The History of the Mobile Payment Experience #INFOGRAPHIC

The technology behind mobile payment continues to grow rapidly. However, the idea of ​​mobile payment is not a new concept

When Coca-Cola first started mobile sourcing in 1997, the company launched a vending machine and customers were able to buy drinks by text message. This has triggered a series of positive events that changed the customer experience of mobile payment.

In fact, this concept has a long history, the earliest form of "mobile" payment, ie, begins with livestock. Precious metal coins were used in 700 BC, bills were first used in China in 960, the first "prepaid card" was issued in 1921, and the first latest credit card was issued in 1958 .

Since then, mobile payment has grown even further. Coca-Cola first started mobile sourcing in 1997. The company has a vending machine that allows customers to purchase drinks via SMS. In the same year, Exxon Mobil began offering contactless payment options to customers. These activities began with initial text and RFID mobile settlement options.

What does these movements mean for today's consumers? According to the information map under emergerbroker.com, there will be approximately 447.9 million mobile payment users worldwide by 2016. These technological advances mean that the consumer experience will continue to be more convenient, faster and more efficient.

Nothing is as useful as paying for goods or services from the place you need through your mobile device. As of the second quarter of 2014, the second most popular form of mobile payment is Near Field Communication (NFC), 37% of smartphone users use this method to pay items, 19% of tablet users, I will use this method.

Near field communication (NFC) has recently begun to be used by merchants. This technology not only allows consumers to query producer information but also allows consumers to check out at contactless payment terminals. Because NFC has a narrow transmission range, it is ideal for 1: 1 dialogue. Once the device is enabled, it will be connected to the NFC tag when there are other devices nearby, but these dialogs must be activated first by the consumer.

As NFC continues to evolve, it may be a one-step payment method that can provide services to customers from the location where you choose to purchase. Looking back over the years, you can see how far the development of mobile payment is progressing. Continued progress in technology makes mobile payment development unlimited

Perhaps the most amazing thing in this history is that PayPal originally started as a mobile payment company, but eventually it abandoned mobile payment to focus on online payment. Now that mobile payment is the current battlefield, we are aware that PayPal is deeply rooted in our competitors and when we are trying to defend the platform we should beware of the same self-defense concept of eBay. At this point, the reader may think that I am opposed to any company that protects my novice intruder. I would like to clarify that this customer focus focuses on the idea of ​​achieving and maintaining superiority. In fact, I believe that the only truly reliable strategy to dominate the market is customer focus

What does these movements mean for today's consumers? According to the information map under emergerbroker.com, there will be approximately 447.9 million mobile payment users worldwide by 2016. These technological advances mean that the consumer experience will continue to be more convenient, faster and more efficient. Nothing is as useful as paying for goods or services from the place you need through your mobile device. As of the second quarter of 2014, the second most popular form of mobile payment is Near Field Communication (NFC), 37% of smartphone users use this method to pay items, 19% of tablet users, I will use this method.

NFC or "contactless" payment is a payment made directly between a mobile device and a payment processor that can accept them. To do NFC mobile payment, you need to install the Mobile Wallet application on your device. To receive your company's NFC mobile payment you need a settlement leader (Square contactless reader, chip reader, etc.). Apple Pay is available in the new version of the iPhone and Apple Watch. To pay with Apple Pay, add a credit or debit card to the device's Wallet app. While in a store that accepts Apple Pay, keep the Touch ID button and place the iOS device on the payment reader (this is a special protection layer). Learn more about how to use Apple Pay and accept it in your business