Mobile Payments in 2017
Linas Beliūnas
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Mobile phones are no longer just a communication tool (that is why we call them smartphones), they are now more like mini-computers, or personal assistants capable to satisfy virtually all of our nowadays (digital) needs. With rapid technological advancements, smartphones should become even more essential to how we live our lives.
Smartphones should become even more essential in our everyday lives.
That being said, it is interesting to take a look at what will be happening in the world of mobile payments, and how that will shape the upcoming 2017. It is especially interesting due to the fact that mobile payments are still rather lagging behind, and failing at getting popularity. Hence, I propose to consider 3 trends to watch in 2017.
Millennials will drive growth. Tech-savvy millenials are already leading the way in usage of mobile payments. In 2017 they will continue to do so even more, and will choose seamless mobile experience instead of cash or credit cards. Hence, Apply Pay and Starbucks (the unexpected leader in m-payments right now) should grow their user base accordingly.
On-demand economy. Mobile devices will drive the on-demand economy in 2017. With growing customers needs and expectations, mobile experience will become more and more important. In turn, customers will use smartphones not only for checking their purchases (and later buying them offline), but also for real-time capabilities such as tracking their orders, reserving items etc.
The gig economy. Innovations in mobile technology will also facilitate the growth of sharing economy in 2017. Fast and easy ways of sharing services demand seamless and easy payment experiences. M-payments are a perfect solution here. Platforms such as Uber, Airbnb, Lyft etc. now can be launched as easy as never before, and in turn drive the growth in mobile payments accordingly.
All in all, 2017 will be exciting and full of challenges. Nevertheless, many things need to be done, and there is so much to learn.
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