We are all aware of the accelerating growth of digital communications technology which is resulting in innovative and quicker solutions to come up. One such efficient and flexible breakthrough is the development of mobile transaction which has transformed the way people carry out payment operations.
Formulated with an idea of minimizing the clutter of cash payments, mobile transactions are becoming more applicable in the day-to-day lives of people. The ease, simplicity, and flexibility that mobile transactions have brought into our fast and complex lives, is commendable. The adoption of technological innovation helps resolve monetary issues and gives a boost to cashless transactions.
From Online Payments to Mobile Transactions, Technology Can Do it All
Witnessing the highest growth in the market, online payments are growing at an unrivaled speed. A recent report highlighted the market for e-payments in Nigeria, where the electronic payment services recorded N38.5 trillion transactions at the beginning of the year 2018. With a 38.4% higher record, the e-payment services showcased the immense potential that they possess. Mobile transactions, on the other hand, witnessed a 41% rise from being 2.46 million in 2017 to 3.46 million in the first half of the year 2018. With these statistics, the increasing significance of mobile transactions is clearly visible.
Japan on a cashless transaction trail
The joint venture of Amazon and SoftBank has planned to roll out mobile payment solutions in Japan over the coming months. This move is to encourage small businesses to incorporate cashless transactions in a cash dominant community. Requiring minimum investments, this transaction and payment platform would help businesses deal with payments in a quick and secure manner. The American company offering the platform has planned to introduce Amazon Pay service to shoppers in Japan, which is equipped with credit card linking facility eliminating the need to carry cards while they shop.
Rising Application of Digital Payments: A Cut-throat Competition to Cash Payments
Recent updates highlight the growing application of digital payments in the Asia-Pacific regions. Smaller retailers, traders, cafes and transport providers relied on the cash transactions for payments for all the past decades. Card reading devices were not their cup of tea for they were expensive due to the processing fees. Yet, over the past years, there has been a considerable growth in the digital transactions due to the dawning of digitization.
Thus, the shift of customer’s choices in terms of payments is rightly recognized by the retailers and shop owners in order to cater to their needs. Mobile transactions, therefore, may not completely wipe off the cash payment methods in current times but are definitely on the verge of dominating the market.