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Mobile payment systems are systems that allow consumers to pay by their mobile devices. These systems are divided into several different types including SMS payments, NFC payments, and payments done via a mobile application. Both companies and consumers can benefit from these systems, and in this article, you will be able to read about the advantages of mobile payment.
Let’s take a look at the benefits:
Mobile Payment Benefits for Consumers
Source: CCG Catalyst
The advantages for consumers include:
- Convenience – nowadays, people do not go anywhere without their smartphones. People might leave their jacket, wallet, or purse at home, but they probably never leave without their smartphone. Hence, mobile payment will save you when you forget your wallet at home and it is a convenient tool that is always with you. You can check more about this on Emotive.
- Access to Deals and Offers – most mobile payment providers and sellers who utilize them create special offers that are targeted directly at their mobile payment client. So, you can easily pay with your smartphone, as well as have access to amazing deals when you need them.
- Social Networking – social check-in is built into the mobile application for several mobile payment providers which allows you to see where your friends are, announce where you are, and you can also share special offers and deals with them by clicking one button.
- The Ability to Exchange Funds with Other People – some platforms will even allow you to send money or credit payments to businesses and other people. This is quite convenient when you need to send someone money or when you are in need of some money.
Mobile Payment Benefits for Companies
Source: Square
The advantages for companies include:
- The Ability to Accept Payments Away from their Home Base – are you hosting a booth at a trade show or conference? Do you need an easy way to accept payment? Well, look no longer. Mobile payment offers your business a secure and simple way to accept payments away from your storefront or office. Click here if you want to learn more about these systems.
- Branding – it is important for companies to adopt new technology, and by offering your customers the option to pay with the mobile phone, you can show that you are ahead of your competitors.
- Cost Saving – there are mobile payment providers that will not cost you any more than what you are already paying to accept credit cards. There is even one provider that will save you a lot of money by only charging $0.25 per transactions, regardless of how large the transaction is.
- The setup is quick and simple – most mobile payment providers will offer you equipment that you will need to get started at no cost and quickly. Others require nothing more than the equipment you already have, hence, you can get it up and running in no time.
Conclusion
These are only some of many benefits of mobile payment systems, hence, do not waste any more time and start looking for providers that will fit your companies goals and needs.
