Mobile Payments and Usage

by Simran Kashyap Hi Everyone, I am Simran. I love to read and write

Mobile payment is something we all acknowledge. This is being widely used all over the world for making payments. Cashless payments are the transfer of money online to pay for various goods and services purchased by the customer. This transfer is done by the use of mobile phones or any other electronic devices. It is estimated that mobile payment users will be 1.31 billion by 2023.

Meaning of mobile wallet –

A mobile wallet is nothing but payment of cash digitally. There are three kinds of mobile wallets in India – open wallet, semi-closed wallet, and closed wallet. It can either be post-paid or prepaid. You will have to download an app to enable a mobile wallet on your phone. After downloading the app, you will have to fill up the details regarding your debit or credit card. The details of your card will be saved in the app, which allows you to make payments online. Mobile wallets are safe as they have some security either in thumbprints, face recognition, or pins etc.

They are many advantages of using mobile payment such as –

❖ We carry our mobile phones everywhere without fail; it has become a part of our lives. You can pay money at any time and place without worrying about forgetting your credit card or wallet. They are a convenient source of payment.

❖ Digital payment solutions are secure as well. Various service providers offer additional security for the transactions that take place between the customers and supplier.

❖ There will be no danger of losing your cash, wallet, debit, or credit card when you switch to mobile payment.

❖ By using various apps for payment, you can get frequent cashback and offers that will save some amount of money every time you make a transaction.

The technology behind mobile wallet –

NFC – near field technology, is a wireless technology that enables communication between two devices. When you open a payment app and store your details in it, all of your stored information will be saved in the app you download. When you are ready to make payment, the NFC interacts with the terminals in the mobile wallet that are ready to receive the payment. After this, the payment is completed.

Time to introduce your business to mobile payment –

To introduce your business to mobile payment, first you need to buy a point-of-sale device that will allow your customers to pay online using their debit or credit cards. This point of sale device is equipped with NFC technology that helps you accept payments. To accept payments from apps like , Apple pay, you need to have a Square reader to accept contactless payment.

To ensure the safety of your mobile payments, you may choose service providers such as Tazapay.