The cash payment method was the preferred method of payment for goods and services until the last 19th century. But with the increasing penetration of the Internet and mobile phones, the use of mobile phones for payments has grown rapidly. Today we live in an era when smartphones and mobile devices have become a necessity, not a symbol of status. This ubiquitous smartphone, although it looks harmless, can perform many essential functions for us, including paying utility bills, paying for products and services that we purchased in retail stores, etc.
Technically, mobile payments include the following:
Online payments using the Internet on your mobile device that are similar to e-commerce and often also called mobile commerce.
Payments inside the application using a mobile phone when Apple makes a lot of money when we conduct such transactions.
NFC-enabled mobile devices for seamless retail payments.
Payments made using the telephone company – where the payment is credited to the mobile account from the service provider.
Payment via SMS services.
Payments are made using a mobile virtual terminal, which involves making card payments using a mobile platform instead of the traditional hardware terminal.
Although all of the above payment methods may not be equally well known, some are known and used throughout the world. In countries like Ireland, the NFC-enabled payment mode is gradually becoming a reality due to the growing number of NFC-enabled mobile devices. After the necessary equipment is installed in all retail stores, this method of payment will be very common in the country. There are many apps, such as the Apple Passbook iOS6 for iPhone and iPad. These applications expand our ongoing connectivity and do more with your mobile phone.
Studies have shown that only 25% of people make purchases using the mobile platform, while an astounding 60% admit that they made purchases on the Internet. Compared to this, a staggering 87% yielded to store-purchase transactions. The reason for these numbers is that it’s very easy for customers to hold their credit card using a credit card payment terminal in a real store, rather than sharing their credit card information online or through their mobile phones. But technologies will soon become mobile, convenient, and trustworthy, and people will switch to a mobile payment method.
Manufacturers of products and services in Europe are adding a mobile payment method to their array of payment gateways, as more and more young people prefer the convenience of the Internet to make payments for their purchases. In such circumstances, cell phone or mobile phone is the most preferred payment method because it is convenient and ready to use compared to online mode via laptops or desktop computers, which require a computer to support electronic commerce transactions. Environmental advocates are also lobbying for the adoption of this payment method by merchants and manufacturers around the world to give a boost to mobile app payment.