Cash payments were the preferred method of payment for services and products until the late 19th century. However, due to the rising usage of the mobile phone and internet technology, the utilization of mobile phones for payment has increased by leaps.
Technically, the facet of mobile payments can include:
- Internet payments on a mobile device
- In-app payments on a mobile phone or device
- NFC capable mobile devices for the retail sector
- SMS service payments
- Mobile virtual terminal payments, which includes credit card processing on mobile platforms, rather than conventional equipment.Regulatory bodies, developers and manufacturer’s of these payment systems as well as service providers like Collective POS are aware that the mobile payment industry has gained mass popularity. Recent examinations of the mobile payment technology has magnified expectancy for this industry’s payment application in many areas.Benefits for Network Operators
- Brand image value
- Perennial and additional revenue
- Customer loyalty
- Strengthens market share while offering added value for customer interactionBenefits for Network Subscribers
- No ready cash needed
- Readily available services
- Real-time security for paperless transactions
- Combined payments for product and servicePlatform rivals are usually responsible for the result of new outcomes and creations in type of technology. Mobile platforms are based upon Near Field Communication Technology utilizing Radio Frequency Identification. New technologies and concepts are proactively expanding, which means this method of transactions will not provide mobile payments exemption to fraud, but will make the entire method secure by utilizing cloud based storage for card information rather than having it stored on the device itself.Another conspicuous feature unified with this method is that the service can be remotely disabled, which can prevent the device from performing further transactions. It appears that the mobile payments trend has become an innovative experience for everyone in the financial sector and beyond. Consumers love it because its convenient, while merchants incorporate it because it maximizes their customer’s experience.Mobile payment offers a very convenient method of pay for retailers. When this payment platform becomes fully established, checks, credit cards and cash will be a thing of the past and will no longer be a preferred mode of payment. Funding for these transactions which involve mobile payment includes debit and credit cards as well as e-checks.
The mobile payments platform offers different variations to consumers. Consequently, from these deviations consumers could decide on the most convenient method to suit their needs.
Yet another option is also available with this platform, referred to as direct mobile billing payments. With this mode, the amount that’s charged for services and goods are subtracted directly from the consumer’s credit and the funds are delivered to a merchant account from the consumer’s account.
The mobile payments industry establishes many potentials for financial organizations, service providers, application developers and carriers as well. Key institutions are searching for new methods to advance their services. Thus new creations which will present the industry with more convenience and reliability.