The payments through credit & debit card occupy a smaller pie when compared to the cash in India, but in most of the Western markets, we have seen more technology advancements when coming to the payment services. Instead of swiping the card, there are NFC Chip-based cards which just a tap to make the payments. Visa recently provided the payment ring that includes NFC chip to their team of Athletes at the Rio Olympics, and now it is available to the public in selected markets.
In between, we got the mobile payments system as the smartphones are becoming more and more powerful. According to Statista, the revenue from mobile payments in 2015 was $450 billion and is expected to cross $1 trillion in 2019. As it needs special infrastructure than the regular swiping machines, we can’t expect it to be widely available anytime soon, at least in developing countries like India. While the iOS users already had Apple Pay, only selected Android smartphone manufacturers have launched their own mobile payment services till date.
Samsung Pay occupies a major chunk in the Android-based mobile payments and recently the company also expanded it for web payments. In China, Huawei and Xiaomi introduced the NFC-based mobile payments with their respective smartphones. Now OPPO which is the second largest Chinese smartphone brand will soon introduce its own mobile payment service. While there is no official information, the announcement might come up at the upcoming IFA 2016 that will be held in Berlin next week. It might work same as the Samsung Pay or Apple Pay and just needs a tap for the payment transaction.
The smartphones with fingerprint sensor can make hassle free payments as it all needs a fingerprint instead of the password. Earlier at the MWC 2016, OPPO introduced the new SmartSensor Image Stabilization and Super VOOC technologies. While Optical Image Stabilization takes at least 50 milliseconds to adjust to the motion whereas SmartSensor can react in just 15 milliseconds. On the other hand, the Super VOOC technology will bring the charging time to the least. A 2,500mAh battery can be 100% charged in just 15 minutes.