In our latest infographic, ‘Blockchain For Mobile Payments’, we take a look at how blockchain technology can help improve your personal spending. First, you’ll be taken through mobile payment predictions for 2021. For example, the monthly internet traffic by that time is expected to be up by 37 GB from 2016, and the average broadband speed from 2016 to 2021 is predicted to be up by 25.5 Mbps!

From there, the infographic tells you about various benefits of using mobile payments, such as having more transparency, better security, more efficiency, less costs, and they’re easily traceable. Did you know that with mobile payments, documents are encrypted and related to previous activities? Or that deals using mobile payments can be done without the use of third parties? And that since the intermediaries can be eliminated with mobile payments, processing costs can be cheaper?

Next, you’ll learn about some of the challenges that are faced by mobile payments, such as customer experience, financial issues, rivalry, business discrepancy, paying habits, and security concerns. For example, you’ll discover that one of the hindrances to wider adoption of mobile payments is the costs of the necessary machines and devices to accept them. You’ll find out that since credit cards and VISA are more popular, that many retailers prefer them, and also that since we (as customers) are so used to paying for things out of our physical wallets, it can be difficult to make the switch. You’ll also learn about a perceived fear that keeps some people from using mobile payments, and the reality of the situation.

You’ll also learn more about mobile payment marketing strategies. You’ll learn about strategies centered around privacy security, getting more sales and deals, benefits of real-time reminders, and exclusive access. For example, did you know that merchants can send special offers right to potential customers’ phones that are within close proximity to the location? Or that providers and merchants can work together to make special offers for loyal customers?

From there, the infographic discusses current and potential future trends of mobile payments. It discusses the growth of mobile payments, China’s lead in the market, popularity compared to cryptocurrency, and using blockchain for security. You’ll learn about China’s potential advantage in the mobile payment sector, the technology that can help secure customer data, and much more.

Lastly, the infographic covers the (BCMY) mobile application as a mobile payment method which uses blockchain technology. You’ll learn a bit about our various features which can help the wallet be your one-stop application for transactions.

We hope you enjoy the infographic below.
Have a great day,
The team.