As the number of smartphone users increases across the globe, the tech industry grows and competition among mobile manufacturing companies increases. According to a recent report by CACI, 60% of the population in the United Kingdom is expected to use mobile banking applications by 2023.
At the end of 2018, the number of mobile bank application users was 22 million. The need for secure platform has resulted in the inception of cryptocurrency mobile banking apps and solutions. They are powered by blockchain technology and have gained traction due to the security detail and convenience.
Rise of Cryptocurrency Mobile Banking
Most of the mobile banking applications are provided to customers by both local and international banks. However, we have started noticing some of the large companies such as Google and Apple warming up to the idea.
The main objective of Apple Pay and Google Pay is to make it easier for their users from all across the globe to send and receive payments using their smartphones. Unfortunately, the two services are yet to get as much results as the developers and proponents of the technology expected.
A new report by Loup Ventures shows that only 20% of smartphone users make use of their devices as digital wallets. Lack of trust is one of the main factors that discourage most people from using the two services.
Mobile manufacturing companies such as HCT that is based in Taiwan recently launched a blockchain phone, Exodus 1. The smartphone was marketed as one that could only be purchased using bitcoin. The latest model, Exodus 1s is rumoured to be capable of running all operations in full bitcoin mode.
Samsung is another major company that is keen on embracing cryptocurrency mobile banking. Samsung S10 phone comes with a cold storage that investors can use to store cryptocurrencies.
The two scenarios are proof that the new generation of innovators are keen on coming up with solutions that will fill in gap between cryptocurrencies or digital assets and fiat currencies. To achieve this, they are working on virtual debit cards and mobile applications that will be secure, affordable, and convenient to use.
Plutus, is one such company that has announced that it will launch a carded solution for this purpose before the end of the year. In a recent interview, Danial Daychopan, the company will offer a cryptocurrency friendly alternative to the conventional mobile banking that is riddled with countless security challenges. Even though the company is not a bank, the carded solution will make it possible for them to offer financial services using cryptocurrencies.
Revolut is also reported to be creating a similar solution, but only time will tell if the two will revolutionize and improve cryptocurrency mobile banking industry. Get more news about cryptocurrencies here.