Big data has helped us learn more about the changing nature of the economy. A growing number of digital firms are using machine learning to discover insights into the nature of the new world of commerce.
One of the newest trends is the role of phone payments for a variety of services, especially those conducted online. New Hadoop and other data extraction tools have provided a great deal of information about these trends. Uulaa provided some very insightful information about the link between big data and phone payments in a Medium article.
Big Data Shows the Changing Role of Phone Payments in the New Economy
The world is changing at a rapid rate. Many of these new changes are evident in our economy and how we transact and do business. As it turns out, we now have witnessed the emergence of an entirely new currency which goes beyond the outdated banking systems in the form of cryptocurrencies which has been receiving a massive amount of interest and hype. Gone are the days when the only way to make financial transactions was by paying with cash or using a credit card.
These days, there are newer and better ways to transfer money and pay with a mobile phone has quickly become one of the most popular and widely accepted options. You can purchase just about anything using a mobile payment method and there are even some sites that work exclusively with this method. Online casinos have been particularly supportive of the pay by phone method and there are many brands such as PaybyPhone offering this option to their clients.
These services would not have been possible without major advances in big data. Big data has also made it easier to detect the changes in the ecommerce field. A growing number of banks are using big data to encourage mobile payments as well.
Big Data Insights into Phone Payments
Mobile phone payments check all the right boxes by providing fast, secure and convenient transactions anywhere at any time. In this article, we will be taking a look at some of the facts regarding mobile phone payments. The observations that we have made hear come from extensive data mining from companies that keep big data reserves of this information.
Phone Payment Facts
- The current leader in the mobile phone payment market is the software giant PayPal. The company has the most registered users on its e-wallet platform that is predicted to reach 2 Billion users in 2019. Big data tools have shown this figure is likely to keep growing.
- Most of the people making use of the mobile phone payment option are between the ages of 35 – 44 years.
- About 25% of all users with a smartphone have used their device to pay for goods and services online at least once.
- Companies such as Google and Samsung who have developed their own mobile payment systems, namely Google Pay and Samsung Pay, are developing strategies that will reward their users with benefits every time they choose to pay for goods using their mobile phones. The aim is to get more and more people comfortable with making payments using their mobile phones, as many people are still hesitant to place their trust in this new system.
- A recent study revealed that most members of the public would feel more comfortable making mobile payments in a physical store than they would online.
- There are more than 5 Billion mobile payment accounts that have been opened and are currently active throughout the globe.
- The majority of mobile payments are being made in the region of Asia and the Pacific with Africa and North America not far behind. The regions where the least mobile payments have been adopted include the Middle East and South America.
- Customers now have a variety of phone payment providers to choose from and this list includes Venmo, Stripe, Chase Pay, Apple Pay, Google Pay, Samsung Pay, Trustly, Boku, Skrill, PayPal, Neteller and Walmart Pay for residents in the US.
Big Data Lends More Credibility to Phone Payments in eCommerce
The ecommerce field is growing significantly, largely due to developments in big data. Big data helps companies learn more about the effectiveness of phone payments and other transactions.