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?
Ease of Use
Safe and Secure
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.