Gone are the days when most if not all consumers and businesses made transactions using credit cards and cash. Well, those days aren’t completely gone yet, but mobile money is quickly becoming the new norm.
With on-the-go spending in mind, here are just a few ways consumers and businesses alike are benefiting from mobile money:
Mobile Revolution
Mobile technology isn’t just a trend; it’s actually turning into a full-fledged revolution. More and more people are carrying their smart phones with them wherever they go, which is making the idea of the mobile wallet commonplace.
According to a recent study by the Pew Research Center, roughly 90% of Americans own a cell phone and nearly 70% own a smart phone.
Of the smart phone users polled, 67% say they depend on their mobile devices for everything from online shopping to accessing the Internet.
That’s not all – by the year 2018, there will be an estimated 220 million smart phone users in the U.S. alone.
With mobile technology gaining popularity, it’s safe to assume smart phone users and businesses alike will be taking advantage of mobile money in the future.
Benefits of Mobile Money for Consumers
As consumers become more comfortable using their smart phones to make purchases, mobile money will become a part of everyday life.
Considering all the benefits that mobile money provides, it’s no surprise the mobile payment route is already catching on with consumers.
Among the benefits:
- Ease of Purchase – With mobile money, smart phone users no longer have to carry cash or credit cards with them. Mobile money apps allow consumers to complete transactions and make payments directly from their mobile devices.
- Increased Security – There are a number of security threats that go along with carrying physical forms of payment, such as credit cards and cash. Theft aside, more and more issues are arising surrounding credit card fraud. With mobile money, all financial information is stored safely and securely on the users’ device and can be remotely deleted in the event of theft.
- Hassle-Free Money Transfers – As the following article looks at, even sending money and transferring funds is made easy with mobile money. Users can send and receive funds as well as transfer funds anywhere using their mobile banking app.
Business Advantages of Mobile Money
Mobile money definitely makes life easier for consumers, but what about businesses? Fortunately, mobile money is as equally advantageous for businesses both large and small.
Among the benefits:
- Anywhere Transactions – Mobile money makes it possible for businesses to complete transactions from just about anywhere. This is especially advantageous for mobile businesses such as food trucks and farmer’s market vendors.
- More Payment Options – When businesses accept mobile money payments, they are providing their customers with another payment option, which is always a good thing.
- Increased Transactions – By adding another level of payment to what’s already accepted, businesses can increase their transaction numbers with mobile money. From brick and mortar stores to online shops, mobile money simply makes it easier for businesses to accept payments.
With the mobile lifestyle taking the world by storm, it’s only a matter of time until everyone is using mobile money.
About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including mobile technology and finance.
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