Mobile Payment Services refer to a payment service conducted under financial regulation and performed from or via a smartphone. Here, instead of paying with cash, cheque or credit/debit cards, you can pay for a vast range of services, digital and hard goods through a mobile phone. The idea of having non-coin-based currency systems is not so modern as we have found the traces of a similar concept in the history too. However, the perfect touch of technology has made it more prominent these days.
Growth in the Pay-by-Phone Crowd
As the consumers are showing a great interest in various payment modes, more companies are coming up with services of ‘mobile-wallet’ or ‘mobile-payment’. The major mobile manufacturers including Apple, which launched its Apple Pay in Oct 2014, gave a path to other to tread on. Later on, companies like Samsung, Alphabet Inc., and Samsung Electronics Co. launched their payment systems named Android Pay and Samsung Pay respectively. A huge group of retailers and restaurants has also built a system called CurrentC.Retailer stores including Wal-Mart Stores Inc. are planning to launch their own service for shoppers to pay in their stores without the anxiety of carrying cash or /debit/credit cards. It can be easily done through either their own payment system or via a gift card. The app of the respective retailer can also be the convenient medium to make the payment. For this, expert mobile app development is required for the services the retailers want to offer to their customers.
Retailer stores including Wal-Mart Stores Inc. are planning to launch their own service for shoppers to pay in their stores without the anxiety of carrying cash or /debit/credit cards. It can be easily done through either their own payment system or via a gift card. The app of the respective retailer can also be the convenient medium to make the payment. For this, expert mobile app development is required for the services the retailers want to offer to their customers.
What does the Statics say about It?
Recently, the director of Product Management at Android Pay expressed his views that they have got a huge response from customers as well as the merchants as far as the Android Pay is concerned. The picture shown to us by the director of Android Pay gets blur when it comes to finding out how many people are actually using the modes claimed by various companies. The giants foreseeing a scope in this field are not ready to break out the exact number of usage. One of the interesting sides of this game is that the surveys done by a few outside research firms display mixed results. It is unfortunate that there is a very little data available as far as the mobile payment services and on the topics related to this are concerned. However, we are digging out the exact statics that shows a clearer picture.
Ease of Use
What makes the mobile payment services so popular? It is the ease of use as by tapping on your phone’s screen once or twice the payment is done. You can easily get the relevant information on the internet that what the payment method is at stores and restaurants. Generally, the users enter the information of their credit card in their smartphones before shopping. For instance, when a consumer tries to pay through Apple Pay and Android Pay, the consumers with their phones held in their hands, tap a button on its screen to enter a PIN number. Instantly, the credit card is charged, which confirms that the sale is done.
Safe and Secure
These days, security of the sensitive data in mobile phones has been one of the major issues. It is still on the minds of the masses that what will happen to the sensitive information they are putting in their phones? To eliminate this fear of the users, mobile payment services ensure that the information of your card, as well as your own identity, remains highly protected. They fence it with a robust system that ensures its security and no hacker can make it through.
Conclusion
A question arises that why would someone use such mobile payment modes instead of the old and the most preferred way- pulling out of cards? This muscle memory of swiping a debit/credit card at the checkout counter is not going to be deluded overnight. However, a study revealed that as per an estimate, four years from now the favorite mode of payment for the less than one-third of Smartphone users will be the pay at the checkout counter. With the help of an adept mobile development company, you can get an incredible and secure mobile payment platform to attract customers as well as the merchants.
This article is written by Arun Goyal. He is Founder-CEO at Octal Info Solution Technology innovation and trends insight come easy to Arun with his thorough knowledge in the domain. A leader in his own rights, his grad-friends see him as an avid researcher and a technology evangelist. See him talking about ideas, trends and technology as a part-time author to this blog. Follow him: Twitter | Facebook | Google+ | LinkedIn.
