9 Things You Need To Know About Mobile Payments

Technology is evolving at such a rapid speed that businesses need to keep pace or fall back. Mobile phones have contributed greatly towards enhancing the quality of our lives and mobile payments is an essential part of this. In this article, we look at how exactly they help securing our financial dimension. 

1. Mobile Payments Are More Secure
Safety and security are global concerns and mobile payments ensure precisely that. Mobile payments do away with the need of you having to take your wallet wherever you go.

2. They Provide Flexibility
Carrying cash has become not only an inconvenience but also a danger. Instead users now have the privilege of just tapping your mobile phones to complete transactions.

3. Mobile Payments Are Growing Globally
Many parts of the globe have little access to financial services, but 85% of the global population has mobiles. So payments through these phones are definitely on the path towards high growth

4. They help Economies Flourish
From transferring money to pay your utility bills to sending money home, mobile payments make transactions so much more smooth and streamlined. They also help rural economies by making micropayments possible.

5. NFC is The Way of the Future
A simple and secure technology solution, near field communications (NFC) helps businesses and consumers alike make faster, safer transactions. They’re called contactless payments because all you need to do is keep your NFC enabled phone near a suitable reader to make payments.

6. It’s Already Built into Many Phones
Many of the latest smart phones already have built in NFC chips, so adopting this technology is even more hassle-free. Just upgrade your phone or maybe get an NFC sticker for your present phone and you’re ready to make mobile payments.

7. NFC Saves Time and Trouble
Whether you pay for your bus fare or for a movie show, NFC payments make the process so much faster that it’s already a trend that’s catching on everywhere.

8. They are easy to Top-Up
Whether you are online or at a mall, your mobile wallet can be topped up anywhere. Life’s so much easier, isn’t it?

9. Mobile Wallets Make Money Transfers Easier
Mobile wallets also allow you to send funds to your family and friends who may need money fast. In addition everything from electricity bills to parking fees can be paid by you, even if you are far from home.