Nowadays everything is digital, including your money. The concept of e-commerce, i.e. H. Moving money over your phone is pretty old, but mobile payments have definitely made an impact. E-commerce was introduced to streamline financial transactions for the ordinary man. The basis for this was the development of the Internet. Similarly, the advent of mobile payments came with the increase in the number of mobile users worldwide.
What is mobile payment
Mobile payments simply mean that your wallet is replaced by your smartphone. It is linked to your money in the bank and you can pay for your purchases with a simple click or a wave. The world is great. Today I’m going to investigate how mobile payments have shaped the overall payment landscape.
Commerce refers to the act of commerce, that is, buying and selling. E-commerce means the sale and purchase of products through the Internet. Buying and selling; These two words are the key here. A market arises when a producer willing to sell comes into contact with a consumer who has the will and the ability to pay. In e-commerce, all this will take pace online, in mobile e-commerce payments, all this will be done through your phone. I will analyze the effects of digital wallets on both elements.
The evolution of the mobile payment
Mobile payments are expected to rise sharply in 2015 and are really the trend of the future. 2014 was a good year with the launch of Apple and this will help drive the future growth of the segment. As a result, there now appears to be a happy link between several major mobile payment systems being rolled out worldwide and greater consumer acceptance, making 2015 the year of greatest potential growth.
In recent years, more and more people in many different regions from Africa to Kuwait have become familiar with the idea of mobile payment. They were impressed by the promise of ease and convenience and were impressed by the advantages that freedom from cash offers.
The Future of Mobile Payment Technology
The user’s life has received a huge impact from mobile payments, almost overwhelming. Long procedures involving swiping a card and signing a receipt are now virtually non-existent. The same happens with the need to carry a wallet, a physical one, that is. So is! No more lumps in your back pocket. Instead, he carries all his money all the time and can access it whenever he wants. However, the best part is that all of your money is safe and sound. Even if your phone is stolen, you can lock your account so no one else can use it. The system is protected by multiple layers of security that make it almost foolproof, if not completely.
In simpler words, the user will not have to wait long to pay with their purchases. It will also ensure that the money is safe and abundant to use wherever you are. Mobile payments will change the life of the user unlike all of the above.
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The Benefits and Risks of Mobile Payments
The impact of the availability and application of these features has been really great. All of this contributes to better and healthier businesses as there are no longer long lines and people don’t have the excuse “I don’t have enough money to buy this today.” It is excellent, because people will buy everything they need at once and will soon return because buying via mobile phones was very convenient.
If you want to know just about the impact of mobile payments on e-commerce, I’ll give it to you. Soon the word electronic commerce will be overshadowed by a newer and more complete word; M trade.
Companies are now ready to embrace innovation in payments. That is why more and more companies recognize the benefits of mobile payments and welcome them as a way to increase passage through their physical stores and online sites. They know that faster transactions will help to generate greater customer loyalty and increase sales, which is the desired result of all companies.
Greater consumer acceptance
More consumers will adopt these frictionless payments as a way to improve their shopping experiences. 85% of the world’s population owns a mobile phone, so using these phones to make payments may soon become the norm as more people try and adopt this convenience. As the trend grows, shoppers will become comfortable using and recommending mobile payment solutions.
Using mobile payments for online purchases
The growth of near field communication (NFC) technology will make shopping as easy as touching a phone. The corresponding amount will be deducted quickly and safely without any other unnecessary transfer of confidential information. This technology will help drive global commerce and usher in a new era of payments. According to Juniper Research, NFC is estimated to facilitate USD 74 billion in transactions by 2015.
Shift to a cashless economy
The move towards a cashless system will make the need to carry the exact change and real wallets obsolete. Especially for smaller payments like bus fares or parking fees, mobile payment solutions are the ideal choice and will decrease time wasted on online payment fees. Tickets can also be lost or stolen, but even if your phone is picked up, your mobile balance remains protected. Cash now seems like an outdated method of payment and the idea of carrying currency in an often uncertain world is rapidly losing its appeal.
As more purchases are made online, mobile payment solutions provide an additional incentive for consumers as they can enjoy greater flexibility 24 hours a day, and worldwide. They can now buy and pay while traveling daily, on vacation, or anytime, anywhere. Since more people worldwide have mobile phones than real bank accounts or credit cards, mobile payments will drive an already massive online market.
Many developing countries with limited access to banking services will adopt these mobile payments as an easy way to provide financial inclusion to their rapidly growing populations. This will especially help with the growth of microfinance payments and create new opportunities for many economies.
2015 is about to be the year of mobile payments and countless factors are at stake to make this possible. Greater business innovation, increased consumer acceptance, the growth of mobile networks, and strong phone sales worldwide make mobile payment systems the way of the future.