The slow adoption of mobile payments worldwide isn’t really a difficult concept to understand. It’s an inevitable fact that people are extremely careful with money and being consequently aware of unfamiliar payment technology.
Despite the apparent paranoia evident, mobile payments have the obvious potential of being utilized on a mainstream basis provided that mobile phone adoption rates have been stabilized. However, it goes without saying that it isn’t just the idea of owning a phone, it’s more about getting acquainted and comfortable with the device itself.
The stagnant period that mobile payments went through a decade ago has now seen renewed interest coupled with rapid evolution on the march towards the eventual replacement of cash.
Rest assured, mobile payments has an ace up its sleeve with mobile point-of-sale (mPOS) technology being its saving grace because mPOS technology represents the bridge between what’s going to happen now with the current technology and the foggy future of payments.
Unlike traditional card payment companies that utilize bulky and static card terminals, mPOS companies harness the already existing technology in consumer devices. Specially designed for small businesses, mobile payments companies require no rigid contracts and there are no expensive set up costs according to the International Business Times.
Shaping the perception of technology should be presented as the focal point in mobile payments rather than mindlessly bombarding retailers with the latest cutting edge technology in payments because more emphasis should be placed from a consumer perspective by first understanding that people have to first get used to the idea of conducting financial transactions with relative ease.
And so, solving this problem first would be advantageous towards moving on towards the world of innovative mobile payments technology. It’s about time yes?