Making payments quickly has become a must in recent years as many use traditional mobile banking applications to manage their finances. But how has this changed as we move into 2020? In this article, we will be providing you with insight into some of the payment apps that have dominated in 2019 as well as help you to predict what is next for mobile payments in 2020.
In addition to helping businesses, PayPal has also helped individuals to pay their family and friends with the cash they need almost instantly. With a secure pin and transaction ID for each payment, you can begin to pay money quickly and easily without having to get money out. Though there are official mobile banking apps to help you achieve this, PayPal is by far one of the best and can help you to make transactions quickly and easily from your phone or computer.
Due to the PayPal account is separate from a bank account you can choose to either keep it in your account or make a transfer into your normal bank account. This is beneficial for those that are using PayPal often as it ensures that your bank details are secure when using the app. With approximately 286 million accounts in the second quarter of 2019, PayPal is gaining popularity at a growth rate of approximately 17% year on year.
This larger user database comes as no surprise as Paypal is one of the most secure options on the market for businesses as well as individuals to not only finance transfers but also deal with investing or trading in a scaled way. In fact, Paypal is one of the top 3 preferred deposit methods when it comes to trading, particularly on the forex market. Paypal security has not only expanded Fintech technology as a whole but it has revolutionised the way businesses operate for the better.
Google Pay is a fast-growing mobile application that is as simple as setting up a payment method. You can then pay for items off of your phone in just a few minutes wherever you are. With an easy scan card option, you can input your payment method and begin to pay for items without even opening the app. It will detect that you are trying to purchase an item and will pop up allowing you to pay for items without even using your card. Though this a relatively recent release from Google Pay the app has more than 100 million users that have installed the application.
Though this is a highly saturated market, Google and its main competitors Apple and Samsung are taking up a majority of the market making it easier than ever for people to pay for items and services through their phones. Though this is only in the early stages of its capability, more and more banks, as well as high-end restaurants, are enabling the people to use these payment methods when out and about making this beneficial for you.
Apple has become one of the biggest tech giants in recent years and with the popularity of Apple Pay taking over there have been a number of technological advancements made to bring mobile payments into our everyday routine. Though the mobile application has become highly popular, there has since been the release of the Apple Card. This not only allows you to make payments quickly using your mobile, but it helps to promote authenticity and transparency when borrowing money. Since its implementation, apple pay along with the Apple Card has begun to change the way people pay for items using their mobile device.
The final way that payment apps have revolutionised payments for the better is with Samsung Pay. This is the third and final competitor in this market and has changed the way that a number of people pay for items on the market. Though there are Google pay options for Android users, there is also a number of people that use Samsung pay on the go. With many using their phones to pay for train tickets on their daily commute as well as nights out on the town, Samsung pay makes for a secure payment method that can be used again and again, helping to limit the potential of card theft when travelling.
The Future Of Financial Applications
With the future of financial applications in 2020 looking promising, there are a number of fintech developments as well as mobile-first banks that are set to revolutionise the way people interact with their phones as well as make payments on the go.
The Future Of The Apple Card
One of the biggest changes that are set to happen in 2020 is the introduction of the Apple Card on a much larger scale. Though this technology is only operating in the USA at this time, this technology is set to expand to the UK and other leading countries in the coming years. Though there is no set date at this time for the UK release a recent Patently Apple Report shows that the tech giant has applied for an Apple card trademark in Europe and Hong Kong.
The Expansion Of Mobile-First Banks
In addition to the Apple card, it is also important to note that banks such as Monzo and other mobile-first banks will continue to expand in 2020. With more and more people looking for a quick and instant way to bank, the use of mobile banks has increased dramatically.
Whether you are looking to trade using a PayPal account or you are looking to make payments quickly with the use of Google and Apple Pay, you can be sure you will make the most of your banking potential as we move into 2020.