Mobile Payments to Reinvent eCommerce – Openxcell

Mobile Payments to Reinvent the Way We Handle Money – Openxcell.

mobile pay

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!

Related Videos on Mobile Pay

iPhone 6 ApplePay – Next Killer Feature in Mobile | ZDNet

iPhone 6 ApplePay – Next Killer Feature in Mobile | ZDNet

iPhone 6 Applepay – the next killer feature in mobile | ZDNet.

With a huge lead to start, Apple has seen its market share decline to the point that it is no longer the leading smartphone in the market. Its latest updates have really just been playing catchup with many innovative user friendly features by Samsung and other Android devices. But that is about to change and here is why

“While Android has had wireless mobile payments in the US since the launch of Google Wallet in 2011, it never caught on in America. Unfortunately, it’s been available on a limited number of devices, the user interface can be glitchy and unintuitive, and Google and its retail partners haven’t done a very good job of letting users know that they actually have the feature. To make matters worse, many of the wireless companies such as Verizon and AT&T have tried to limit Google Wallet in favor of their own mobile payment solutions — all of which have flopped even worse than Google Wallet”

 

That has left a big gap for Apple to fill and as   of Zdnet says. that is exactly what they are doing with ApplePay Killer Feature in Mobile.

“With the launch of Apple Pay, the company has generally pulled it off. It got a huge swath of America’s biggest banks and retailers on board at the launch of Apple Pay, and more of them plan to jumping on the bandwagon before the end of the year.”

The rest of the mobile industry, financial sector, and technology ecosystem, health care and medical, hospitality and all others need to take the cue to get its act together and finally make mobile payments the next big thing in mobile.

Technology is very closely connected to our everyday life and it’s impossible to imagine life without it. As an example see more on how mobile technology is improving health.