How Covid-19 impacted the Mobile Payments market?
Covid has impacted so many functions of our daily lives, but most notably for businesses might just be how its impacted the mobile payments market.
Covid-19 has changed the way most of us live. The way we get from place to place, the precautionary measures we take, where and how we dine and even the way we pay for things has changed because of the coronavirus.
An Online World
Data shows that more people are leaning towards the use of mobile payments and going online for most of their needs and wants, which includes everything from buying clothes to food, and even playing online games.
A recent study shows that online casino games have seen an incredible rise in the number of players because of the quarantine period that was imposed by various countries all across the world. Players are using different forms of online mobile payments like the gamblers playing SparkleSlots are mostly inclined to Pay by mobile slots at SparkleSlots.
The Mobile Payments’ Market
‘Contactless payments’ is one of the most heard words right now, and mobile payments apps are letting you do the same. People in various countries are using online payments, doesn’t whether it’s used worldwide or just in that specific country.
For instances, in Poland, the top mobile payments’ methods are PayU and Przelewy24, while in Brazil, the most popular option is Boleto Bancario or credit and debit cards. The Chinese, on the other hand, love to pay using Alipay or WeChat Pay.
Check the Statistics!
Considering the studies and research from various sources, mobile payment has seen a rise of more than 50 per cent since the end of 2019. Most of the people are trying to shift to mobile banking.
Around 45 per cent of the people having banked participants are changing their banking ways and payments’ methods. 39 per cent of the Gen X crowd, 46 per cent of the baby boomers, and 36 per cent of the millennials are using online banking.
This isn’t limited to the United States, even developing nations are adopting mobile and P2P payments, especially because of the coronavirus pandemic. The fear of coming in contact with an infected person or contracting the virus touching the notes is forcing people to go digital as much as they can.
A great example of this is Rwanda, where P2P transfers in the first week of January was around 7.2 billion RWF, whereas in the last week of April it rose to 40 billion RWF.
E-commerce, Mobile Payments and Covid-19
People mostly go to e-commerce giants like Amazon, eBay and many more for buying different household items. Many market chains are seeing a surge in the site’s traffic because of the world going online. This has increased mobile payments through UPI, e-wallets etc.
The Future of the Payments
It is beyond doubt that mobile payment is the future of the fintech industry. A lot of payments’ apps options are already there for people all across the world, leading to a healthy competition and trying their best to improve their interface and make technological advancements to attract more possible customers.