Online payment processing is becoming a necessity for the shopping scenario. With today’s complex ecosystem, merchants and customers rely heavily on digital solutions as the social is shifting from physical to digital.
And one of the most contributing members for this shift is the ‘mobile device.
From calling, messaging, enjoying multimedia to shopping, selling, and transacting, mobile has become an irreplaceable part of our lives.
Over the past decade, mobile payments are changing the way customers shop and transact along with the payment processing and facilitation of payments.
As one of the rapidly evolving technologies, mobile payments keeping up with all the trends and innovations is a difficult task.
But at the same time, it is crucial as mobile technology is playing an important role in shaping the future.
Mobile payments either mean payments on mobile or payments by mobile. Payment done within the mobile system is ‘payment on mobile’, for example, in-app purchases or mobile shopping, etc. while payments done by mobile can be NFC or contactless payments, mobile wallets, etc.
Mobile payments have revolutionized the payment scenario with their security and convenience.
Nearly all sectors are adapting to mobile payments and payment solution providers are trying to implement faster and more convenient ways to make transactions via a mobile device.
Fast-growing countries and the rise of m-commerce can play a vital role in the development of mobile payments
Mobile payment applications are becoming more popular because of their simplicity. Consumers can download the app, add their payment information and start using them as their payment method.
Mobile payments also enable different types of methods like payment by credit/ debit cards, mobile wallets, UPI payments, etc. As different customers prefer different payment methods, mobile payments are advantageous.
In addition to offering seamless online payments, mobile payments also offer convenience for customers.
With the shopping scenario expanding beyond physical shops to digital shopping, customers can shop and pay with their mobile devices easily from any time from anywhere.
But convenience isn’t everything. Mobile payments open up new channels for secure online payments.
Mobile payments offer dual authentication adding an extra security layer enabling only authorized users to make payments.
Most of the apps used for mobile payments use highly advanced security measures like encryption and tokenization.
Mobile payments do not require contact and consumers can avoid carrying cash and cards.
So, if you are a merchant who understands the importance and need of mobile payments, you have to make sure ‘mobile payments’ is one of the payment methods you offer.
Customers paying for the shopping they have done without putting their mobile device down or leaving the app (or need to open another app) for payments is a big no.
So, your app has to offer a frictionless payment process, in-app payments without redirections, along with multiple payment options like UPI, net banking, mobile wallet, etc.
As mobile-based transactions are relentlessly growing, the future of mobile payments is getting brighter day by day and with the ever-growing technology, we can definitely look forward to more automated payment options and capabilities.