If you are wondering about the next big thing in finance and technology, it is mobile payments, which could experience explosive growth with the growth of mobile commerce. Mobile apps are transforming financial transactions for citizens.
Businesses could accept payments on mobile devices including tablets and smartphones. Industry leaders in mobile payments include Android Pay, Apple Pay, CurrentC, and Samsung Pay.
Mobile companies including Apple, Google, and Samsung continue to enhance features in mobile phones to make them appropriate for mobile commerce. With millions of merchants and the top financial institutions ready to accept mobile payments, the main challenges for service providers are point-of-sale usability, user privacy, and security. Each service provider is developing technology to make the process seamless and robust.
So far there is no clear leader, but customers are assured of a high-quality experience from the competition. As a business, an open-minded approach is desirable allowing customers enjoy the best experience.