How Are Mobile Payment Solutions Taking A Firm Grip In The Market?
Two decades back, when the payment with plastic cards has started, the people were amazed. Later, the cashless transaction with cards accelerated at the furious pace and make a tide over the cash transactions.
Slowly, the plastic cards like- a debit card, prepaid card or credit cards also become the hassle for the people with the surge in mobile payments as they have to carry the cards with them every time. Now, people are welcoming the cashless payment landscape.
According to a recent survey, “Increasingly, retailers are switching to the digital payment technologies. The 75% of the Canadian retailers have embraced the tap and pay technology for the easy transactions.”
The wave of mobile payments has started creating ripples in the market with the beginning of digital wallets like- Apple pay, Android pay or NFC chips. This initiative is now intensifying with mobile POS solution.
This is a journey of the traditional transaction to online transactions. Before delving into the depth of the mobile payment solutions, take a quick look at the benefits of going cashless.
- Going greener: There will be almost no paperwork. The customers will get an instant receipt on mobile as message or email, and if they prefer then physical receipts as well.
- Cost and time savvy: Certainly, when the payments will be enabled through mobile apps, the retailers won’t need to keep numerous employees on the cash counter, which proves to be cost savvy. With mobile apps, there will be no long queues, so more customers can be served in less time.
- Step in with the customers: The market is reinventing and revamping the strategies because customers are preferring those who are racing in the digitization race, and mobile app is an integral part of it. Grab the mobile user base by teaming up with the mobile application development company.
- Seize a competitive edge: The history witnessed those who have embraced changes are standing ahead and those not were collapsed. So it’s good to become a winner in the market leveraging the opportunities with scalable mobile app development.
Great! The benefits of going cashless are impressive. It’s helping the businesses to move from cash driven economy to the cashless landscape with abreast of payment solutions to make the customers do the transaction with utmost convenience.
Let’s dive in…
1) Mobile wallets- ditching the physical wallets
The digital wallets are really great that have ended up the hassle of keeping the hefty cash in the wallets. Now, people just need to keep the dollars in their account and the transaction is enabled at the flick of the switch.
There are different types of mobile wallets such as peer to peer mobile wallet, loyalty or coupon based, cryptocurrency wallets or messaging app wallets that are highly popular in the market for robust security, faster checkout, and loyalty integration.
In the US market, it’s anticipated to take a rise.
With the help of wallets the lives becoming easier as people can make the payment request to another user and get the money directly credited to their account. Just like loyalty cards, loyalty apps keep track of and add the loyalty points, and also promotional offers can be sent as incentives. Moreover, many mobile apps accept the payment through crypt currency like bit coins.
2) Mobile POS- The new warrior of retail space!
In the brick-and-mortar stores, the traditional POS was bulky, inefficient, occupying larger space, creating long queues and raising so many challenges. That’s where the mobile POS innovation becomes the panacea.
The mobile POS in the hands of employees standing at various places inside the shop bust the long queues that enable speedy checkout and delight the customers, it’s easy to carry and handle, accept all types of payment, enable bill splitting and a lot more. The fantastic benefits lead to its high usage.
“The mPOS devices will grow by four folds that are over 54 million units in the market by 2019. The mobile POS is currently holding the 93% of the total retail dollar volume in the USA that will continue to increase in near future,” according to a research.
It implies mobile POS app development is a way to change the dynamics and lure the shoppers’ attention and dollars.
3) Pay via NFC
Instead of spending huge bucks on installing the machine, retailers are also gearing towards mobile payment through near field communication (NFC) technology. The wireless payment via NFC initiated by Apple is now widely accepted worldwide.
NFC enable two devices to exchange the data and enable the transaction with a simple tap. The data transfer can be one way or two way. The NFC chip is a great shield to the data theft or card breaches.
The robust security has made the leading retailers like Target, Macy’s, or Walgreens have NFC-based contact less payment terminals to make the digital payment easier.
4) Mobile banking
You don’t need any introduction to Internet banking with mobile as it has become a part and parcel of our lives. Transferring the money to others account either for personal use or business purpose is considered as the easiest way in the developing countries.
It allows the people to transfer the payment instantly with IMPS (Immediate Payment Service) service 24/7, payment transfer during banking hours with NEFT (National Electronic Funds Transfer) service and the big amount transferred using RTGS (Real-time Gross Settlement) service.
The mobile apps are offered by the banks to make the transaction easier and enable the customers frequently transfer the payment.
The last thought
The customers are the major driver of the businesses and no business dare to turn away the customers with cash transaction monopoly. It’s all due to a surge in cashless payment solutions. The trend has resulted into the outgrowth of mobile apps.
From retailers to health care to the banks, all industries are leaning towards mobile apps to keep up-to-date with modern customers and technology trends. It’s a great time to get partnered with the mobile application development company and get a dedicated mobile app for your brand.
