Is the Fintech business endangering the mobile payments?

With the growing technology and the association of the technical staff and technology with the finances is endangering the payments that are done via the mobile phones.

Basically, the issue that everyone is concerned with is this – there are just too many forms of the mobile payments methods being offered by too many financial companies and by a lot of banks. This methodology creates befuddlement. It is occurring just because everybody is keen on the advancement of their own particular type of payment system with the expectation that it will be the “next big thing”.

There is just the same old thinking behind this methodology. It started since the time banks and innovation paired up beginning in the 1970’s. There has existed this unusual idea that if a bank can make something interesting they would have the capacity to catch the attention of the business sector, beat the opposition and make a fortune out of it.

Obviously this thought is absolutely wrong. We have seen this incident proven on many past events, in which the new innovations have quite recently failed to start off just because of the fact that the banks neglected to note that the way to achievement is co-operation.

There collaboration will lead for the winning of everyone. And in the event in which they don’t collaborate, everyone wind up with many disappointments.

With the availability of the excessive numbers of payment options and too many software applications for the payment, all that we will be accomplishing is just a large number of copied frameworks. These frameworks will frequently be insufficient in their own use as well as they neglect to satisfactorily address the client needs. These clients will be completely disappointed and so will be the retailers. And very soon these systems will fail and will not be used anymore.

The way to achievement is a single, easy to use, uniform and universal methodology which is accessible to all the clients, merchants, banks and technology vendors.

The poor state of the mobile payment methods have dragged the attention of the people in the past few months and with this the era of the mobile payments is foreseeing its end very soon.

Some of the articles that will enlighten you towards the poor condition of the mobile payments

  • The first article is “Mobile banking adoption growth is slower than you think”. In this article, Stephen Greer made it very clear that there is a separation between the hyped concept which encompasses the mobile banking and the truth as to how the customers are really collaborating with the financial organizations in the regards of their payments methods. He indicates the facts and figures that as of lately, the emphasis by the Federal Reserve’s overview report ”Consumer and Mobile Financial Services 2016” demonstrates that the acceptance for the mobile banking technique is rising very slowly. Among the explanations behind the downfall of the mobile banking is the way that 86% of respondents say that they don’t utilize mobile banking since they can accomplish their banking needs without it. Most of the purchasers are all fine by just utilizing online banking accounts or ATM’s or branches.

Their purposes behind non-adoption are that various applications are not developed enough (39% said the screen was too little; 20% said applications were not so user friendly, making it impossible to utilize). Also, whatever applies to mobile banking applies to mobile payments too.

  • The second article was significantly all the more derogatory. “This new app proves mobile payments are a mess” expresses that in the past it was way easier to make a payment after a purchase at the shop. You gave the clerk cash or a credit card and you would get your buys and perhaps some change and possibly a receipt and off you can go. But the places where mobile payments have been accepted, a huge number of the financial services and applications have left the procedure at the checkout counter a confounding chaos.

Distinctive stores acknowledge diverse payment options. This implies, clients need to have a number of applications on their phones as they don’t all work the same way. This prompts disarray and defers to the dissatisfaction of all concerned.

Distinctive retail outlets have joined this conflict too. In the U.S., Walmart declines to acknowledge Apple Pay since it needs to promote its own mobile application.

This chaos and the conflicts that are rising are making it further more difficult for the mobile payment methods to survive. Nobody, either banks or retailers appear to perceive how this confused thought of beating the “rivalry” is not working. Eventually, the general population who matter, the customers, are going to fail this complicated chaos.

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