Mobile payment is an alternate type of payment process. Rather than making payments with currency, check, or credit cards, a customer can make a payment using their mobile phone for a growing range of products and services. Some of these include micropayments for individually purchased items, such as ringtones, mobile music, movies, or online gaming subscriptions. Other digital items are included in mobile payment goods, but mobile payments are not limited to digital items. Household payments, transportation needs, online reading material, and cellular billing are all possible with mobile payments.
Although there are many kinds of mobile payment platforms, they can be contained in four main categories. The first type is Premium Transaction Billing (SMS Payment type), which features mobile posted or prepaid options for mobile shopping and payment convenience. The second is Direct Mobile Billing, which debits payments from the cellular phone bill. Mobile web payments are the third type of transaction. These are made through the mobile internet connection, typically through a cloud host server which encompasses a wide range of industries. Contactless NFC (Near Field Communication), typically used for ticket purchases and virtual passes, are the fourth type of transaction.
Android payments feature whole mobile banking options, allowing users to conduct all of their banking directly from their mobile phone. This option has optimized convenience for a variety of industries, allowing instant transactions at any time of day or night. As a result, the customer base for many of these industries has expanded beyond initial expectation.
Premium SMS/USSD based transactional payments allow users to send payment authorizations via text messages that is then billed to the mobile account bill, or debited from their online prepaid account. Once a successful payment is posted, merchants can authorize the release of goods or service agreements. This payment process is instant and virtually accessible from anywhere. Short codes, which are accessed through the USSD server, guarantee security and offer reliable transactions for both the merchant and the consumer.
Online industries have expounded due to the increased popularity of mobile payments. Mobile billing continues to evolve as features are developed to accommodate the rapid expansion of online purchasing, web based products, and application technologies. Barcodes are one of these adaptations, which allow scanning for confirmed payments to be conducted for instant transactions for goods or services from a cell phone. Even coffee shops and drive through restaurants have adopted these applications.
Payment by cell phone has never been easier than with systems currently in place to bring consumers a versatile and accessible way to make purchases. Texting technology has created market avenues for new industries while modifying existing ones. Online industries and existing product markets have benefitted from the wide spread adoption of payment by cell phone applications across the globe. The universal access has made mobile payments the preferred method of purchasing for most consumers and merchants in today’s market.
Pay by mobile methods have created virtual wallets with electronic money held right within the mobile phone. Security measures are strict and layered to prevent identity theft or mistaken payments. These security measures include encrypted codes and personal identification numbers, which protect both the merchant and the consumer. Global banks and large corporations entrust their businesses to these applications, lending to their validity.
Small accounts can be managed by any merchant holder, and many are customized for specific industry needs. Customized options are available for individual companies as well. Online purchases are tracked with their own specified code and guaranteed by the service provider. Most transactions whether small or large scale are completed in less than ten seconds. The speed and ease of mobile payment transactions cannot be matched by any competitive method. Mobile payments are preferred by consumers across all industries.
It is in the best interest of merchants to install widgets or apps for their applied use. The generation of consumers who have had access to accelerated technology demands the simplicity and convenience of pay by mobile technology. This technology is the wave of the future for all industries. The expanded consumer base is necessary for competitive businesses at any level of the market. For this reason, there are many options available for mobile payments.
Mobile payments can be accessed at any time of day or night, from any location conducive to cellular phone use. Whether users prefer the popular Android system or other programs, text payments are the easy, convenient way to promote business and transact payments. Implementing mobile payments is a simple process that is conducted by the server. Many companies are advised to input a widget for mobile pay apps to their websites or mobile marketing attachments. Text payments enable mobile marketing with ease. Once payments are made via text, the payment confirmation is made and tracked by the numeric SMS code. The encryption and individualization is conducted by the host server and not dependent upon the merchant or consumer.