Mobile Payment Technology: what is it and why it’s important?

July 15, 2016

Ready or not, mobile payment technology is here and will change how we go about our financial transactions. Here are five good reasons why you should go cashless.


Contactless Transactions

Ever wondered how people can leave home with just their phones and wallets? They can ditch their wallets and pay by phone now that mobile payments are widely accepted.

Consumers no longer need to swipe their cards in magnetic stripe readers, or pay with wads of cash – just a few taps with their mobile device does the trick. As technology continuously reshapes the way people live, purchases and money transactions are becoming contactless, making mobile phones more powerful than ever.

A more secure payment platform

The first thing people worry about payments made through mobile phones is security. Payment platforms on mobile phones (especially mobile apps) have a ton of security regulations to comply with for data protection. Mobile phones add a security layer whereby users have to enter a verification code or use their fingerprints for the touch ID before transactions can be completed. This is in addition to the super tough security regulations.

Losing a credit card can be costly, thieves can use them through online payment portals or to make physical purchases. You’re also vulnerable to identity theft. By comparison the security aspects around mobile apps and mobile payment platforms are making them more trusted and patronized by the day.

Online purchases made easy

Online payments make the retail world so much smaller. In addition to using mobile phones to pay for things in store, they can also be used online. E-catalogues are a convenient way to shop, and having an online app that acts as an e-wallet makes it so much easier … filling out information forms is a thing of the past.

Mobile payments know no boundaries

In a past life we could only pay by cash or credit card. The mobile payment revolution means different methods of payments are rapidly being adopted and the service industry is getting in on the trend too. Gian Tome, Fonebayad’s Marketing Manager, explains it’s a whole new ball game “With a lot of payment methods available for consumers, different mobile apps and websites are being created to make these transactions even faster and easier.” With rapid advancements in mobile payment technology consumers are getting addicted to it.

The mobile phone addiction.

Technology keeps on improving and changing the way we live. It’s continuously advancing and becoming an intricate part of our lives. Mobile phones are now an essential item … we can’t do without them. These addictive devices are the new cash.

Back in 2013, 82% of participants on an app dependency survey believed that there are critical apps they can’t go without for even a day. If we retook that survey today it’d be hard to imagine a result much under 100%

Mobile payment technology isn’t the future … it’s reality!

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