About the growth of mobile payment transactions based on trust


The separation of generations is wider as these times show us that those that grew up with the internet embrace the mobile lifestyle. Even if there are millions who do not go online to shop or pay their bills by making a payment transaction, studies show that most who do so belong to the millennial group and generation z. When the pandemic forced people to go on lockdown, those who were already using their mobile phones to shop and make payments found it much easier to adjust. The internet became vital to survival in this unseen war that has taken the lives of thousands of people all over the world. 

mobile-payments

When traditional was new 

When what is traditional was new, such as credit cards, it would be bombarded with all sorts of questions. There would be doubt and lack of trust as people are accustomed to what they do. It is difficult to accept something new as there is a learning curve and when one is stuck with their ways, it is not easy to change their minds. This is especially true when it comes to money, something that has always been in physical form. Electronic money is nothing new as it has been around for decades as the banking industry paved the way for it. Yet, even if people look at their bank account balance at an ATM and accept it as true, there are still those who do not trust in digital cash and refuse to make an online payment.

Acceptance of digital cash

An example of how what we see on screen can become physical cash is a typical ATM transaction. We can withdraw cash from these machines as long as we have sufficient funds from our accounts. Another example of a payment transaction that is done by electronic means is when we swipe our credit card at a terminal. No one doubts the integrity of such transactions yet when using online payments, there is still a lack of worldwide acceptance. 

Physical payment instruments

Forced to interact with people and do other tasks on our mobile phone during the recent lockdown, there is a lack of its physical presence may be difficult to accept. Though we may use video chat to communicate and make online payments when we shop, we want to see them with our own eyes and hold money in our hands. What is virtual is real yet like air, we cannot touch it but it is there. It takes time to adjust but when there is no choice, many people discovered that online payments worked as a lifeline during these pandemic times. 

What we cannot see or touch 

There is this thing called belief but virtual cash is not based on something that we can never see. There is a payment system that is networked with the funds that do exist in electronic form. If a person does not believe in digital money and refuses to make an online payment, the proof can be shown, unlike that of faith that there is no proof but the belief.