Making payments via mobile phones or smartphone can be also called mobile money, mobile payment or mobile money transfer. In this consumers, instead of paying using cash, cheques or cards, use various applications to make the payments directly from their accounts.

The best part about making payments using one’s phone is that it eliminates the usage of hard cash where a person is struggling for change or for carrying around a large sum of money in hand. It also eliminates various trips to the banks in the sun at office hours.

If it is such a convenient way to make transactions, why are customers hesitant to use this beneficial mode of payment through mobile phone then?

First and foremost reason could be data safety. Customers are hesitant to put in their bank details as apps save these details automatically and in case of a data breach this private information could be released to an untrusted environment leading to identity thefts and other serious consequences.

Customers do not always believe or have faith in the reliability on the app to keep their data and information security as it is believed that if something is internet-enabled, it can be hacked. Also, it is not necessary that the mobile app you are using to make payments will value the security of your data as highly as you would. It is necessary to make sure one reads all the terms and conditions and educating yourself of the safety and security the app intends to use.

The payments via phones are not full proof to fraud. Most apps do confirm the identity of the person paying or making the transaction as the information and passwords are saved automatically by most apps.

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Customers using mobile to make payments also worry about the errors or conflicts of payment. Purchase or payments using physical money is simple, you pay paper money for the purchase of commodity or object. But in case of electronic payment, there could be an error or conflict of payment at times. Either the internet could malfunction or for some reason, the transaction could not be carried forward as expected. In any case, it leaves the customer anxious and it consumes more of his/her time and energy.

There are also digital footprints that one creates due to the regular usage of applications which is also creating an anomaly among the users. These footprints can be misused for or misinterpreted or could cause problems for the customer in case of tax calculations.

Hence when we see at the point of using mobile phones for making payments we can see it has both pros and cons of it. In a holistic way, one can say that one wants apps to be user-friendly, data be secured and his payments are done without any hassle. One needs to design an app that is user-friendly, data security is optimal, and the payments are secured via 2 level authentication.

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