The government of India introduced demonetization in November 2016. This move put 80 percent of the usable currency in the country into disuse. The government has been encouraging the use of online interfaces to conduct our financial transactions ever since. Although new notes have come into circulation and have replaced the older ones, the importance of payment apps has grown considerably. You can add your debit or credit card into an app and pay for goods or services as easily as you use your physical card. Payment through mobile refers to the payment services that take place under financial regulation and are performed from or via a mobile app.
The benefits of using mobile payment apps are as follows:
• Your information is secure – Do not worry about your personal information getting leaked or your bank account getting compromised as these apps have built-in security features. Your real card number is never stored in your phone or with the retailer. When you make a purchase, the system hides your number by assigning a random number or token for each purchase.
• It is convenient – Would it not be nice if you could just leave your wallet at home? Payment apps enable you to do just that. You do not have to cash when you go out for shopping. It would suffice to just carry your phone. These apps also provide an easier way to use your debit or credit cards.
• Good for small businesses – Small businesses previously did not accept payment through credit cards for want of infrastructure and as they were cash-only facilities. Now these mobile apps have made it possible for these businesses to accept payments from people who are short of cash. This has increased their business volume and also contributed to an enhanced customer base. The digitization of transactions also helps small businesses to understand the customers’ preferences.
• Cost and engagement – A mobile card reader or a barcode scanner is less expensive than a credit card terminal and therefore can be employed easily. The time required to complete a transaction is also reduced if shops use mobile payment apps. This allows a retailer or a shopkeeper to service more customers than he could have within a stipulated amount of time.
• Paying through these mobile apps would also cost you less as they charge you less than most credit card companies.
Thus, payment apps are the way forward now. In this era of globalization and digitization, it is surely beneficial to adopt new technologies and techniques that will make our lives easier. From paying taxi fare to shopping for groceries to paying the bill at a nightclub, everything has become much easier if someone uses these apps. No need to argue for the change that the auto-rickshaw driver owes you. Simply use the mobile app to pay the exact amount.
The benefits of using mobile payment apps are as follows:
• Your information is secure – Do not worry about your personal information getting leaked or your bank account getting compromised as these apps have built-in security features. Your real card number is never stored in your phone or with the retailer. When you make a purchase, the system hides your number by assigning a random number or token for each purchase.
• It is convenient – Would it not be nice if you could just leave your wallet at home? Payment apps enable you to do just that. You do not have to cash when you go out for shopping. It would suffice to just carry your phone. These apps also provide an easier way to use your debit or credit cards.
• Good for small businesses – Small businesses previously did not accept payment through credit cards for want of infrastructure and as they were cash-only facilities. Now these mobile apps have made it possible for these businesses to accept payments from people who are short of cash. This has increased their business volume and also contributed to an enhanced customer base. The digitization of transactions also helps small businesses to understand the customers’ preferences.
• Cost and engagement – A mobile card reader or a barcode scanner is less expensive than a credit card terminal and therefore can be employed easily. The time required to complete a transaction is also reduced if shops use mobile payment apps. This allows a retailer or a shopkeeper to service more customers than he could have within a stipulated amount of time.
• Paying through these mobile apps would also cost you less as they charge you less than most credit card companies.
Thus, payment apps are the way forward now. In this era of globalization and digitization, it is surely beneficial to adopt new technologies and techniques that will make our lives easier. From paying taxi fare to shopping for groceries to paying the bill at a nightclub, everything has become much easier if someone uses these apps. No need to argue for the change that the auto-rickshaw driver owes you. Simply use the mobile app to pay the exact amount.
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