In a fast-paced environment, offering clients a safe and accessible method for acquiring services and products is key for innovation. Picture this: a busy store, the line is taking forever, and everyone is rushing to get home. Want to skip it? Well, the solution relies on one single method. With mobile payments, businesses can now opt for easy and on-the-go money transactions all while enhancing customer experience.
Diving into the basics…what are mobile payments?
When thinking about mobile payments, some questions may arise regarding how this method differs from others. Does it work as an online transfer? Not quite, as this allows users to make money transactions through devices like smartphones or tablets by using NFC technology.
As there’s no need to hand in cash or even debit and credit cards, this payment technology is both convenient and secure for clients. Thinking about implementing this for your business? Let’s go through some concepts to understand its overall function and its solution for payments.
Mobile wallet
Just as its name implies, mobile wallets store your credit or debit information in a digital app. This means you can access it through a smart device and make purchases without the need for physical cards.
Moreover, its perks aren’t limited to finance as you can also add the following to your digital wallet:
- Driver’s license.
- Gift and rewards cards.
- Boarding passes.
- Discount coupons.
- Concert tickets.
NFC mobile payments
Near-field communication technology allows data to be shared between two wireless devices: a payments processor and the client’s mobile. An NFC-enabled reader identifies signals thus sending the required information back and forth between the client’s device and the terminal. Today’s most-well know mobile payment apps employing NFC include:
- Android Pay.
- Apple Pay.
- Google Pay.
- Samsung Pay.
- Square Wallet.
Source: Pixabay
Payment authentication
This refers to the overall process of verifying the cardholder’s identity to ensure the transaction isn’t being held without their knowledge.
Wondering if your information is exposed through mobile payments? Don’t worry, as the data shared to the NFC-enabled terminal is encrypted, the user’s authorization is required. Authentication systems include:
- Passwords.
- Fingerprint authentication.
- Face ID.
5 reasons your business needs mobile payments now
Still struggling to accept mobile payments into your business? Here’s why you should implement this:
1. Safety comes first
We’ve gone over how NFC mobile payments provide layers of protection by using encrypted data. Now, while there’s no need to be carrying around money or cards, devices like smartphones are still susceptible to theft. However, as authentication methods like biometrics are required, your information is less likely to be exposed.
2. No time? No problem!
Clients only need to access their smart device and pay with the mobile payment method they like the most. With just a few taps, the transaction is made with no need for further assistance. All in all, this is considerably faster than cash payments or swiping debit and credit cards.
Source: Pixabay
3. Enhance customer experience
As discussed, this type of payment is safe, convenient, and overall easy to use. On the other hand, its benefits extend to helping brands engage with clients through loyalty programs. How about a redeemable coupon or a gift card available with just a tap?
4. Keep everything on the go
With your mobile payment app, forget searching through your wallet as you try to find your ID, tickets, or money. No more stacking cards and papers for fear of losing them. Not a fan of carrying around your cell phone all the time? No problem, have everything at hand with your smartwatch.
5. Embrace change
With a core focus on innovation, mobile payments adapt to the customer’s and the industry’s requirements in an ever-changing environment. For instance, protocols implemented due to the pandemic made clients embrace contactless payment as their go-to method.
Whether it is for money transactions or boarding your next flight, mobile payments offer solutions to everyday life.
