These days mobile phones are ubiquitous. It’s hard to find a person in the streets who is not engaged with his or her phone. Mobile phones are no longer use for just emails or watching viral videos it’s being used in every aspect of our everyday lives.
Smartphones have taken over our lives so much that all the other devices have been forced to take other roles in our everyday lives. While we don’t expect to see our PCs go the way typewriters went but we certainly don’t see them as we used to see them a decade ago all thanks to our smartphones. The smartphone is not only becoming the main source to access internet but also it is changing our relationship with physical money and how we transact.
It seems with the evolution of smartphones, money too has evolved and this is the fundamental change in the way money is perceived and also it will keep on have major implications for digital commerce. New opportunities are coming the way of businesses as consumers are transacting with them anytime and anywhere through the use of smartphones.
To have a clarity on the subject, here are some of the major events that helped in paradigm shift for the rise of e-commerce through smartphones.
2007 – The iPhone was launched
2008 – The first of the Android phones launched
2009 – Smartphone based Uber taxi launched
2012 – Google launched its Play store.
2015 – The total of 7.7 billion mobile connection world over
Recently Paypal celebrated its 10th anniversary of launching mobile payments service in US. When the service was launched the total mobile payment was only 1% of total transactions but that figure changed over the years. It’s now almost 30% world wide as per the paypal customer service people. It’s worth pondering over how much the mobile payment landscape has changed.