Moile is getting attraction in present day, and widely use by large number of people around the world. Mobile payment was first used in Coca Cola vending machines in 1997 when their customers were allowed to purchase drinks through text messages. In the same year, ExxonMobile also offered the contactless payment system.
Since then, mobile payment has been evolving and getting more attractions. The introduction of smartphones opened new doors for mobile payments. Now users can use their phones more than a bank card.
Cryptocurrency is also considered a type of mobile money. It is a transformed form of money but still in a nascent stage. The main theme behind cryptocurrencies is the elimination of middlemen, like banks, which charge a certain percentage on a transfer and also for a large transaction, in some cases.
Cryptocurrencies basically work on blockchain technology which has distributed structure, which implies that there is no central server from which the permission needs to carry out in case of any transaction or transfer. So there are no extra charges on transfer or anything in case of cryptocurrencies. Some of the cryptocurrencies include bitcoin, ethereum, litecoin, dash, and ripple.
Most of smartphones companies are also trying to adopt it in upcoming models by providing blockchain wallet through which customers can transfer their coins easily. Some of the models include Galaxy S10, HTC Exodus 1, and Pundi X.