The Future of Money and Mobile Payments

Well, there are more than 600 million (half of the Chinese population) in China use mobile payments on daily basis, China pretty much jumped from paper money to mobile payment directly because of Alibaba. It is amazing that you can pay anything in China with your smartphone in just a few seconds, crazy change.

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The Number One Reason People Don't Use A Mobile Payment App

Do you use Apple Pay, Google Wallet, Paypal or some other new startup mobile wallet? No, we didn’t think so. No one seems to be using their smartphones to pay for stuff. Well, almost no one. You don’t want to carry around credit cards, or even our wallets, right? But we still have to. With all of the hubris and excitement over mobile payments you rarely see anyone buying things at stores and restaurants with their mobile devices. Family, friends and work colleagues all own iPhones or Android smartphones. There not afraid to download Apple Pay or Google Wallet or another mobile payment service and get it configured. And yet, they are still overwhelmingly using credit cards or cash like they have always been doing. (According to Gene Marks article in Forbes)

Unfortunately, all apps use the same 'broken' system.

Why?  Small merchants aren’t getting on board. But why don’t small merchants accept Mobile Payment Apps? That’s easy. Just follow the money.

Because it is expensive and we are not just talking about the fees the merchant processing cost them to accept credit cards but they need to purchase or upgrade to a point of sale devices that accept the service. They need to make sure the device is integrated with their current systems. They need to train their employees (and re-train new employees where turnover is significant) how the process works. And if they’re going to offer mobile payments, they’ll likely have to go all-in and get themselves setup for Google Wallet, PayPal and others. This is disruptive for many low-margin retailers and restauranteurs, and super-disruptive for smaller merchants who don’t have the time to deal with a headache that’s not on their list of the top 100 headaches of the day. Particularly so when many of these business owners already hate credit cards to begin with.

Small merchants hate the 2%+ fees charged by credit card companies, plus charges for statements and cost to purchase equipment. It has an enormous impact on their profits. And now there’s mobile payments? This is not profitable. A customer rewards program, like the one Apple is reportedly planning isn’t the answer. The customers don’t need help. Merchants need help. There are no incentives, lower fees, discounts or reimbursements to the small merchant for doing this. Just more costs. So, 87% (according to Forbes) of them just aren’t doing it. It’s a money loser and smart business owners know it. And until the rest of the mobile payments industry accepts this fact and ponies up some cash, most small merchants will only be accepting credit cards or cash for the foreseeable future.

Is there an alternative?

Nudipay is mobile payments with the barest of fees. That's how we got our name.  The idea came to Les Toft from all the fees that his co-founder Raff Velardo in the hospitality industry complained about. What makes Nudipay different? Our mobile wallet has it's own eco system and instead of you having to find an ATM, carry all your credit and debit cards, or always have cash on you, you will just be able to carry the cash right on your phone. But what really makes Nudipay stand out is that the merchant, all merchants will pay just 15¢ a transaction regardless of the size of the transaction. On top of that the small merchants do not have to purchase any equipment, they can use it on their laptop, computer, smart phone, tablet, etc.. No need to buy anything. This makes Nudipay attractive to merchants of all size, especially the small businesses located near your home or work.

Nudipay owns their own gateway. This gives them an unfair advantage of everyone else who uses traditional payment gateways. Right now, when you buy something, your personal information is bounced around all over the web from one system to the next. With Nudipay, your information doesn't go anywhere, in fact, it's not required at all.

They are the only mobile payments company setup to service 100% of the market. All other apps target smartphones exclusively. In the USA and Europe alone, ApplePay, Google Wallet and Paypal have no solution for 600 million customers. It's crazy!  They say, 'If you don't have a smartphone, we can't do business'. We say, everyone should be able to use their mobile phone to pay for stuff.

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As Smartphones continue to transform the way we do business, the possibilities of completing transactions completely from our mobile devices continue to expand.

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Panhandlers need to rethink and develop new payment terms/selections too. The unbanked will make new ironies.

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