The Entertainment Sector Is Fuelling Mobile Payments
As time goes by, it seems that more and more sectors are embracing the idea of mobile payments. Payment methods have had to adapt to the rapid expansion of online services, whether through online shopping or online entertainment. Online bookmakers and most top betting sites now operate online, even though at one point, they were cash-only and operated within brick-and-mortar establishments.
Now, you have the option to make deposits, apply credit, and withdraw within a matter of minutes. When you combine this with free bets and the option to change placed bets on the fly by making additional microtransactions, the sector has radically transformed into a more convenient format for consumers who gamble. Even though traditional bookmakers still operate, the rapid adoption of mobile payments has helped to pave the way for more convenient services.
Another example would be ticketing sites and cinemas, which once relied on box office transactions. Now, most tickets are sold online, offering customers the option of choosing their seat or adding insurance. As tickets tend to come on sale at set times, mobile support has been critical to the success of the sector, with apps released to try and provide consumers on the go with more payment options than ever when it comes to making purchases.
As mobile payments increase, so does mobile accessibility, as the two go hand-in-hand. Ticketing sites, such as Ticketmaster are now offering fans with the option of presenting a mobile ticket. Tickets can be bought via apps, paid for through a digital wallet and then downloaded to a mobile device. This combined with the fact that most music venues now accept contactless payments through digital wallets and Apple Pay, shows how important mobile phones are to the future of the economy, especially when it comes to digital payments and online transactions.
With digital wallet providers such as PayPal and Apple Pay also on the rise, there is now a bigger focus on mobile payments than ever. As time goes by, the demand for a seamless checkout experience has led to the adoption of POS machines as well.
This is evident in restaurants, as well as retail stores across the UK in particular. Digital wallets have also simplified online banking and made it easier to make purchases. Apple’s tap-to-pay feature has also eliminated the need for expensive hardware for retailers, making it easier for smaller businesses to embrace the mobile revolution while helping them to stay competitive in the market. This has had a monumental impact, as it helps small businesses to stay agile, even when in their start-up phase.
Two-Factor Authentication & Addressing Security Concerns
When mobile payments began to increase, several concerns were raised regarding security. This predominantly related to the fact that phones could be lost, and accessed by criminals if someone was connected to an unsecure network.
Steps have been taken to mitigate this since, with two–factor authentication when making online payments as well as facial and fingerprint ID. Apple in particular has put a real focus on this, but PayPal has also shown that they are committed to keeping mobile payments convenient and safe. The company have implanted data encryption for mobile payments, along with real-time transaction monitoring to keep up with the rapid growth of microtransactions. Steps like this have helped to ensure the longevity of the mobile payment sector, as a whole.
Steps like this are helping to solidify mobile payments as a viable option for retailers, website owners, and local businesses in the UK. With mobile payments being more convenient than ever, it’s safe to say that the world of global finance has changed as a result.
Mobile payments are now not just a convenient option, they are integral to the success of the financial sector, and businesses have to either adapt and embrace them or risk losing out to their competition. In the fast-paced world of finance, it’s more important than ever to adapt, or risk falling victim to changing economic conditions.