Will Mobile Payments Become Popular in America?

Not all that long ago, the concept of being able to make payments through some kind of a mobile service would have seemed rather ridiculous. However, nowadays two of the biggest economies in the world, namely China and India, have seen enormous success with contactless mobile payments, and the Netherlands has seen a successful implementation of this kind of payment service as well which has led to widespread change with regards to how people can end up buying and selling things in the first place.

One country that had initially hesitated to adopt mobile payments was America which was quite surprising because of the fact that America is usually at the forefront of innovation yet at this current point in time China and India are far ahead of it in terms of mobile payments and the like. However, it appears that the current coronavirus pandemic has changed things in terms of adoption of mobile payments, and a recent report has indicated that only around 37% of Americans no longer use some form of mobile payment technology.

This is a massive increase from what was seen previously which is crucial to the success of this new industry as a whole. Companies like Venmo and Cashapp have become mainstays for people, and since this data comes from YouGov it really is a fairly reliable reputation of how Americans are sending and receiving money on a more or less regular basis.

With all of that having been said and now out of the way, it is important to note that just because of the fact that mobile payments are getting used does not in any way mean that they are now the mainstay of how people interact with monetary situations. Plastic money still tends to be the most popular way to go about doing that sort of thing with around 50% of people using them exclusively for online payments, but PayPal came in at a close second with 41% which means that it’s starting to become an even more popular way for payments to be made.

Suffice it to say that mobile payments are the way of the future because of the fact that this is the sort of thing that could potentially end up reducing the amount of items that people would need to carry around with them as well as helping to make transactions as simple as possible. Cash is a pretty inferior medium of exchange after all, and until cryptocurrencies become a lot more sustainable tech companies will have to think of a way to make fiat currencies more efficient and mobile payments might just be the best way to take fiat currency into the future.
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