The requirement for mobile payments has been on the rise with more and more people seizing the gist of its effortlessness. It has become a big part of the e-commerce industry, and is a Web Payment Software skill. Regardless of the hiccups and mounting pains, mobile payment options noticeably add to the ease of payment for both consumers and businesses. It's expedient and trouble-free, along with that smooth, smart draw that lends itself to the Smartphone and tablet civilization. Because mobile payment systems have taken up new technology, they also provide marketing solutions that usual credit card processors simply can't.
Mobile payment is one of the great ways to transfer money via mobile without use of any credit card, check or cash. You can easily use your mobile phone to pay for any good or services. This is one of the popular methods of payments which is quiet fast and efficient.
Mobile payments are very handy but they also come with some merits and demerits. Before making use of mobile payments you must be aware of its pro and cons. If it is fast and efficient then probably there are some possibilities of error also. It doesn't allow customers to keep track of payments in a clear and precise manner. If you are not aware what could be advantages and disadvantages of mobile payment. Check out the list.
Pros of Mobile Payments
1. Security
One of the amazing and powerful features of Mobile Payment is security. While doing transaction with mobile you don't have to reveal your card information or any personal detail like it usually happens in case of credit cards. No one will get to know your personal data unless one is having your mobile device and PIN or your fingerprint.
2. Privacy
Mobile Payments provide you secure and confidential transactions. The truncation remains between you, bank and the receiver. Mobile payments companies doesn't store any information like whom you are sending money, how much transaction has been done and more.
Apple is one of its best examples who made the payment via Apple Pay.
3. Speed
No doubt mobile payments are very fast. There are some mobile payments companies which require PIN while some require fingerprint for your respective transactions.
4. Nothing much in your pocket
Keeping all credit cards in your pocket might be risky as you may loss it anywhere and anyone can steal it and make use of your money or personal information. With mobile payments, you don't have to play with this risk. You can put all your credit cards in your mobile wallet.
5. Create Customer Loyalty Program
Mobile payment options allow you to integrate loyalty and other incentive programs into the mobile payment application in order to add value to their customers. These will make customers happy and also motivate them to return back which increased revenue.
6. Better tracking of inventory
For small businesses, mobile payment services allow you to track customer's trends so that you can sever your customers in a better way. Mobile payments allow you to track inventory and customer behaviour. You can even learn about customers and use the respective information to improve services.
7. Cheaper credit card swipe fees
While doing transaction via credit card you must be aware of its charge per transaction but with mobile payments services the charge per transaction is very less. So, you can easily save your money up to some limit.
Cons of Mobile Payment
1. Hardware Incompatibility
Most of the old and low-end smart phones have some compatibility issues. There is a need of NFC reader (Near Field Communication) which is lack in old devices.
2. Cost
For accepting payments via mobile devices require some POS hardware which are extremely high in cost.
3. Device Failure
For using mobile in performing every activity make it your slave. For making call, checking social media, emails and transactions all will need mobile device. Device failure could be an issue in case of battery drain. You will not be able to do any transaction until your phone is charged.
4. Phone is prone to be theft
Since mobile payments gives you the ability to make the transaction in your convenience. Mobile devices are prone to theft which may subject to lose their card and personal account information.
5. Difficult to read terms and conditions
With the small size of mobile device you can easily carry it all the way. Before making any payment it is always recommended to go through the terms and condition thoroughly but because of the small physical appearance it can often too difficult to read terms and conditions. It may also possible to make payments without reading invoices.
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