Digitalization is a trend that has embraced our generation to the fullest and steadily. Digitalization among mobile users is piercing through all the sectors. If we talk about how financial transactions have impacted by digitization, it’s immense. Here is the rise and rise of mobile payment technology.
The augmentation of smartphones further fuels digital transactions.
Today, it’s expected that the mobile payment market will grow at an annual rate of 33%, and by 2026, it will hit the $457 billion mark, as per a report by Global Mobile Payment Market. Clearly, digitalization has propagated the banking industry, primarily through mobile payment functionality.
Mobile payments is a subset of digital payment that allows payment through a mobile handset. We have every reason that pushes mobile payment methods to overrun traditional methods.
A convenient mode of transaction to the added layer of security, mobile banking has transformed the way we handle our banking transactions.
How Mobile Payments All Started?
Interestingly, the mobile banking trend was kick-started by Coca Cola when the company allowed its customers to purchase drinks via text message. Then in the same year,