Retailers, Shops and Market stalls have found it very expensive taking card payments, as consumers start using mobile payments more there are a number of ways people can start accepting digital payments using mobile devices, this can be either sending a payment from one mobile device to another or tapping/scanning one phone onto another mobile smart device.
Businesses have seen significant benefits being able to take mobile payments over the internet, Paypal has seen tremendous popularity and the introduction of Apple Pay, Samsung Pay and Android Pay are making it easier to store your bank information to be used across all your mobile, wearable and smart devices as the internet of things (IOT) becomes more popular. However these are still expensive and there are new cheaper alternatives if you can encourage consumers to use them.
With so many mobile devices in the world companies have seen great advantages allowing people to download a mobile app, they are now finding significant benefits allowing in-app purchases to make it as simple as possible for people to purchase their products or services. It also allows great insight in to customer behaviour to deliver an exceptional user experience and increase customer loyalty with vouchers, coupons and rewards.
There have been some key phases in the evolution of mobile payments and they continue to evolve at a faster pace than ever before. Are we likely to see a common mobile payment type or will there be lots of differing types dependent on the type of purchase being made - Person to Person, Mobile Commerce or Face to Face.More Info
A mobile wallet is a way to securely store your credit card, debit card or bank account information in a digital form on your mobile phone. You pay using your mobile phone, tablet or smart watch, instead of using your physical plastic card to make purchases. Apple Pay, Android Pay and Samsung Pay have all been launched as an alternate way to make and receive mobile payments.
Mobile card readers include mobile devices such as iZettle, SumUp and Square. The card and mobile phone reading device either attaches directly to your mobile phone or tablet, often connected wirelessly to the mobile device using a Bluetooth or Wi-Fi connection. one of the easiest ways for businesses to accept money from customers face to face.
Mobile payments also known as mobile money, mobile pay or mobile money transfer. These new payment services are operated under financial regulation and performed from or via a mobile device. There are a number of new ways people are starting to transfer money between people and between businesses.