Mobile payments (which encompass mobile wallets and mobile money transfers) are regulated transactions that take place via a mobile device. This means that instead of paying for things in cash, cheques or physical credit cards, the mobile payments technology allows for a digital alternative.
Introducing mobile payments
Many banks have recently introduced technology into their banking applications that allows customers to instantly send money directly from their bank accounts. Mobile payments are also made on the spot in stores by scanning the barcode in an app on one’s phone and when convenience stores make payments to large international retailers.
The cost of purchase can be deducted from a pre-booked value within the account associated with the store or paid by credit or debit card. Payment information is encrypted during transmission, so it is considered a more secure payment method than credit or debit card payment.
Mobile payments are an increasingly popular way of accepting personal payments because they are safe, fast and convenient. The volume of mobile payments is expected to grow to $503 billion by 2020.
Mobile payments can also be used in a “peer to peer” context. For peer-to-peer m-payments, you can make an electronic transfer through your bank.
Why mobile payments?
- They are fast
Mobile payments are by far the fastest way to pay. They usually take about a second.
- They are convenient.
Mobile payments are one of the most convenient forms of payment. You don’t have to go to an ATM to pay someone — you can do it by sending an e-transfer via a bank application on your phone. There’s no going through your bag to get your wallet at the checkout — you can just tap the phone to pay. Shopping on the Internet is even easier.
- They are safe.
Mobile payments have multiple layers of dynamic encryption making them an extremely secure payment method. They are much more secure than magstripe payments and as secure as EMV chip card payments.
Tokenization
In a mobile payment transaction, tokenization also applies. Tokenization is one of the reasons why mobile payments are so secure. This technology secures bank details in mobile payment applications. Take Apple Pay for example. Here’s how it works: When you take a picture of your credit card and load it onto your iPhone, Apple sends it to your issuing bank or network. Then banks and networks replace your bank details with a series of randomly generated numbers (tokens). This randomly generated number is sent back to Apple which then secures it on your phone. This means that your account details on your phone cannot be cloned for anything of value to fraudsters.
Mobile payments have revolutionized the way we think about processing payments. On the one hand, we’re moving towards more secure, authenticated payment processing. On the other, we are moving towards faster and more convenient payment methods.
The weeMobile Payment functionality will further benefit the entire weeCommunity and will differentiate it from existing, traditional cashback programmes. Using the form of mobile payment will make wee competitive and attractive in the long-term and will create additional incentives for customers to become part of the weeCommunity.
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