What is mobile payment? It is a system which allows us to make our payments via mobile phones. Mobile payment is a convenient way for transactions. It benefits customers as well as retailers. It has changed the system of interaction between customers and retailers. And people are learning to embrace this new technology. It is estimated that by 2021, there will be 5.3 billion smartphones which will have NFC technology.
Here are some customer benefits of mobile payment:
This is a convenient mode of payment. You can pay your expenses at the tip of your fingers. It has made the transactions less complicated and paperless. With the help of mobile payment, one can pay anywhere and anytime. You can pay your electricity bill at the comfort of your sofa. Also, it reduces the tension and risk of carrying cash and wallet.
Just tap and pay. There you go!
As mentioned earlier it just requires the tips of your fingers. It is even faster than credit and debit cards. Can you believe faster than swiping your cards? Just with a single little gesture of phone you can confirm your transactions and can save you time.
While using mobile payment, many people fear their loss of personal information. The question about their card numbers and bank accounts. But they don't know that almost each and every app uses encryption or protected code to secure their personal information. It reduces the threat of any personal data loss. The number of your card is never stored in your device neither it is stored with the retailer.
4. Reward Programmes
It is one of the most fun and interesting thing you'll get by using mobile payment apps. They offer several rewards and cashback schemes. You follow the guidelines as provided by them and you'll be eligible to claim your rewards and cash back.
5. More places
With the expansion of technology and after recognizing the simplicity and ease of mobile payment, today, almost every store has mobile payment apps. It is gaining recognition and popularity amongst the masses. Retailers are welcoming it with happy faces because it will be beneficial to them as well as they don't have to worry about the mess of the cash. And the number of stores is expected to increase in the future.
6. Physically Secure
It allows for gaining freedom from wallets and cash. Now you don't have to worry about the loss of cash and cards. Even if your phone gets lost, it will be safe as now phones have high security and there are secured with passcodes and fingerprints as well.
It is really very easy to use mobile payment. It allows you to pay whenever you want and wherever you want. You can pay your electricity bills, house expenses, etc., and you don't have to worry about it. Just sit and pay. Go paper-less and give your mind a state of peace without any tension of cash. And in this way, you can contribute towards mother nature as well. Plus mobile payments curb the expansion of black money in the market while cash promotes it. So, you decide what you want, a convenient, faster and safer technology or vice-versa.