With the advancement of technology, banking and finance are also evolving continuously. With the advent of smartphones and tablets, a new form of payment also came to the forefront, namely mobile payment. Several apps have been developed, which allow customers to carry out a transaction through their mobiles itself. These apps not only make it easier for the customer to purchase an item without cash, but it also proves to be quite beneficial for the vendor.
What are the advantages of mobile payment apps for the consumer?
The consumers can use these apps to make payments in an easy manner. For instance, in case of a cash payment, you would need to carry the cash amount with you prior to the purchase. In case of payment through credit or debit cards, you would need to swipe the card and then sign on the memo. However, in case of mobile payment apps, you only need to transfer the funds digitally to the vendor and you are done.
Mobile payment apps also provide a secure way to make payments. With the use of such apps, you no longer need to worry about carrying cash in your wallet or the cash getting stolen from you. The credit or debit card information associated with such apps are not stored locally in smartphones. Instead, the details are stored in cloud-based systems making it impossible to be stolen, even if the smartphone is nicked.
However, aside from the benefits received by the customers, the vendors also profit from such a transaction. This is why, most vendors now support such payment methods.
Advantages of mobile payment apps for the vendors
Vendors are liable to pay less for using a barcode scanner or other forms of mobile payments to complete a transaction when compared to the cost of a credit card transfer. The vendors are charged monthly fees for such transactions and are also charged for each instance of payment through credit cards.
A shop or service that offers mobile payment as a valid option for transaction may earn the goodwill of customers as well. People are looking for convenient means of payment whenever they go out. Shops, which provide such facilities are likely to have increased business and returning customers.
Mobile payment apps are becoming so popular that cash transactions are dwindling with each passing day. More and more people are finding this mode of payment easy and convenient. There may come a time when the entire economy of India will become digitized and cash will become a thing of the past.
What are the advantages of mobile payment apps for the consumer?
The consumers can use these apps to make payments in an easy manner. For instance, in case of a cash payment, you would need to carry the cash amount with you prior to the purchase. In case of payment through credit or debit cards, you would need to swipe the card and then sign on the memo. However, in case of mobile payment apps, you only need to transfer the funds digitally to the vendor and you are done.
Mobile payment apps also provide a secure way to make payments. With the use of such apps, you no longer need to worry about carrying cash in your wallet or the cash getting stolen from you. The credit or debit card information associated with such apps are not stored locally in smartphones. Instead, the details are stored in cloud-based systems making it impossible to be stolen, even if the smartphone is nicked.
However, aside from the benefits received by the customers, the vendors also profit from such a transaction. This is why, most vendors now support such payment methods.
Advantages of mobile payment apps for the vendors
Vendors are liable to pay less for using a barcode scanner or other forms of mobile payments to complete a transaction when compared to the cost of a credit card transfer. The vendors are charged monthly fees for such transactions and are also charged for each instance of payment through credit cards.
A shop or service that offers mobile payment as a valid option for transaction may earn the goodwill of customers as well. People are looking for convenient means of payment whenever they go out. Shops, which provide such facilities are likely to have increased business and returning customers.
Mobile payment apps are becoming so popular that cash transactions are dwindling with each passing day. More and more people are finding this mode of payment easy and convenient. There may come a time when the entire economy of India will become digitized and cash will become a thing of the past.
No comments:
Post a Comment