Developments in the mobile money space are increasing the popularity of digital wallets among customers and becoming the preferred means of payment online and in person. Statista data shows that mobile e–commerce sales accounted for 60% of global e-commerce sales at $2.2 trillion.
Industry reports now predict that nearly two-thirds of smartphone users in the United States will use mobile wallet apps for their monthly transactions in 2024, up from 50% in 2021.
Mobile money wallets are electronic wallet services that allow users to store, receive and send funds using mobile phones. Mobile money services are available on basic feature phones and smartphones. They are a convenient way of handling payments because they allow consumers to make quick and easy payments on their mobile phones.
With blockchain technology and cryptocurrencies also gaining popularity as alternative payment systems, combining blockchain with mobile money wallets would cut down transaction fees, boost transparency and facilitate higher levels of cross-border payments. Such a combination would provide consumers with increased versatility, security and convenience.
However, the success of mobile money wallets and even cryptocurrencies will depend on whether customers have somewhere to conduct their transactions safely and easily. Banks and vendors would also have to agree to adopt universal mobile money payment solutions to sustain the momentum behind mobile money payments in e-commerce.
Such platforms would require the support of merchants and shopper approval to be sustainable over the long-term. Both merchant support and customer approval would be critical to these systems’ longevity, with the completion rate and efficiency of mobile money transactions suffering if merchants are uncomfortable with mobile money wallets or fail to adopt them.
According to Lawrence Snapp, CEO of mobile app solution provider Bryj, mobile money wallets that provide users with a superior shopping experience are also helping retailers build deeper relationships with their customers, build brand loyalty and tap into beneficial investment opportunities. Snapp says customer perceptions about mobile payments are undergoing a rapid change, and more customers are turning to mobile pay for both in-app and in-store purchases. These apps became wildly popular during the coronavirus pandemic when government lockdowns limited personal contact and encouraged contactless deliveries and payments.
Many consumers were also uncomfortable with having to carry cash during the pandemic and increasingly adopted mobile money to alleviate this issue. Even though we are several years past the worst of the pandemic, the mobile money trends that emerged during COVID are still at play.
IDScan cofounder and CTO Andrey Stanovnov says retailers have to prepare for an incoming period of change that will see both consumer and business preferences shift to mobile ID verification to help strengthen fraud prevention measures and control the sale of age-regulated products.
With various innovations being brought to market by entities such as FingerMotion Inc. (NASDAQ: FNGR), the mobile payments space powered by fintech and telecom sector players, as well as the attendant security requirements, are likely to see major shifts moving forward.
NOTE TO INVESTORS: The latest news and updates relating to FingerMotion Inc. (NASDAQ: FNGR) are available in the company’s newsroom at https://ibn.fm/FNGR
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