Transferring money via mobile phone is becoming more and more popular as mobile wallets continue to build up and develop.
It’s no top secret that the functions of the smartphone are unlimited, but their payment abilities now signify a whole different game-play. And it’s not only financial transactions – mobile wallets are now combining loyalty cards, ID, coupons, event, boarding passes, train tickets, alerts and notifications.
Both Android and Apple have released their tap-and-go contactless payment service and, with almost 60% of the UK’s smartphone users owning an Android handset, financial transactions are increasingly taking place via mobile devices.Apple Pay has been in use in the UK for almost two years and countless numbers of retail outlets, from fast food restaurants to the London Underground. Both Visa and Mastercard credit and debit cards are compatible with Android and Apple pay, though Barclay clients will have to use Barclay’s own mobile banking app.
Mobile wallets are not just convenient for users but they also allow businesses the ability to engage users with an in-app experience without having to actually build, maintain and pay for their own application.
It’s because of this that integrating mobile payment features into the brand is a highly valuable mobile approach as it’s essential if a brand wishes to capture the future market.
A good mobile wallet can provide businesses the ability to engage users from the beginning of the journey through the end by re-engaging them with notifications and saving their digital statements at the close of transactions.
And it’s not just retail payments you can use your mobile wallet for, it can also be used to transfer money overseas without any hefty bank fees. Websites such as TransferGo offer both a website and app that allows for just a fraction of the typical fee.
Banks charge an average transfer fee of £10.00 while TransferGo charge only £0.99 with an exchange rate mark-up between 0.4-2% compared to the bank’s mark-up of 5%+.
They represent a increasing trend of licensed Authorized Payment Institutions regulated by the FCA and supervised by HMRC which means any payments are fulfilled with the maximum level of security and safety.
This means you are able to transfer the money anywhere at any time which is especially useful if you’re a business which need to transfer money abroad.
You can send the money leaving the office, on your way to or from work, or wherever you please and it will be with the recipient by the next working day.
Mobile payments show no signal of slowing down. Since their launch in 2015, they have grown significantly and by 2020, it’s predicted that payments made via mobile will have increased by a incredible 80%.
So it’s probably honest to state that Apple and Android are both equally ahead of the curve as far as digital wallets are concerned.