Mobile Payment, also known as mobile money transfer or mobile wallet is a revolution in the field of financial exchange. This service is not only very efficient as compared to the traditional ones; they also provide benefits that are irreplaceable by the conventional means of financial trade.
Convenience for the Consumers
Convenience is one of the most important attribute that can determent the choice of payment by the consumer. Mobile payment is very quick. It saves a lot of time that is otherwise taken up by counting the cash or by the credit cards that need to be scanned at the shop counters; even the credit card numbers need to be processed while shopping online.
In case of mobile payment, the money gets transferred to any corner of the world just by the pressing of a button. Moreover, payment of bills is made much easier with the help of mobile payment; you can pay your bills from anywhere in a jiffy.
With the help of payments done on your phone, another benefit that impresses customers is the convenience of carrying it. All that you need is a cellphone. There is no need of carrying your wallets and purses everywhere you go, when you can pay for your transactions with a device that you always carry.
Cost, once again is a very important factor when it comes to selection of a payment method. The cost incurred in the form of taxes and fee that goes in to the keeping of credit cards decreases one’s likeliness for opting it as a medium of transaction.
Another attribute that helps you determine your payment method is security. Cash is never secure. There is no record for it and in case of any loss or theft, there is very little chance to recover it. Credit cards, are quite secure as you can have it blocked instantly using the help-lines once you discover that the card has been lost.
But when it comes to mobile payments, you can have your payments locked by passwords and even in case of theft, your money is safe. Plus you can have your mobile blocked the same way you do if your mobile phone gets lost.
Finance Management and Record
To check your financial exchange in a regular manner and to calculate and observe the regular transactions, using cash has never been useful as the consumers need to make their own records. With the help of credit cards, consumers still need to approach respective centers or help-lines to update themselves with their financial situation.
While using mobile payments, you can keep all your records on your cellphone. Other than the network services nowadays, several mobile apps are also available to facilitate the users for digital record keeping.
Targeted Advertisements and Promotions
With the help of mobile payments, you are able to receive targeted advertisements and promotions. These advertisements are designed according to your own taste while keeping a track of your transactions. These kind of promotions not only provide you with a chance to keep you updated with what may interest you, they also bring with them bonus coupons and free rewards and services, like donations, that may appeal you too.
Mobile payment is not only an innovative way of digital transactions with all your financial exchange records in your immediate reach; it is also a very beneficial method for carrying out payments in a very short time.
Author Bio: This article was written by Asad Tariq. He is a student of Engineering and a serious technology geek. He regularly blogs at Inboundzone.