Mobile payment systems have become increasingly popular in recent years, as smartphone technology has advanced and the need for faster, more secure transactions has grown. Mobile payments allow customers to quickly and securely make purchases using their smartphones or other mobile devices. These payments are convenient and secure, making them a great choice for both consumers and businesses alike.
The four most common types of mobile payment systems are as follows:
1. Near Field Communication (NFC): This technology enables two devices to communicate with each other when they are placed in close proximity. It is used by many phones to enable contactless payments, where customers simply hold their device near a payment terminal and the transaction is processed.
2. Bluetooth Low Energy (BLE): This type of mobile payment system allows for secure communication between two devices over short distances. It is typically used in store settings, where customers can use their smartphone or other device to pay for their purchases.
3. Wifi Direct: This technology allows two devices to communicate wirelessly over a short distance, and is used in some stores to enable customers to pay with their smartphones by connecting directly to the merchant’s wifi network.
4. Cloud Computing: This type of mobile payment system uses cloud-based technologies to store customers’ financial information securely. Customers can access their accounts through a web browser, and use the information stored in the cloud to make purchases online or in-store.
These four mobile payment systems provide businesses and consumers with a secure way to make payments quickly and easily, making them an ideal choice for modern payment transactions. When choosing a mobile payment system, it’s important to consider your business needs and the different features each type of system offers. By doing so, you can find the right solution that meets your needs and provides customers with a seamless experience.
No matter which type of mobile payment system you choose, it’s essential to make sure it is secure and up-to-date with the latest features. This will help protect your customers’ financial information and provide them with a safe and convenient payment experience. With so many options available, it should be easy to find the right mobile payment system for your business.
We hope this guide has helped you understand the different types of mobile payment systems and their features. With the right system in place, your customers can rest assured that their payments will be secure and convenient.
Traditional alternative methods of payment (AMOP) such as credit and debit Cards facilitate electronic payments over a point of sale point or an online payment gateway. However, the world is on a different ride altogether. It is witnessing the widespread adoption of a new AMOP in the form of mobile payments.
Mobile payments aren’t that simple
The evolution of mobile wallets
You need an app concept, but let’s assume you have it already.
Mobile commerce will total $142 billion in revenues by the end of 2016 according to Forrester forecasts.
The average order value for tablet purchases is $98.07 and $81.27 for mobile purchases.
Set up card distinguishing by the first four numbers.
Others feel reluctant, especially after the recent series of major data breaches.
However, as long as you are selling physical products or subscription plans for your software, then you can choose any payment gateway integration that suits your business needs most (and avoid the 30% payment cut Apple and Google takes from every app purchase made).
And this is where things get complicated.
50% of online shoppers will abandon their carts if your app doesn’t have their favorite payment method. But there are more than 70 payment systems out there! Each has different terms (read the fine print!), fees, and features.
That’s why I’ve already outlined 13 questions you should ask while looking for a payment system. And today I’ll compare three popular gateways (PayPal, Stripe and Braintree) to make the choice even easier.
