Can you believe it’s already August? Summer is drawing to a close and the kids are going back to school. Pretty soon fall will appear on our doorstep wearing a beanie and sipping a pumpkin spice latte. Life moves quickly; doesn’t it? The mobile payments world is no different — in fact, it knows no season at all. Industry masterminds working behind the scenes of our favorite fintech apps have only three references for time. Yesterday. Today. Tomorrow.
As we prepare for a massive shift toward mobile payments in the next 12 months, we need to know where we stand. More importantly, we need to know where to move.
You can contribute to that discussion by downloading Bitmo for free and joining our beta team. Your two cents will actually be worth up to $5 when you invite other users to experience Bitmo with you. In the meantime, let’s take a look at the state of mobile payments.
Yesterday: Wal-Mart Pay Rolled Out Nationwide
In early July, the world’s largest retailer expanded Wal-Mart Pay to all stores across the United States. Shoppers can scan a QR code at the terminal to pay with a linked credit, debit, or gift card and receive an electronic receipt. Overall transactions increased by 45% within the first week indicating widespread consumer interest and ease of use.
Today: Pay with Venmo Now Available to All Users
Venmo has released from beta the ability to check out directly within third party merchant apps. The pay feature is currently limited to Venmo partners: Munchery, Gametime, Priv, Poshmark, Hop Market, Wish, Parking Panda, Dolly, Urgentli, Boxed, and delivery.com. Users can immediately request to split the payment among friends after the transaction.
Tomorrow: Same Day ACH Transactions Near Reality
Proposed in 2014, NACHA’s Faster Payments initiative would give financial institutions the ability to receive same day payments along with the option to generate them. What does this mean for you? Less wait time for things like direct deposit, online bill payments, and electronic checks. Will your bank begin same day origination when it rolls out on September 23rd?
Want more industry insights? We’ll shoot them straight to your inbox! Subscribe to our newsletter over at bitmo.com.