With the launch of ApplePay there was a lot of buzz that it was setting a new standard for mobile payment that would determine the future of eCommerce on all platforms. Not a moment too soon! Merchant accounts and integration into shopping carts is a real problem for travel and may backs just don’t support online transaction. This is especially true of the Caribbean, where banks are way behind in building their own online transaction and not open to working with international gateways.
The Mobile Potential to Lead the Way in Transaction Processing
“Anyone who has seen any science fiction film or television show has seen characters who pay for everything from lattes to fusion reactors simply by having a device scanned — whether that device is implanted in their corneas or brain stem or strapped onto the side of their blaster. Mobile money has the potential to eliminate the bulk and time consumption and waste of physical money, and the benefits shouldn’t be overlooked as trivial. A cash economy cost Americans $200 billion per year, to say nothing of spreading diseases and mitigating economic gains when sat upon. A digital economy can help developing nations, furthermore, by facilitating payments in areas where cash is less efficient or less prevalent.” Jayneel Patel, Openxcell.
Jayneel goes on to describe who the players are in this new momentum and to predict the future:
The Future Leaders
“The forerunners in the tech world are Apple Computers, leader of seemingly all digital innovation in the world today, announced they would create a pay system for their iOS platform before the end of 2014; Facebook acquired WhatsApp for a twenty-billion-dollar figure (that’s billion, with a B) and is believed to be turning it into their own pay platform. Google actually hit the bricks first with a mobile payment system called Google Wallet nearly four years ago,to give mobile payments to the masses. Smaller companies like mPesa have changed the way that millions of people around the world can transfer money on their mobiles: mPesa transfers more money across the globe each day than 34 different banks.”
Jayneel points out that even Bill Gates believes Apple Pay will be the effort that gets mobile payments to critical mass. Although Google Pay doubled has grown rapidly it still has less than 20 million users. It along with Apple and others are in the game to find the perfect formula. Clearly it will impact all forms of eCommerce!