In which we take a look at payment logistics firms the open secret of the success of mobile apps and services, and why they are here to stay.
If we look back in time, the option to pay online goes as far back as 1999 – when Paypal was born – and the first instance of mobile data and the modern smartphone was in 2007. So why is mobile cashless payment only taking off in recent years?
The magic lies in payment logistics, a backend that helps us see only the final bill. The rise of mobile payment interfaces like Grab’s in-app credit card support, alongside the likes of Apple Pay, made cashless payment more accessible than before. Payment logistics players, such as Stripe, Adyen, Braintree, and CyberSource, have been steadily growing. The worth of these firms multiplies too, because of the invaluable service they provide to your favorite brands.
With more folks coming in to help apps and brands better manage their electronic tills in a secure manner, this gives confidence to aspiring entrepreneurs to venture into the high-tech service industry.It’s a load off their minds when you don’t have to chase every digital dollar down, paving a future where mobile cashless payments are here to stay for good.
ISN’T MOBILE CASHLESS PAYMENT IDENTICAL TO CARDSWIPING?
If that’s how you perceive mobile cashless transactions as, then these companies have succeeded in their work.
Everyone has different payment preferences and loyalties when we use cashless methods at a physical store. Take for example; eating at a fast food joint – barring cash, it’s usually a swipe of a card or a tap on your new mobile payment setup. The problem begins when we want easy online transactions in a sea of payment methods. Besides having to tie-up with various card merchants, and vendors, security measures like two-factor authentication and fingerprint verification come into play, making the support for mobile online payments more complex behind the scenes.
This story is from the January 2017 edition of HWM Singapore.
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This story is from the January 2017 edition of HWM Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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