More and more companies are deciding to jump on the mobile payment bandwagon. This new phenomenon is not only beneficial for companies, but also for consumers. Mobile payment makes transactions easy and fast, therefore making lines move faster and more efficiently. You also won't have to worry about fumbling around with your wallet!
A research firm, Forrester, expects mobile payments to rise significantly in the coming years. This is not too surprising given the surge in mobile usage and the convenience mobile payment provides.
Now, competition between services is beginning to arise. Some retailers have decided to not use Apple Pay, but instead are launching their own mobile payment system entitled CurrentC which will allow companies to track customer data and lowers transaction costs. There is also a new type of payment in the works called FitPay, which uses wearable fitness bands. We will also be seeing a Click to Collect payment method that will allow consumers to make a purchase online and pick it up at the store.
When it comes to mobile payments, it will be interesting to see what companies decide to use. The competition is just going to become larger from here, but who will come out on top?
