Arnaud Gilbert 
Although the idea of money is old enough, our ideas about money have changed a lot over the past decades. Even today, different generations have varying definitions of what is money and how you should control and use it. You might remember the saying that cash is the king. In our world, where everything gets digitized, even if cash is the king, it’s a weak and unreliable king, which is considered an old-fashioned attribute in modern affairs.
Mobile devices with integrated or native applications showed people that money can be with you, but not necessarily in your pocket. Moreover, controlling finances through mobile applications is much more convenient than anyone could ever imagine.
Today, the majority of smartphone users have a wallet in the device to pay or receive money, while dealing with different daily activities, starting from shopping to paying for the parking lot. But what are the main areas that changed drastically thanks to the integration of mobile wallets, how did they prove to be more reliable when the financial gateway is your mobile phone?
Online Casinos that Found the Shortest Way to the Customers
A significant part of the gaming industry deserves to be mentioned given the fact that companies in this field put every effort into adapting their services to the current world, in terms of technological advancements. Besides transforming physical casinos into online gambling platforms, they created a separate branch of online gaming – mobile casino games. And if someone wanders what’s behind the success of those mobile variations, no need to think any longer: It’s payment options for sure (along with other factors).
When cryptocurrencies appeared and made a big conversation in the tech world, online gaming platforms took advantage of it and used mobile phones as a convenient device to accept payments with cryptocurrencies via mobile wallets, doubling the level of financial security. This is how Bitcoin casino companies became one of the biggest players in the industry, sharing a significant portion of the user preference.
It’s an impression that smartphones are tailor-made for online payments from the viewpoint of being easy to use and ensuring security. When it comes to crypto payments, different wallets are allowing instant transfers, for example, using the mobile camera to scan a QR code and generate an address that can be used to receive money. Being globally available, this type of payment also has lower transaction fees.
Traditional Banks Adopted Flexible Approaches
When traditional businesses do not adapt to changes, sooner or later a competitor could come and leave them out of the business. The global banking system understood very well the potential of mobile payments, implementing their own wallets that customers could use to control their bank accounts, transfer money, make purchases, etc.
Investment banks and financial services developed their mobile applications, proving that smartphones are the future of payments and banking. Today, one of the best mobile banking applications belongs to the Bank of America, founded in 1998. It is worth mentioning that soon appeared banking companies that were solely mobile-operated and didn’t have many things in common with traditional banks and financial services.
The popularity of online banking led companies to revise past experiences and transform the way of interaction with money and credit cards. Subsequently, banks started producing digital cards that can be ordered and received within a few seconds.
However, the Competitors Came Along
Even though traditional banks appeared to be ready for the changes, tech giants like Google and Apple challenged them anyway. But if Google provides just a mobile wallet to control your finances, Apple made a big step in becoming a real threat to traditional banking regardless of how they operate. We talk about the significant cooperation between Apple and Goldman Sachs, an American multinational investment bank, founded in the 19th century.
The introduction of the Apple card became a revolutionary event in the financial world, although it’s still operating in the USA only. The reputation that Apple has built over the past few decades, became a major factor for people to trust their money this company.
Later on, Apple introduced its savings account, allowing people to be more flexible in terms of controlling their money for different purposes. As recent reports show, this service has already become a game changer, given the fact that users deposited $10 billion into their accounts.
The tech company that already partially became a financial tycoon in the banking system, is yet to arrive in the rest of the world, where there are lots of regulatory issues, it seems. Since the traditional and national systems of financial regulations are still trying to keep their positions strong, the future of mobile banking is more than they have created, and it will possibly arrive, sooner or later.
