The mobile payment industry is one of the fastest-growing industries as more and more businesses are providing mobile payment options to expand their business for an increasing number of online and walk-in consumers who prefer mobile payment methods. This has been evident by the growth of $100 billion industry in 2011 to $431 billion industry now [1] which is expected to double by 2019 [2] and a growing interest by technology giants like Apple, Samsung, and Google to launch their own products in this domain. The industrious growth of the mobile payment is mainly due to mushrooming of innovative mobile payment methods which have taken the purchase process to the next level of ease on the level of personal comfort and cost-benefit.
[1] & [2]: Statics provided by Statista & Business Insider
As mobile technology advances with every passing day, innovators around the globe come up with new and more interesting ways to provide more interesting and easy mobile payment solutions. Among the plethora of mobile payments options, the following are the 5 outstanding ways you may use at some time if you aren’t using them already.
1. Virtual-Credit Card Account
Leading mobile payment service providers like PayPal, Bitcoin, Google Wallet, Apple Pay, Square, and many others use this method for mobile payments at a nominal cost per transaction. Some of these service providers also offer mobile attachable Credit card reader.
On a more casual side of affairs, some mobile payment solutions are specialized for a special type of payments. For example, Tabbed out is an app which lets you enjoy meals in hundreds of restaurants around the US and pay the bill via your phone.
2. Mobile-SMS Account
Whereas, Boloro is an even more advanced payment solution that provides the ease of direct deduction of the payment from payer’s mobile bill, a great add-on for mobile purchasers without a bank-account or visa card.
3. Social Media Account
4. Mobile NFC Account
5. QR Code-Bank Account
This article is written by Syed Irfan. He is a serial entrepreneur, a columnist and a certified inbound marketer. He curates content for Boloro.
Featured image attribution: HLundgaard [CC BY-SA 3.0], via Wikimedia Commons.
Disclosure: Some of our articles may contain affiliate links; this means each time you make a purchase, we get a small commission. However, the input we produce is reliable; we always handpick and review all information before publishing it on our website. We can ensure you will always get genuine as well as valuable knowledge and resources.