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The payments industry has evolved drastically with electronic payments replacing the old-fashioned paper-based payments. A number of service providers have launched new platforms that allow businesses to accept payments via cell phones and other mobile devices.
Today, mobile payment is a rapidly-developing alternative payment solution, where consumers use their mobile phones to pay for goods or services instead of paying by cash, checks, or credit cards. Mobile payment solutions seek to bridge the distance between banks, telecommunication service providers and customers by providing uninterrupted mobile/wireless solutions including content delivery systems for mobile devices.
More people are gravitating towards various mobile payment solutions due to the convenience they offer and the ability to carry out the transactions in a very secure manner. There are basically 4 types of mobile payment solutions, which include:
The direct mobile billing option allows the consumer to purchase any product from his/her phone, the total amount for which is then directly added to the mobile bill of the consumer. This method bypasses internet banking or using your debit/credit card and hence is very popular. This method is supported by popular app stores such as Google Play Store, Windows Store, etc. among others.
A consumer can use their NFC enabled phone to tap at the merchant’s receiver module to initiate a payment. “Touch to pay” using this technology is quite popular in many countries already and is catching up amongst others. Payments using NFC is a rapidly growing mobile payment method which aims to change the way customers interact with their devices to make payments.
In this method a consumer sends a text message to start the payment process and a premium charge may be applied on the customer’s mobile bill or from an online wallet. The merchant who receives the order can then initiate the delivery of the ordered items. This form of mobile payments was heavily used before but is lately on the decline owing to less than stellar security measures in place.
In this method the consumer makes payment using the internet or web pages or through any dedicated app installed on the phone. The underlying technology used here is Wireless Application Protocol (WAP) and is being incorporated by many mobile network operators today to facilitate smoother payments.
Performing payments in a cashless and paperless form has become a trendy and convenient option for all consumers. Some of the advantages of mobile payment processing include:
Mobile payments are one of the most secure methods of making payment. The consumer’s bank and credit/debit card details are stored in a safe manner and data is transmitted in an encrypted format thereby making it impossible for anyone to decode it.
Most mobile payment solutions provide multi-factor authentication at the time of payment, hence making it a secure method of payment. Nobody other than the mobile device owner will be able to make a transaction and misuse this facility.
One of the biggest advantages is the ability to integrate loyalty and incentive programs into mobile payment applications. Instead of customers having to keep up with punch cards or key ring tags, all of their information is stored in the application each time they make a purchase with their mobile device.
With mobile payment services, tracking inventories and customer behavior can be automated and used to serve the customers better. By meeting the customer demands, they increase product sales and improve customer service.
Being one of the easiest methods of payment, mobile payment processing gives the liberty to the customers to initiate the payment from anywhere and at any time. It allows the consumer to purchase products or avail services without having to be physically present there to make the payment.
Many mobile payment providers and merchants who utilize them create special offers targeted directly at their mobile payment customers. In addition to the convenience, mobile payment users have easy access to great deals at the exact moment they need them.
The mobile payment transactions need limited amount of data to be shared ensuring the privacy of the consumers. Customers do not have to share all their details with the service provider and perform the transaction with the minimum details.
The mobile payments landscape is changing fast, and much of its fast paced change is being driven by today’s digitally empowered customers, whose expectations have been transformed by increased smartphone usage and the services they supply. More than ever before, consumers expect payments to be fast, convenient, and hassle-free. Some of the future mobile payment trends include:
Flatworld Solutions has been providing secure mobile payment solutions through our bespoke mobile development services which allow subscribers to make payments directly on their mobile phones at their convenience. Our customized solutions include an all-inclusive multi-functional system that encompasses cash, communication functions, information storage and transaction, and identification and authentication. We provide secure and safe mobile payment solutions by incorporating a series of integrated security layers which ensure any information captured by the device is encrypted before being transmitted.