Mobile wallet solutions are an important part of fintech efforts. With the number of Internet-connected mobile devices increasing, unified payment solutions will be the winners in the end. Cheers, a new startup focusing their attention on mobile money, has come up with a new solution. The company prides itself on providing access to new opportunities to anyone in the world.
In this day and age, every company, technology giant, and their dog seems to create a mobile wallet. Unfortunately, this plethora of choice is not a good thing for either consumer or retailer. A fragmented ecosystem will make life only more difficult, and puts the entire concept of mobile wallets in a different spotlight.
For example, specific banks sign up for Apple Pay, whereas others prefer Android Pay. But there is also PayPal, Venmo, Bitcoin, and many other solutions to take into account. For retailers, it is impossible to accept everything at once. That is, until Cheers came along, as they want to be the centralized global platform to unify all of these offerings.
What makes this concept intriguing is how users do not need a bank or credit card to use it. In that regard, Cheers has a leg up over its competitors. However, do keep in mind this is not a solution that can work on its own. Instead, it allows users to use any of the supported payment options on their device – including apps – to be used as a checkout method.
Speaking of supported payment methods, any company or payment provider can explore the Cheers SDK. This allows for seamless integration of their own payment platform into this universal solution. Moreover, it creates a new form of monetization and engagement. Talented minds will come up with ways to incentive users to use and promote this platform in the future.
It would be perfectly possible for a Bitcoin wallet provider such as Mycelium to integrate into Cheers. Any retailer or customer who works with Cheers can send and receive payments by using existing solutions. An interesting concept, and one that could mean a big deal for the future of mobile payments.
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