Benefits Of Mobile Payment

Mobile payments are payment method using mobile phones which exchange funds without cash or card from any place

. The payment via mobile has made life so much simpler and fast. There are different models for paying through mobile. First is Premium SMS based transactional payments where sms is used as the medium of sending and receiving information. Second is direct mobile billing where the consumer at an e-commerce site uses the mobile payment option and the mobile account is charged after a two step authentication. Third is mobile web payments, these use the web pages from the internet to make their purchases using debits from the bank accounts or credit cards. Last is Contactless NFC which uses special mobile phones for paying in physical stores. Opportunities for paying through mobile are increasing and becoming more popular today.

Benefits From Consumer View

Convenient is the word which best describes the ease that mobile payment offers to the consumer. Phones have now become electronic wallets. Now using phones the users are able to access latest deals and offers via the internet and purchase things without having to go anywhere. Most of the merchants provide shipments of the commodities anywhere across the globe. Social networking sites accessed by the users on the phones allow them to share the latest deals and phone payment gives them the comfort of buying things right away. Consumers can also transfer funds with other individuals using bank transfers over the phone. These payments save the consumer a lot of time and paper work.

Benefits From Business View

As a person running the business, mobile payment brings you flexibility. You can receive payments from anywhere. They give you the freedom to put up a booth in a festival or at home. In addition to this, you can advertise your products using the social networking sites and other medium on the internet, this way you are reaching a wide range of users across the globe. Set up for these payments can be very simple. Some service providers give you the equipment needed to get started, but this is seldom required. You can start with your smart phone. There are applications available which you can customize according to your needs and get started. There are a large number of service providers who help you get started.

Security Benefits Across Business And Consumer Users

For the consumers the security provided is very high with password protected interfaces. For a consumer who is doing credit card purchases using mobile, the credit card number is asked only once during registration. This prevents the user from entering the details over and over again. They also have unique one time password options at the time of login in some applications to increase security.

From the seller point of view, the service providers make applications that ensure the security of the website. These are also restricted with passwords and firewalls to prevent hacking and other unethical practices.

by: Ms.Laura Wilson

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