How are mobile phone payments better than old methods?

How about an online method to send money to Gambia? In this article, we will walk you through a brief history of mobile phone payments, comparison between old methods of payments and the yesterday, today and tomorrow of mobile phone payments.

Background:- Historically, people used to undergo hazards of commuting to make payments and carry out business activities. High risk was involved in this mode of travelling since people would carry cash and their valuables with them as they would travel. This resulted in big numbers of thefts, robberies and murders, which gave birth to the idea of safekeeping of money, valuables and making payments from afar. This is how the concept of banking came into existence.

We know from history that in the United Kingdom, around the mid-nineteenth century, the currency notes issued at that time were handwritten! It was surprising. But, with the passage of time, processes of evolution kept progressing and lead us into today’s latest ways for money transfer to Gambia and worldwide.

In modern times, we see banking operations in their most sophisticated form. But that was not it.

As the world became a global village and squeezed distances, the need to save time arose.

This pushed the world into a whole new dimension of financial behaviours. Of importance is to keep in mind that the last two decades saw the advent and exponential growth of smartphones.

As every new technology evolves over time, smartphones underwent the same and the world entered into a whole new era of making payments which over time came to be known as mobile phone payments.

Now, let’s take a look at the timeline of mobile phone payments.

1998 – PayPal is founded;

1999 – People purchased movie tickets;

2003 – 95 million cell phone users worldwide purchased via their phones;

2007 – iPhone and android operating systems were launched;

2008 – Bitcoin invented;

2011 – Google Wallet is released;

2014 – Apple Pay is launched;

2015 – Android Pay and Samsung Pay are launched;

2020 – Around 90 percent of smartphone users have made a mobile payment.

Currently, the volume of sales in mobile wallets is upwards of 60 billion USD.

Let’s now take a look at the benefits of mobile payments.

Convenience:- Mobile payments have made it easier for people to make online money transfers to Gambia and other countries with comfort and convenience. It also helps people pay from the middle of their comfort zones which was not possible in old methods.

Time:- Another benefit of mobile payments is that it saves time because there is no travelling to and from a financial institution involved in processing a transaction, which was integral to the old methods.

Fast processing:- Mobile payments take between a few seconds to a few minutes or, in some cases, may take a few hours to transfer funds and make payments.

Catering to emergencies:- Mobile payments can meet emergencies and urgent needs as they emerge. In the old methods, processing payments and transferring funds would take a lot of time, and people would find it hard to meet their emergencies. But, mobile payments have resolved this issue by taking care of emergencies as they arise, when they arise.

Distance:- Distance between the sender and receiver no longer matters. If the sender and beneficiary are living in two opposite parts of the world, making payments and transferring funds is as easy and convenient as though paying from a distance of no more than a few meters.

Safety:- Another feature of mobile payments is safety and security. Since these payments are made from your comfort zones, the risk factor mitigates substantially.

Conclusion:- We have seen the benefits of mobile payments, which were a rare commodity in the old and conventional modes of payment. But, these benefits are not all. As time progresses and technology evolves, there may be many more benefits that mobile payments bring along to send money to Gambia online.