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Future of Mobile Payments – infographic & Video

11 Jul

Trying to understand what is a mobile wallet?

It’s quite a simple concept really, you carry your smart mobile phone that has all the info you need on it and now technology makes it possible that your mobile device will be soon able to be used instead of your wallet. Sure it’ll take some time but hey who would’ve thought a few years ago that the iPhone and Android will make it this big too that they’re such a big part of our everyday lives now!

There’s a few different ways being talked about how this is going to be possible and what’s in it for an everyday user as well as a business. How is this new technology going to affect how consumers make payments & businesses transact.

Google have started to push the ‘Google Wallet‘ service. QR code strike rates are on the rise and there’s talks about NFC going to be used for all our everyday transactions.

Mobile payments are on the rise as the mobile is one device no matter what we all carry around. Even if we forget to carry our wallet, we need a mobile to ring someone. And now that technology such as NFC (Near Field Communications) is just around the corner.

Guess by now you’ve seen that in the U.S. people have already started to use the mobile as a transaction device in places such as Starbucks. In Japan, the mobile has been used as a device to transact since many years now…

Check out this video from Google about why is Google Wallet important for businesses?

Info-Graphic on the future of Mobile payments

Here’s an infographic from G+ that predicts the massive uptake in payments using the mobile device for everyday transactions. Thanks to G plus for this info-graphic.

Interesting to note:

By 2013. Sales of NFC enabled devices will exceed $75 Billion.
By 2014. NFC transactions alone will exceed $50 Billion.
By 2015. The value of all mobile money transactions is expected to reach $670 Billion.

 
1 Comment

Posted by on July 11, 2011 in Mobile Commerce, Mobile integration

 

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One response to “Future of Mobile Payments – infographic & Video

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