As e-commerce and mobile commerce markets surge to valuations of $3.53 trillion and $693 billion respectively, more retailers are offering easier payment mechanisms to simplify the payment process. The idea is to move the consumer journey along faster now that more people are using the internet to make purchasing decisions.
Apple is the leader in the US, using the popularity of the iPhone to introduce more people (at least in the US) to mobile payment options to the market. Alongside Apple, you have Google, Amazon and PayPal offering their respective online payment solutions. As more service providers offer mobile payment solutions to their clients, and become virtually cashless, it’s become the need of the hour for you to implement these solutions as well.
Some of the more popular mobile payment options include:
Apple Pay uses NFC chips to make payments. The principle is the same as a contact-less debit card, except your iPhone serves as your debit card instead. All new Apple phones come installed with Apple Pay—which serves as a digital wallet that you can link to your credit cards and accounts. Apple Pay has made the security PIN requirement obsolete by letting people verify transactions through their phones’ built-in fingerprint scanners.
Apple Pay is widely regarded as the next big thing in the cashless retail industry. Considering Apple’s 10% global smartphone market share, more people will use Apple Pay than any other mobile payment solution simply because they own an iPhone. Recently, Apple also introduced a way to transfer money between two iPhone users to become the leader in mobile payment solutions across the world.
While Apple Pay is expected to become the leading mobile payment option in the future, the current leader is PayPal. The company has dominated the Fintech industry for the better part of the last two decades, with nearly every service provider accepting payments through PayPal.
You can link you PayPal account to your bank accounts and debit cards to send or receive payments. It’s a very convenient payment solution that has about 20 years ahead of Apple or any other payment option—with 210 million accounts signed up with the service.
Amazon has continuously paved the way for greater innovation in consumer and retail markets—this is why it’s no surprise that it also has a patented digital wallet. Amazon Pay links to your bank accounts, credit cards and stores shipping addresses, preferred payment methods and other relevant information to simplify payments.