Paypal ‘Leads The Way’ for Mobile Payments
With technological advancements in the arena of financial payments, the world of making payments through mobile phones is not far behind; this being the age of smart phone users and many major companies like Apple, Nokia, Samsung etc offering mobile payment solutions to their clients. While PayPal, the eBay owned online payment system, is a new entrant in this space, it has been observed to be one of the most trustworthy options with the security of one’s personal data. This company is one of the most used alternatives to the age old credit card payment option. With the huge client base that PayPal has, it will soon be able to divert a lot of them to using latest technology of making mobile payments. The basic reason for clients still not making use of this great system is the extent of trust that can be relied on divulgence of crucial information.
This was evident with even top brands like Sony that conceded to a hacker attack last month to give up the personal information of as many as 100 millions users. This gives an edge to the most trusted though new entrant like PayPal to take on a better position than any of these reliable companies that exist in the market so far. Even though the option of making small mobile payments for newspaper or coffee existed since a very long time, it was the much-needed infrastructure that was not in place to make the optimum use of this wonderful payment system. But with the change in technology and the launch of Google’s most advanced Android based smartphones along with new Bold Blackberry launch; are totally compatible with NFC technology.
[ad#ga-cbox-right]It is believed that one in every five phones will be NFC enabled and by the end of 2014. There will be as many as 300 million smartphones that are NFC enabled. With this trend catching on, the mobile operators are no behind and most of them getting ready to launch newer options that are mobile payments compatible.
Even companies like Telefonica that plans to enter the baking business shortly have entered into agreements with Orange and Vodafone to provide the NFC technology. To join this bandwagon are retailers such as Tesco and McDonald’s which are trying their best to offer contactless payment options to their clients.
A recent survey was conducted to analyze the willingness of people to make use of this mobile payments system in Britain, United States, Germany, France, Spain, Brazil, China, Italy and South Korea; as these countries have been using this option since many years. The outcome was the clients in China were the most positive about using it with about 82 percent people finding it a great idea to make mobile payments. While Brazil followed suit with 73 percent clients approving of the system, followed by 42 percent French people welcoming this system of payment. Even in other regions like Western Europe, America, Sub-Saharan Africa and Southeast Asia similar welcome trends to make use of the mobile phone payments options were vividly seen.