The era of cash is history! I don’t remember when I last visited a Bank. Mobile Payments has been touted as the next big thing for some time now. Who doesn’t use a Mobile Banking App? Who hasn’t heard of Digital Wallet giant PayPal? Making Bill payments using Paytm, a mobile wallet? The Mobile Wallet offerings from Flipkart & Amazon? Tech giants are also venturing into the Mobile Payments domain with Apple Pay, Android Pay & Samsung Pay. Financial Institutions, Credit companies, Internet companies, Mobile communication companies and major handset multinationals have all implemented Mobile Payment solutions. Mobile payments are quickly becoming financial services’ biggest asset. The mobile payments revolution is coming – it is only a question of when.
The phrase mobile commerce was originally coined in 1997 by Kevin Duffey – “the delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology.” Mobile commerce transactions continues to grow, and the term includes the purchase and sale of a wide range of goods and services, online banking, bill payment, information delivery and so on. Also known as m-commerce.