On 31 December 2019, COVID was detected which brought forth a widespread pandemic later on. But through overcoming these harsh times we have managed to overcome some of the difficulties caused by the pandemic through a new way of life.
By the end of 2021 most people adopted this new way of life which brought forth a change. This change includes the rise of the e-commerce industry which brings forward the advantages of mobile payment even further.
Purchases are made around the globe as we speak now through various mobile e-commerce platforms using a wide variety of mobile payment methods. A large factor of these purchases is brought by the variety of mobile payment methods. As such we are here to enlighten you today, as you too will realize the advantages of the various kinds of mobile payment once you read through this article.
Mobile payment ultimately refers to the transaction using the user’s mobile device. The mobile devices used for these payments are usually smartphones as smartphones are more widely owned within the mobile device category.
Mobile payments are replacing the old-physical payment methods such as using cold hard cash, these replacement has been further accelerated due to the pandemic namely COVID-19.
The SMS payment is done by using a specific text message. In order to do the transaction the customer needs to send the SMS text message and in return a code set by the seller will be sent to the customer in which the customer will be able to access the contents he has chosen for purchase during the transaction. The phone carrier of the customer will automatically add the cost of the purchased said content.
Instant access to multiple users - The advantage for the premium SMS method can be used by billions of customer’s mobile phones globally. As such there won’t be any delay in the transaction once the set amount is paid by the customer to the seller.
Convenient - Customers do not need a bank account nor a credit card connected to be able to do the purchase.
Convenient Billing is handled by the user’s sim card type phone carrier
Customer pays the seller by using the user's mobile phone account. It is usually done when there is a mobile billing option available during checkout when doing an online purchase in an e-commerce platform with a double security factor which is the biometric (thumb print or face recognition) password and a PIN (usually 4 digits). The charged amount is according to the purchases the user made.
Convenient - It is very convenient to use as there is no need for a pre-registration nor a requirement to download a third party software.
Simple - It is a very simple checkout process as long as the double security factor is met.
Fast - It is a very process as the transaction can be done in less than 10 seconds.
Wap billing aka mobile web payment uses the WAP (Wireless Application Protocol) as underlying technology which all in all means a level of technology that underlies multiple applications.
Follow up- Can be used to follow on sales where the mobile web payment can be traced back to the purchased store of the goods of the consumer due to the pages having url and can be saved and used for reference later on.
Fast and convenient - It provides quick and easy to use payments.
User friendly - It provides a standard set of online payment pages for payments.
Using the mobile phone to do online transfers between accounts existing accounts to do the payment transaction.
Time saving - As the user won't need to be physically in the bank to do the transactions or check account balances and so on as it all can be done through mobile banking.
Provides utility - Able to utilize mobile connection of the telecom operators thus no internet is required.
Every Quick Response Code is a code, all the user needs to do is just to scan it using the mobile phone to proceed with the transaction.
Easy implementation - Can be implemented quickly and it is of low cost.
Simple - Very easy to use.
Reliable - Details are to be automatically filled thus posing no mistakes.
Secure - It is regarded as of high standards of security and safety.
The user only needs to scan their mobile phone to the device terminal in order to make payment which does not require any authentication but requires the PIN number set by the owner.
Convenience - The user can make the payment by just scanning the mobile phone and entering the pin.
Utility - Can be used on a variety of bank cards and can even be implemented with a reward system
Secure - It is secured as it requires PIN thus having the physical card doesn't mean it can be accessed freely.
The mobile wallet basically acts as a virtual wallet that keeps all the users reloaded money virtually instead of the physical money.The mobile wallet also provides a type of payment service with individuals being able to receive money via mobile devices. As such It is mainly used in the e-commerce platform.
Safer than Cash in certain circumstances - As traveling you can encounter some mishaps and it might cause you to lose your hard earned physical cash but with mobile wallet this won't happen as the money is virtual in the mobile wallet
Faster and convenient - as it doesnt need to be organized and can be used as payment instantly.
Rewards for spending - There are mostly rewards points which are rewarded based on how much you spend thus being able to redeem goods that you desire.
Paypal is an e-commerce company that facilitates transactions done between individuals through online transfers. Their user needs to have registered an account which needs to be connected to the user’s bank account or credit card before the user can have access to the platform.
Ability to accept international payments - Paypal transactions can be done globally and accepts payment cards from other countries and provide 23 types of different currencies.
Flexible account options - Paypal allows a user to have multiple types of accounts in different types of categories for example business and personal categories. Different types of categories have different types of benefits for example, for the business category the user has full merchant services, allows multi user access.