FinTech has revolutionised modern-day payment systems. Long gone are the days of needing to remember PIN numbers or cash — now, users can complete transactions with the click of a link or scan of a QR code. With cashless payment transactions set to triple by 2030, the future of mobile-first payments is not just impending: it’s already here.
The Rise of Mobile Payments
Mobile payments allow individuals to successfully complete transactions from a smartphone, using either third-party apps or digital wallets. This method of personal financing represents a growing shift towards a cashless society, facilitated in part by the COVID-19 pandemic.
The pandemic necessitated a need for contactless payment options, due to growing concerns amidst both retailers and consumers over hygiene and personal safety. This led to a sharp decline in cash usage in 2020–21, with over a quarter of all transactions in the UK being contactless in nature.
Financial technology (FinTech) innovations took the idea of contactless payments a step further, by allowing users to make payments directly from their mobile phones. This transaction method utilises quick response codes (QR codes) — an innovative technology that is similar to a barcode but able to hold over a hundred times more information. However, despite the ease and convenience that QR codes offer as a payment option, many retailers lacked the infrastructure or means to successfully implement mobile-first payments for consumers.
This is where Voilo steps in.
What makes Voilo different?
Voilo takes the stress out of payment collection. The process is simple and easy: everyone from independent, high-street retailers to freelancers can do away with card machines and cumbersome bank details by instead providing users with a QR code or link that will automatically redirect them to their mobile banking app to authorise the payment.
With transaction fees from as little as 0.29% and instant processing times, Voilo is up to 90% cheaper and 95% faster than when paying via card or direct debit. Through our app, any retailer or charity — big or small — can take advantage of the growing convenience and proliferation of QR Codes and mobile payments.
Post-pandemic, consumers of all age brackets are still drawn to the flexibility and ease offered by mobile-first payments. For instance, users can instantly set up loyalty cards in the Voilo app, meaning they never have to worry about carrying multiple different physical cards for a variety of stores again. By using digital loyalty, users can be rewarded when they shop, with special discounts and offers from their favourite retailers.
Mobile payments also enhance user security. Individuals no longer need to worry about carrying significant sums of cash in public. With the average Brit checking their mobile phone roughly every 12 minutes, it is also safe to say that misplacing your smartphone is far less likely than losing your credit card, proving that the safety aspects of mobile payments are not to be overlooked.
A New Way of Paying
It is undeniable that FinTech start-ups like Voilo are spearheading the disruption of the mobile payments market. As more and more retailers are offering smartphone-friendly payment options, it is clear that users are ready to embrace this new and exciting way of sending money.