After the global pandemic hit in 2020, the contactless mobile payment industry grew to unprecedented heights, shares Dan Schatt, CEO and—along with Domenic Carosa—co-founder of the DeFi start-up Earnity. In the US, in-store contactless mobile payments saw a 29% increase as COVID-19 forced consumers to forgo cash and credit cards at point-of-sale. The same year, 92.3 million users utilized proximity-based mobile payments at least once during the previous six months.
Still in 2020, the adoption of mobile payments was largest among millennials and Gen Z. Millennials are responsible for 4 out of 10 mobile wallet consumers, while Gen Z is slated to contribute 4 million of the 6.5 million new mobile wallet users each year from 2021 to 2025. For more shoppers to adopt mobile and digital payment strategies, brands must consider offering these as payment options.
One of the reasons for the global growth of mobile payments is the ease of use. Global brands should also consider domestic payment methods, as consumers like to feel in control, expecting a smooth shopping experience wherever they are. Blockchain technology is expected to impact users’ consumption and behavior concerning payments. Cryptocurrencies that are popular among consumers will be featured more consistently. Future-centered payment technology companies need to provide clients with the next best payment method or promote features those consumers consider crucial.
Earnity’s Dan Schatt notes that nothing beats relationship management and human interaction. Domenic Carosa agrees, adding that to effectively drive growth with mobile payments such as crypto, it is essential to make it much simpler. As a result, they ensured that Earnity was developed into a platform that would foster a new way to exchange, earn, and learn about crypto while also providing its users with a secure marketplace.