Mobile payments have been a soaring success for quite a few years now. A 2013 report by the Centre for Economic and Business Research found that by 2018, the value of mobile purchases will have tripled, totalling £14.2 billion.
By 2020, mobile payments are expected to represent 1.4% of consumer spending – a colossal number showing serious exponential growth in this part of the economy.
So, how sustainable are mobile payments in the new economy?
Well, mobile payments are sustainable as they are attractive, and people generally like them. They’re convenient and they’re easy – two qualities that are in our nature to seek out.
Building on this level of sustainability, mobile payments are also helpful in terms of sustainable development. Those in developing countries have access to emergency payments and transfers (something that is often a barrier to healthcare) and generally have protection against social, political and natural disasters.
What are some of the most established mobile payment services out there, you ask? Look no further! Here’s our top four.
Most people have used or do use PayPal when ordering things online from Etsy to your Saturday night takeaway. Established in 1998, PayPal is one of the most successful examples of mobile payment services, partnering up with both small businesses and big businesses, so it’s really an ally for everyone.
PayPal is perhaps one of the most convenient of all mobile payment services as all you need is your e-mail address and password, not your bank card and then all of the numbers under the sun. The safeness and security of PayPal is also an added bonus, as is the fact that when making transfers to people, you don’t have to give out your bank details. It’s a thumbs up from us.
PayAnywhere is another well-established mobile payments service, charging users just a percentage of the total expenditure and providing them with a free card reader and app too. It’s a service used widely across major phone brands, including iOS and Android, and allows for the consumer to be in control of what they pay and – you guessed it – where they pay it.
As well as all of that, PayAnywhere’s card reader has the ‘lock’ feature, allowing users to turn off the device while it’s not in use. In terms of privacy, this service is pretty rock solid, especially when it comes to the encryption it incorporates too.
Similar to PayAnywhere, GoPayment provides a free card reader and functions efficiently on most iOS and Android devices. It allows you to make mobile payments from anywhere you like and charges just a fraction of the total expenditure. GoPayment’s USP is most definitely the possibility of a monthly payment plan, allowing for consumers to pay what they can and when (within reason, of course).
Businesses also have a good ride on GoPayment: it’s easy to get paid and to pay others and receipts that are set out can be customised to add company logos and that all-important ethos.
4. Apple Pay
And, finally, we end with what you’d think is a complete giant of the mobile payment service industry. Apple Pay was launched initially in 2014 and has only recently really took off with the re-vamp of the Passbook into the ‘Wallet’.
The USP of Apple’s crack at mobile payments is that you can store every card, coupon and loyalty card on your iPhone and don’t have to carry any of them around with you in your real life wallet anymore. And if you’re heading off on a plane journey, you can put your ticket on there too and instead of breaking your neck looking at a screen in the airport to find out what gate you need to be at, you can find out in the palm of your hand.
There aren’t many stats on Apple Pay, which speaks for itself, but it is safe to say that based on hearsay, it’s taken off much further in the States than in the UK.
Our writers come from all over the world, but one thing unites them - their passion for sustainability.