Calendar, clock, camera, radio, movies, TV, computer, maps and alike all are in a single device which can even be put in your pocket. This is why the smartphone is a remarkably smart innovation. But, the change that is yet to come is smartphones will revolutionize the way we make our payments.
From the birth of the concept of the smartphone, the significance of the device has dramatically increased since it made our life easier from every angle. Currently, the big change smartphones are doing is in the payment process. It is becoming an essential part of Fintech and daily life.
The arrival of Apple Pay in 2014 was the technological breakthrough in the world of digitalization which also electrified the financial sector. However, now mobile wallets are not anything rare. You find it everywhere you check- Android Pay, Chase Pay, Google Pay and Walmart and so forth. The mobile wallet is an absolute alternative, for the credit card.
To limit a merchant’s fraudulence has created the potential for the mobile wallet greatly. The business growth is exploding, for people are surfing site to site to purchase more online. Increase in the usage of the mobile point-of-sale (mPOS) system and mobile Peer-to-peer system has brightened the horizon in the digital payment system. All in all, the change in the payment system is going to occur in no time and there is a high chance that it will make the payment system easier.