Monday, 8 January 2018

Mobile Payment Solutions: A Gateway for Safer and Faster Transactions in 2018

Technology completely revolutionized commerce as it gave birth to eCommerce and, thanks to our love for our smartphones, mCommerce. The reality is that thanks to the Internet of Things (IoT), the way we shop has changed, is changing, and will continue to change. In fact, due to a combination of new and emerging technology, and changes to regulations and consumer behavior, 2018 seems poised to be a year of big change in the payments landscape.

As a matter of fact, with in-app purchasing, one-click ordering, mobile card readers, carrier payments, the point of sale payments, and many more mobile payment solutions, it’s safe to say that mobile payments cannot be stopped. Starting with what mobile pay is and ending with its benefits, here’s all you need to know about mobile payment solutions.

Mobile Payment Solutions

The mobile pay landscape is vast and expansive, covering everything from everyday transactions to mutual fund and stock market investments. Thanks to IoT and smartphones, we can now practically pay for whatever we want with nothing other than our phones.

For example, Google introduced the Google Wallet app in 2011, saying it was “a fast, free way to send money through the app, in Gmail, or on the web.” A couple of years later Apple introduced Apple Pay for Apple devices, Samsung introduced Samsung Pay for Samsung Galaxy devices, and Android introduced Android Pay for Android devices.

The gist of these mobile payment applications is that we already use our smartphones for practically everything, so why not payments as well? All that’s required is to add a credit card, debit card, gift card, loyalty card, or some other form of payment card. Once that’s complete, we can use our phones to shop online, in stores, or through other apps. For in-store purchases, these services use NFC (near field communication) technology to make purchases with a single tap of the phone on a CC terminal — simple.

Apart from these ‘Pay’ apps, other mobile payment solutions we can make use of are: 
Banking applications like those of TD Bank, Bank of America, Citibank and more
Non-banking apps that have similar functions as banking apps, such as Venmo
Mobile card readers can be inserted into a smartphone’s headphone jack to charge payment cards
Carrier payments that allow you to pay through your carrier (E.g., donating money to a charity be texting a certain number)
Closed loop proprietary mobile payments in which customers can pay through their smartphones

Similar to Starbucks, other retailers like Walmart, Dunkin’ Donuts, CVS and Burger King are also using proprietary mobile payments to make their customers’ lives easier. And interestingly enough, Amazon also filed a patent that would allow shoppers to make a purchase by taking a photo and/or video of themselves — a sort of ‘selfie pay.’

The Benefits of Mobile Payment Solutions and Why You Should Use Them

40% of millennials say that they would give up cash completely; we may not live in a cashless society yet, but we’re knocking at its door. The thing is, not only is it frustrating to physically go to an ATM to withdraw cash, but the possibility of losing it (and your other payment cards) if you happen to misplace it or your wallet crosses the line — nope, no thank you.

From what we covered in the previous section and just saw with the ATM example, it can be seen that mobile payment solutions are extremely convenient. Not only can we pay with a simple phone tap, but we can even use wearables like the Apple Watch to pay for more mobility and convenience. Mobile pay also eliminates the need for paper receipts; everything is stored digitally and available for our inspection.

Apart from convenience (what can be more convenient than tapping a phone?), mobile payments are also very secure. Mobile wallets usually require two-factor verification and all financial data is encrypted. Even more, many mobile payment services offer 24/7 fraud monitoring for extra protection. As for the possibility of losing your phone and falling risk to others using your mobile wallet, no need to worry — services like Apple Pay will only work with your thumbprint.

Final Thoughts
We want safer transactions, protected data, faster payments, and overall better and streamlined shopping experiences. As Forbes states, “consumers expect frictionless checkout experiences combined with the same level of security across all devices as exists today with other more established payment forms.” Lucky for us, mobile payment solutions are there to help us out. And with all the good they bring, it can be said that for mobile pay 2018 will be a very good year. Enjoy!

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