M-commerce and mobile payment solutions
Fri, 07 May 2021
The field of m-Commerce and mobile payments is continually changing with client needs increasingly growing. M-Commerce’s value is further strengthened by the fact that many visitors to popular e-commerce sites choose to use an app rather than the web edition. The mobile payment industry, along with m-Commerce, is also one of the world economy’s most diverse and fastest-growing sectors and supports different types of innovations and business models that target various global markets. A growing number of people are willing to use various smartphones and wearable devices to take mobile payment choices.
Types of Mobile Payment Solutions
The boom in mobile commerce among global consumers has led to many forms of mobile payment options. Some of the most popular forms of solutions for mobile payments are:
Mobile Wallets:
This is one of the most common mobile payment methods these days. Mobile wallets work with the “tap-to-pay” feature by using NFC (Near Field Communication) or by enabling you to pay with cash from an online wallet. Payments made by mobile wallets are much quicker and more convenient than cash payments and are a major reason for their success today. Some of the more popular mobile wallets out there are Google Wallet, Samsung Pay, and Apple Passbook.
Direct Mobile Billing:
This kind of billing has seen broad acceptance in countries where the bulks are operator billing and postpaid plans. Here, if a consumer purchases a product, the purchasing cost is added directly to the customer’s mobile bill. This is a very popular mobile payment form since it bypasses internet banking or credit/debit card use.
Cell Phone as a Credit Card Terminal:
You can now use mobile phones directly to read credit cards to send and receive payments. This payment system proves to be very helpful for small business owners as it is a simple and safe process, and they do not have to pay exorbitant fees for EFTPOS devices. This service currently includes, among others, PayPal Here and Square and can be enabled simply by inserting the credit card reader into the headphone port.
Mobile Web-based Payment:
Customers use the internet or web pages in this mobile payment form, or via any dedicated app installed on the phone. The Wireless Application Protocol (WAP) is the core infrastructure used for such payments. Many mobile network operators are now adopting this process, with PayPal offering one of the most popular services under the name PayPal express checkout.
Types of M-commerce Applications
Ticket Sales Apps:
Ticket apps allow customers to book movie tickets, conferences, concerts, sporting events, etc. Using the app, the user can view various activities, their venue, show timings, available facilities, and even re-sell tickets.
Restaurant Booking and Food Delivery Applications:
These applications are used mostly to order a full meal on a mobile phone or to make restaurant reservations for pre-selected meals. This area has expanded tremendously in recent years and even the specialized hospitality industry has made forays into the mobile space after seeing the success of various companies including Pizza Hut etc. These apps reward consumer loyalty through the delivery of freebies or free meals/discounts, contributing to more success.
m-Commerce Marketing Apps:
Such applications are created from the ground up to facilitate the promotion of specific goods or services. Some usually provide consumers with a curated brand group to choose from, while some others serve as aggregators for several offers and coupons through different e-commerce sites, enabling consumers to access offers and shop from one convenient location.
Retail Store Apps:
Most retail stores now have their m-commerce apps that allow users to use their mobile phones to purchase products. Some of the devices can also be optimized for smartphones, which will make it easier to use larger displays.
Benefits of Mobile Payment Solutions
Increased Transaction Speed
Secure Method of Payment
Integration of Loyalty Programs
Convenient Option of Payment
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