Mobile apps are dominating the software development industry as a result of the increasing number of smartphone users. This is a trend that is bound to continue as newer technologies are also being associated with mobile apps as an ideal user interface to enable mobile banking.
Banking and payment systems are at the forefront among areas where mobile banking initiatives such as mobile app implementation is growing in prominence. According to information from CACI, over 70% of the people in the United Kingdom will make use of mobile banking apps by 2023.
Banks at different levels are not just going cashless, but are using mobile banking apps to render convenient and on-the-move services to their customers. However, beyond banks and traditional payment systems, innovation giants like Apple and Google have also introduced their own mobile banking payment systems around native apps.
There have been high expectations as to the performance of Apple Pay and Google Pay as payment providers. Considering the spread of their respective technologies, a lot of people expected that as payment providers, these two would have become household names.
This has not been the case, as it is observed that both giants have failed to win over customers as reflected in the low global level of adoption.
Figures released by Apple CEO, Tom Cook shows that in the third quarter of 2018, just over 1 billion transactions were processed on the Apple Pay platform. This is less than 50% of the transactions processed by digital payment giant PayPal within the same period.
Some of the reasons for this low performance are based on dwindling trust levels by the public on the parent companies of these mobile giants, and also on issues of data privacy and the slow rate that these products are being rolled out to higher-income economies.
The introduction of cryptocurrency to mobile payment systems is introducing a new dimension that seems to address the existing loopholes in alternative payment systems. Transparent ledgers, secure payment systems and privacy protection are some of the innovations that cryptocurrency is bringing to personal banking.
These benefits are seeing newer versions of mobile technology being adapted to become cryptocurrency compatible. For instance, the new Samsung S10 version includes a cold storage as standard. Other examples include Taiwan-based HTC’s Exodus 1 version which was marketed to be only purchasable with Bitcoin, and the more recent version, Exodus 1s which is capable of running a full Bitcoin node.
These adaptations of mobile technology are making it easier for users to access cryptocurrency platforms like CryptoFish where they can easily find liquidity in purchasing and storing cryptocurrencies. These purchases can be carried out using debit or credit cards, and the purchased tokens are sent directly to the user’s personal wallet.
Indeed, banking and mobile payment systems are undergoing profound revolution and blockchain technology is proving itself as a reliable backbone for the future of payments. With the growing industry of mobile technology, the realisation of an inclusive banking system that will be effective for the larger population through smartphones seems a near reality.
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