Thursday, May 19, 2016

Mobile Payments Inch Toward Wider Usage

Mobile payments have been innovating for several years in an attempt to attract a much larger volume of users and a larger group of places (merchants/apps/retailers) where they will be accepted for purchases with a tap or click.

This contactless payment trend has the potential to dramatically change how consumers behave in purchase situations--but that's only a potential outcome. Currently, mobile payments do not yet have the most compelling reasons to change consumer behavior, even though mobile banking is very popular.

Here are some of the latest developments as mobile payments inch along:

  • Android Pay will now be accepted for purchases on websites and for ATM transactions.
  • FitBit is planning to include payment functionality on future fitness tracking products.  
  • Apple Pay is expanding in Canada with the acceptance by major banks there. 
  • Samsung Pay is widely accepted among US retailers and is partnering with Alibaba for the Chinese market.
  • Walmart has introduced its payment app in Texas.

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