Instead of paying with cash, cheques, credit cards, consumers have adopted a more easy and well-defined medium- Mobile Payments. Consumers are inclining more towards this medium because of its easy accessibility and therefore there is an abundance of mobile payment services and solutions in the market. According to Bobsguide, below mentioned are few mobile payment technologies which are best suited for your business:
• Contactless Payments
One of the well-known and hugely adopted medium of payment is contactless payments with near-field communication (NFC ) or radio-frequency identification (RFID)mobile payment technology which includes a variety of devices like pre-paid, debit and credit cards; wearable devices like wristbands and watches, also smartphones and tablets. NFC mobile payment systems allow for an instantaneous transfer of data to a point-of-sale device (POS), removing the need for chip and PIN technology which was considered as the fastest and secure means of payment. However there are certain drawbacks to contactless payments, especially when a card is lost, someone can make payments using that card by just entering the pin or passcode before the transaction. Therefore, to avoid such misuse, transactions permitted using contactless payments is limited to £30 and under in the UK and other countries to protect consumers.
• In-app Payments
Bamboras, a mobile payment software and solution provider helps businesses big and small integrate mobile payment system directly into their mobile application making it convenient for customers to make in-app purchases. Apple's iTunes was the first company to make in-app purchases popular wherein users were able to buy their favourite music directly from the app and use it within a fraction of seconds. The major benefit of in-app payment is its procedure- create an account, register your debit or credit card and you're done. This is a more simple, secure and fast medium for customers to purchase.
• Credit and Debit Cards
With the advent of credit and debit cards, the procedure of mobile payments has simplified even more. The biggest advantages of this payment mode are that it allows retailers to process transactions anywhere and anytime. The big firms in this space are SumUp, iZettle and Square. Among the three Square is arguably the best provider as it is the largest of the three, in a market wherein economies play a major role, Square provides outstanding features with offering its mobile payment services and solutions at relatively low-cost. iZettle is on-par with its rival, especially after the company was acquired by PayPal. SumUp aids startup companies.
• Mobile Wallets
With the arrival of the mobile wallet, things have become more easy and convenient. Also known as digital wallet, this technology stores user payment information on their smartphone. Apps like Google Pay or Apple Pay uses biometric authentication software in the form of a fingerprint scanner, ensuring that even if u lose your mobile phone your money is safe. Digital wallets are secure software solution as they have complex encryption and has made convenient for the users to store loyalty cards, boarding pass etc.
• QR code Payment
Well, one of the most unpopular modes of payment is a quick response (QR) code. Many people think that QR codes are only used by advertisers to link customers to particular products, services or discounts with a simple scan using a camera on their devices. However, there's more to it, QR codes are used as an alternative mobile payment technology for retailers worldwide. Here, the consumers only need a mobile phone, with a camera and an app that can scan, store and share QR code. The US-based hypermarket Walmart uses QR code as a source of payment which is one of the safest options for card-not-present payments.
• Mobile Banking
In countries like Sweden and the UK, concentrated efforts have been put forward by the banks and the governments to move towards a cashless society. Therefore, mobile banking is becoming one of the most used and simple methods to transfer money between the two parties. Even though there are other modes of payment but the majority of people have their accounts in the banks, therefore, a boom in this mode of payment has been encountered.
• SMS Payments
Digital banks like Orange Bank and Monzo offers the ability to the users to pay friends or business for products, good and services through text messages. This premium SMS Payment mode has gathered a lot of attention in unbanked regions of the world like Africa. Lacking a strong banking infrastructure in this region, this SMS service allows citizen a cheap and affordable payment method which can be accessed on the smartphone which is surely there in abundance. This SMS service allows individuals and business to transfer money from one device to another.
• Browser-based Payments
There are users who prefer to make payments through internet browsers like Apple Safari and Google Chrome. Companies like PayPal, Visa and MasterCard which allows the customer to enter their debit and credit card details to order the desired product and services.