The world we live in is filled with opportunities, which improves competition in virtually every segment one can think of. In the mobile payment space, giants such as Apple Pay, Samsung Pay, and Square are competing against the underdogs, such as Bitcoin. Surely but slowly, the tide is turning against Apple Pay and consorts, as these options do not suit everyone’s needs. In fact, they are not the innovative way to pay so many people think it is either.
Payment Innovation Can Equal Convenience
Ever since mobile payments were introduced, experts have touted them to be “the next big thing.” Consumers would no longer need to carry cash or payment cards on them, as they can use their Android or Apple device to complete transactions. On paper, it sounds convenient, but in reality, very few people seem to care. In fact, Apple Pay has only been used by 23% of its user base, which is quite disappointing.
But other options are available, some of which most people have never even heard of. Even though the mobile and wearable payments market is expected to reach US$100bn by 2018, transactions will not necessarily be accumulated by the likes of Apple Pay. In fact, the number of Bitcoin transactions continues to go up, which makes cryptocurrency a strong contender in the payments sector.
Albeit the Bitcoin concept is still a mystery to a lot of non-techy consumers, it is impossible to deny the success of cryptocurrency over the years. With options to send money both from a computer or mobile device without having to rely on intermediaries, global transactions become a breeze. Moreover, the transaction fees are minimal, there is no currency conversion, and bitcoin provides an excellent payment option for travelers.
But the mobile Bitcoin payments go well beyond the online space alone. More and more brick-and-mortar locations have embraced cryptocurrency payments in recent times, even though market penetration is still small. This trend goes to show merchants and retailers who are not sold on Apple Pay and consorts may want to give cryptocurrency a try over the next few years.
One could argue Bitcoin is the payment option for those people who like convenience and dislike banks. There is no need to own a bank account or credit card to get involved in Bitcoin. For the people who like to remain pseudonymous no the global economy, Bitcoin provides that option took. But don’t be mistaken in thinking cryptocurrency is anonymous, as Bitcoin lacks those traits.
Header image courtesy of Shutterstock