Mobile payment method has been introduced a decade ago but still this method is not acceptable at every retail store. The reason is that every retail store and merchandiser needs to make some changes in order to accept this mode widely.
What exactly Mobile Payment is?
Mobile payment implies to a payment service which is performed through a mobile device generally a smartphone and tablet. This service is permitted by financial regulation and it’s an alternative to cash, credit cards and checks. Customers can use their cell phones for making the payment. They just need an application, a swipe dongle and an internet connection. For making a mobile transaction, you need to connect your NFC enabled smartphone with internet, install an application and then to make payment after swiping card.
Why Did Mobile Payment Solution introduced?
For getting a simple reason of this solution, you just need to check the mobile user statistics. According to which almost 85 percent of World Population is using mobile phone into their routine life. People love to search the websites through their mobile phone so tech lovers come with this solution just to make customer’s mobile shopping experience quite comfortable
What is Major Problem that Come in the way of Mobile Payment’s Popularity?
Although people around the world are using mobile phone but every person doesn’t have a smartphone which is specifically required. You are not able to make a mobile payment through a basic phone, a smartphone is a must. Another problem is that people have smartphone but they don’t adept to download applications. In addition, there are a few outlets which are accepting mobile payments.
What is Future of Mobile Payment?
I’m sure that very soon we will be able to see a fast growth in the mobile payment industry since many companies and retailers have started making changes into their payment acceptance mode. They will definitely like to facilitate their customer in a new way. Future of mobile payment is as bright as future of credit card was. However, we need to wait as change is always slow. When you check the growth in the mobile payment industry then you are able to find a lot of players who have started facilitating their customers. Although number of these service provider is few but soon you will be able to see a nice and healthy competition.