Everything You Need To Know About Mobile Payments Technology
Mobile payment technologies used for the payment of goods or services via mobiles/smartphones. There are various modes of the transaction such as Wireless End-Use Protocol (WAP), Near-Field Communication (NFC), and Short Message Service (SMS). These modes of transaction use different payment modes namely: proximity payment and remote payment. Some of the major drivers of the mobile payment technologies market are the rising adoption of advanced technologies such as wearable devices, near field communication (NFC), and mobile point-of-sale (m-POS).
What is Mobile Payments Technology?
Mobile payments are a type of secure transaction, which takes place through a phone or another mobile device digitally. They are facilitated by mobile wallets; apps that store credit and debit card details to enable digital payment using a mobile device. Users download a mobile wallet app and add credit or debit card information, which the provider stores safely.
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This growth is attributed to several factors that include
Security
Mobile payments are secure, as they do not require contact, and users avoid having to carry cash or carry their credit cards, which can pose a threat.
Ease of use
With advanced technologies, the user can use a mobile payment application to make and complete transactions on the fly and at the same time. Therefore, it is a very simple, fast task, without any delay or inconvenience.
Helping to build customer loyalty
By using wallets, users can opt for more rewards, discounts, or special offers linked to customer loyalty programs that can be easily accessed through mobile payment applications.
High demand for mPOS
The future of mobile payment technology is also driven by the high demand for mPOS (Mobile Point-of-Sale) technology. These are smartphones, tablets, or wireless devices that perform the tasks of conventional POS, but can operate anywhere and without any kind of tethering.
Growth in paid apps
Today, mobile applications are increasingly popular. Customers can easily download Mobile Wallet applications to their devices and smartphones. With this type of application, users can pay for products and services without fear of losing their money.
AI growth
Artificial Intelligence is increasingly improving the quality of mobile payment technology. It is a trend that will also grow to allow more and more customers to make their purchases from different AI devices, such as Amazon’s Alexa.