Mobile payments and mobile wallets have been very excessively discussed in the past few years. Despite of aggressive marketing by companies providing this service people have still been reluctant to adopt this new payment method. Mobile payments are everywhere but the biggest hold up in widespread acceptance and adoption of them has been due to the security concerns of people. They need to be briefed about how mobile payments will change their lives. So if you’re a mobile payment rookie then here are a few benefits that you need to know about mobile payments.
The biggest advantage that can be attributed to mobile payments is perhaps the convenience it provides. Not having to pull out your credit card every time you purchase something will make your life really easy. Due to mobile payments technology you can also leave your wallet at home and carry light everywhere.
2. Consumers have all the power
As mobile payments go mainstream merchants will have to provide consumers with all kinds of payment facilities to add to their value and make them come back. Competition will increase and to gain competitive advantage companies will have to give all the decision power to their consumers.
3. Mobile payments on a global level
Mobile app developers from around the globe recreate a single app around 15 different times to facilitate people of different languages. This will help tourists to make payments easily in different countries without having to go to a bank to exchange currency. This could be a revolution for people to make payments globally.
4. Cuts wallet clutter
With mobile wallets not only you can make payments but you can also store loyalty cards, gift cards, coupons and receipts on your phone. This is a great way to de-clutter your wallet and you wouldn’t have to be careful with keeping those little cards safe.
5. Speeds up the checkout process
The least favorite part about consumer’s shopping experience is typically waiting at the checkout line. It has been shown that using mobile phones to make payments is relatively faster as opposed to pulling out your credit card at the checkout counter. This adds value to the consumer’s shopping experience and makes him want to come back.
Although there have been a lot of debates about security issues of mobile payments people claim that mobile wallets are more secure than credit cards. The secure element in near field communication enabled phones basically create a wall between the merchant and the phone to keep the hackers from getting access to people’s personal information. The mobile payment applications are protected by pin and optional screen lock. Even if your phone gets lost the impersonator won’t be able to make transactions from it because in newer phones touch ID fingerprint scanner is used to complete the payment. You can also find your phone through find my phone application – a service which credit cards don’t come with.
Author’s Bio: This article was written by Rida Maqbool. She is a columnist and a certified inbound marketer.