Amazon has recently made an announcement regarding the release of a card reader and mobile app that will enable small business owners to take payments on their mobiles. This demonstrates that we have come a long way in terms of doing money transactions.
It was also reported in May 2014 that the iPhone 6 would possibly be equipped with NFC-powered mobile payment service. The news gained further momentum as the company engaged in talks with partners. This feature, if finalized, will enable iPhone users to buy upscale goods with the device acting as their iWallet.
The consumers will now give a thought on how to make payments for a particular product as it is true that making the right payment choice matters the most when it comes to differentiate between a completed purchase and an abandoned basket.
With the introduction of latest apps and technology, mobile payments are becoming simpler and easier day by day. But still lot has to be done to completely displace cards and cash.
A research was carried out in earlier 2014 that revealed that consumers are not afraid of making payments through cash and cards. Debit cards are the most preferred choice to make payments standing at 48%, while making cash payments is preferred by nearly 25% of the respondents.
There is a great opportunity at present to launch mobile devices that are equipped with payment functionality hard-wired into them. This would enable businesses to market all kinds of new commerce offerings.