2015 - the Year of Mobile Payments! Isn't It a Bit Too Late?
Mobile Economy is the "in-thing " now. The number of users using their mobile phones to make transactions and buy good and services is increasing day by day. Mobile money as we know it involves Mobile banking, M-commerce and wallet services. The rise of mobile payments in recent days has got people referring 2015 as the Year of Mobile Payments. We have seen drastic improvements in the way transactions happen. People are increasingly switching from physical and web based digital banking from their desktops to mobile phones. It should come as a surprise, as most of the smartphones available....
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In one of our previous articles, we have discussed about mobile payments and how its adoption is years behind schedule. We also discussed the need for new mobile banking and payment technologies to address not just the developed market, but also the developing markets. If these mobile based services are capable of running on any mobile phone, it can make a huge difference to both the company and the customers alike. It looks like we are reaching there sooner than expected. Following the success of M-Pesa and BitPesa, there is a new kid on the block aiming to revolutionize Bitcoin storage....
With the value of mobile payment transactions expected to reach $721 billion (US) globally by 2017, the slice of the pie for Bitcoin's taking is growing. This year alone, the value of mobile payment transactions is forecast to total $235.4 billion, a 44 percent jump from 2012's $163.1 billion, according to the latest figures from Gartner. The leading uses for mobile payments are money transfers -- which are said to account for 71 percent of 2013's total transaction value -- and merchandise purchases at 21 percent. Though bill payments are expected to grow by 44 percent this year, their....
This is quite surprising news, considering how several Bitcoin exchanges in the country have shut down in 2015. Consumers in Canada are looking for alternative payment options, as they seem to grow tired of cash payments. Contactless payments are doing quite well so far, and online payments are booming. But what is of real interest is how the usage of Bitcoin has doubled in 2015. Similar to most countries around the world, Canadian consumers are flocking to cashless payment options. That being said, the usage of cash is starting to decline in the country, albeit it is not going at a fast....
A new service hopes to bring mobile bitcoin payments to the masses. The service, called Bits, has already demonstrated bitcoin payments made via text message from one mobile phone to another. Conceived by Cody Burns, who was a front-end software developer at COG1, a San Francisco-based web and mobile app company, Bits enables payments via SMS, QR codes or tapping together phones with near-field communications (NFC) capabilities. The company promises "almost zero fees" for making and receiving payments, and says payments should be processed in under 10 minutes. This isn't the only service....
According to the World Bank’s Global Financial Inclusion Index, Africa has the highest mobile money adoption rate in the world. Worldwide, only 2 percent of the population possesses a mobile money account; in Africa, 12 percent of the population uses mobile money. Africa’s affinity for mobile money is one of the main reasons why many members of the Bitcoin community believe that the region is fertile ground for bitcoin adoption, especially to meet the needs of the large underbanked population that often relies on mobile money to send and receive payments. However, the reality is that....