Nowadays as technology is in high demand people prefer everything online. Online shopping has also changed the society by keeping updated by the latest technologies used.
Recently Google has geared up to launch its digital wallet service, the idea of replacing a credit card with a smartphone. When customers go for online shopping, they do prefer mostly credit cards.
The idea of replacing a credit card with the smartphone is going to change the consumer appeal.
Usage of credit cards and smartphones –
- According to the research, 148 million people all around the world by the end of 2016 will reach their handsets to make payments rather than the in-store point of sales.
- The uses of credit cards even today are also in high demand. But, in future, it might get replaced with credit cards.
- The latest white paper, “NFC Handsets”, “Contactless Payments”, “Payment cards 2016-2020” and Wearables highlights that the five terminals in the US support NFC.
- NFC – is one of the technologies that facilitates payments by smartphones and Apple points to a catalyst for the interest of the consumer in the technology.
- Recently, 40 million cards were added when Apple pay went live in China in February to the system in just 24 hours.
- However, using cards via a handset and registered cards are not the same thing. In the US Apple Pay has been live for 18 months and Android Pay and Samsung Pay for a little over six months.
- According to research, only 5 million use Samsung Pay or Android Payment system and 12 million consumers regularly use Apple’s mobile payment system.
- Most of the Americans, nearly 22 millions have switched from physical to virtual wallets and moreover the fact is that Samsung Pay has a distinct advantage when compared with the other systems, as it works with any type of POS terminal, either new or old.
Image Source :www.marketcalls.in