Tag: mobile payments apps

A recent study has forecasted that within a span of 7 years from now, the industry will reach $3 trillion.

The Bank of America Merrill Lynch has now released a report in which it has stated that in a period of 7 year, mobile payments will have grown by 200 times their previous size and will be worth more than $3 trillion.

If this prediction is correct, then wallet and banking apps, retailers, and telecoms are about to benefit greatly.

The report indicated that those who are most likely to benefit from this growth of mobile payments are: banking, telecom, IT, and mobile wallet firms. The report stated that “In India, we consider mobile payments to be both an opportunity (for banks, telcos and new players) and threat (due to dis-intermediation, more to the traditional banks). We estimate the value of mobile banking, estimated at just USD16 billion today to rise 200x in 7 years to more than USD 3,000 billion.”

It is also expected that mobile payments will make up 10 percent of the total transactions in that country.

This is quite the increase, considering that for the 2015 financial year, smartphone payments made up only 0.1 percent of the total. The report stated that this will be a considerable opportunity for many companies involved in that industry to better their “competitive positioning.” Equally, the report noted that it would mean that there would suddenly be considerable competition making its way into the space that had previously been held by public sector banks.

As the payments technology evolves, it is expected that the use of paper cash will have dropped to under 2 percent. The report predicted that the range of alternative methods of payment will lead to a gradual decrease in the use of cash throughout the economy, and that electronic payments will help to ease the lending rates and will encourage growth over time.

It pointed out that among the primary drivers behind the growth of the use of alternative transactions will be in the improvements of mobile payments through greater smartphone penetration. That penetration in India is expected to double in the country’s young population over the next three years. As 60 percent of the population is younger than 35 years old, this represents a massive shift in digital technology use.

Full Society launches campaign to fund development of new application

Full Society, a technology firm, has launched a crowdfunding campaign to finance the final stages of development of its mobile payments application. The app is meant to make it easier for consumers to use their mobile devices to pay for goods and services. The Full Society platform is focused on the restaurant sector and is designed to eliminate the wait time associated with paying bills at restaurants or bars.

App will make it easier for consumers to pay at restaurants and bars

The platform is also designed with a philanthropic angle. Using Full Society, consumers will be able to donate to charities that have the purpose of ending hunger in various parts of the world. These donations can be given in a single transaction, in a similar fashion to how tips are given to servers. According to Full Society CEO Paige Cantlin, restaurant-goers often donate to charities around the holiday season. Full Society is meant to provide consumers with a way to make donations as often as they please when they are dining out.

Convenient services continue to lead to mobile payments growth

Convenience has made mobile payments popular. Consumers using payment platforms can avoid lines in crowded stores and quickly make payments for meals in restaurants. This convenience is something that mobile payments firms have worked to maintain and enhance. Some platforms allow consumers to submit orders to restaurants and pay for these orders before even arriving at a store. This aspect of mobile payments is growing more popular among consumers that like to visit restaurants.

Full Society wants to address the hunger problem in the United States

Full Society believes that its new mobile payments application will help solve the hunger issue in the United States. Currently nearly 46 million people in the country struggle with a lack of food, 12 million of which are children. Two charities devoted to fighting hunger have partnered with Full Society to address this issue: Helping Up mission and Paul’s Place.