is available in around 15 countries across the world including China, US, Spain, Australia, India, etc. Samsung claims that its mobile payment platform has produced over 1.3 billion transactions across the world.
PayPal is one of the world's top mobile payment companies with over 153 million accounts globally. This payment platform is owned by one of the most recognized eCommerce companies; eBay. In current, PayPal has acquired 17 companies to boost its online payment business.
Surpassing may established brands, Square has become one of the leading mobile app development companies in the United States, Japan, and Canada in a very short period of time.
The leading mobile payment platform in India, now Paytm has made a global presence in Europe, Middle East, Southeast Asia, and Africa in a short span of time. Initially, the company provided simple service of mobile recharge and utility bill payments and today it offers a full market consumer place to its users on the mobile app. This mobile platform also provides advanced payment solutions to the largest eCommerce companies using its RBI approved payment wallet.
Mobile wallets are no longer just a trend they have become a necessity of the time. However, to relish the benefits you need to understand which will fit your purpose and the ways to use the wallet securely.
Dev Bhushan is the founder and CEO of Nettechnocrats. Dev has become a consistent leader with a reputation for tenaciously protecting his clients' interests. He has built a prestigious image in his pursuit of excellence, winning the trust and confidence of customers and industry partners. Connect with him on LinkedIn to know more about his futuristic business ventures.
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