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Mobile Payment Service Surpasses e-Commerce as Top Trend

23 Sep. 16
1.28 K VIEWS

Nowadays smartphone have become so affordable that almost each one of us could afford one. They are like your own personal digital assistants. They let you schedule tasks, book tickets, find direction, buy products, make the mobile payment, transfer funds and chat.

M-commerce with Mobile Payment

Every time you m-shop a product, you need to use mobile banking or mobile wallet to pay for the order. Therefore, people prefer to use their smartphones for payment of utility bills, grocery purchase, ticket booking, mobile recharge, etc.

What is Mobile Wallet?

Mobile wallets can hold digital information about credit and debit cards for making mobile payments. They can also store loyalty points, which can be redeemed later for customer preference.  Some of these digital wallets also utilise NFC to interact with the payment terminals that supports the technology. Many international companies like Google, Amazon, PayPal, Square and Apple are launching new technologies in mobile payment space.

Convenience offered by Mobile Payment Services

A special feature of the mobile wallet is that it allows a secured one touch payment environment. This makes you free from putting so many details of the card every time. for payment. It also discourages you from carrying hard cash while shopping in the mall or dining at a restaurant. Its ability to make payment from any place at any time makes it one of the most flexible and convenient option.

Whenever you are finding it a need to transfer money to your friend account, loan repayment, pay education fees and transfer funds – mobile banking services provide to you the needed assistance. At any given moment you can add an account of your friend or a third party and transfer funds once the account is activated.

Is M-commerce to surpass E-commerce?

Going by the current trend total number of smartphone users worldwide is expected to grow to 5.3 bn in the next three years. Also, the total number of app installs from the users are growing exponentially year after year. Going by these numbers, in all likelihood, m-commerce may be expected to surpass e-commerce in next few decades.

Even though many individuals today are unaware of the technology and find mobile banking quite intriguing now, smartphone revolution is certainly expected to boost mobile payment services as most convenient and widely used mode of payment.

To summarise, mobile banking and payment services technology at present is in nascent stage and researchers are upgrading it year after year to make commerce smooth and easy. It is expected to ease shopping and making fund transfer more accurate and convenient to benefit every mobile user.

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