The internet is vast and full of possibilities and one of those possibilities is online marketing for different businesses. Online marketing is a form of internet marketing that greatly affects the world of businesses with its versatility in promoting products. It can make a certain product popular in an instant.
On the other note, there is also a rise of mobile technology which enables online marketing to grow further and provide accessible product information to its target market. One feature of this technology is the mobile payment methods using smartphones. It’s faster, more convenient, and often linked to valuable rewards and discounts. Being that said, mobile payment is a versatile and safer method that every online marketer should be fully familiar with to take every advantage it has to offer for the business. And this article will be of great help to you.
What is Mobile Payment?
Mobile payment is an easy way to pay for performing it through a mobile device. These new applications use a type of wireless communication called Near Field Communication (NFC) rather than the magnet strip or chip on your credit card. This method provides a safer and more convenient alternative as compared to other payment methods available as this could be done anywhere, anytime. And this is predicted to continue to grow in the future.
What is a Mobile Wallet?
The mobile wallet is a mobile technology that stores payment card information on a mobile device, much like a real wallet would do. The mobile wallet can hold rewards cards, medical records, credit and debit cards, and personal items. So instead of using your physical credit or debit card to make purchases, you can pay via your mobile device. Add the fact that upon using a mobile wallet, you can be safe from stealing because your manual wallet can be stolen or lost. But the mobile wallet is a virtual concept so nobody can steal it or you can’t lose it.
Near Field Communication is the technology that allows two devices (such as your phone and a payment terminal) to communicate to each other when they’re close together. The process itself is very secure because your phone and the payment terminal are the only ones which are communicating. It is locked on your phone, unlike having multiple credit cards that might get lost. Examples of NFC payment apps are Apple pay, Android pay, which are included in certain mobile devices.
Apple pay is the payment system available for iPhones. It uses NFC to only work for transactions and payments. Due to Apple’s security policy, it’s one of the safest forms of mobile payments out there. iPhones are famous throughout the world and companies adapt to trends set by Apple themselves since joining the Apple Pay system will increase the possibility of boosting their market and sales.
Android Pay was announced in 2015 and is one of the best mobile payments systems available due to the Android platform. It works by using NFC as well in order to create contactless payments by using credit/debit card information stored in the account. A randomly generated 16-digit number is sent, rather than your credit card and personal info. That means if that terminal, or the store that you used, is hacked, your personal financial info should be safe. Android Pay is supported in US, UK Canada and some handful of countries, and will continue to add support in the future. Retailers include McDonald's, KFC, Macy’s and other convenient services.
Samsung Pay is the counterpart of Apple Pay and Android Pay and works using the same way as the previous mobile payment systems mentioned above by using NFC. Samsung Pay works mostly for Galaxy S devices. It works with almost all point-of-sale systems. Using this is very simple – from the lock screen, swipe up from the small Samsung Pay bar just above the home button. Select the card you want to use, then place your finger on the home button to verify your fingerprint. Hold the back of the phone against the payment terminal.
How Mobile Payments Can Boost Your Business
People often underestimate mobile payments as insignificant and a mere technological evolution, but the mobile payment system is far from insignificant. It is actually the future of future payments for it is portable and adaptable. And using this trend equates to different gained advantages of mobile technology that can boost your business. Here are some of those:
Improving payment methods boosts eagerness for consumers to buy your product and it improves your business productivity. An example of which is Starbucks and their mobile order-and-pay app, which became a hit in the US. It also helps to process payments faster, and more convenient and lessens time consumed in lines for orders. It can also be used for determining promos and discounts.
Generate New Business
The ability to include mobile payments into existing operations can create synergies that generate new sales and streams of revenue for the business adapting it. An example of this is Kenya’s leading mobile network operator Safaricom which launched a mobile payment system called M-Pesa. Today, more than two-thirds of Kenyans use M-Pesa to make or receive payments.
Increase Stickiness of Core Business
Including mobile payments in a company or business portfolio makes sense, even when offered for free, payment system adds a touch of availability for the customers, therefore making them feel convenient due to the available choices of payment methods. Strong networks effects that increase customer retention are established because they might think that switching to another company is much most costly.
Benefits of Mobile Business on Your Business
Mobile business is not just a technological innovation. From a simple website design to mobile application, it is also a potential new way for people to make transactions. Jumping into this trend will maximize your profits with its benefits like promotion, and advertisement of products that you would provide for the online consumer, and throughout the growing industry. More benefits are available like:
Helps You Keep Your Information Safe
Mobile Wallets keep your information safe by using special applications that provide more convenient ways to pay. Brands like Starbucks and CVS are examples of those, they save information like favorite products, so ease of use and promos can be established, therefore boosting customer experience and sales.
People are carrying less and less cash, for safety and for fewer worries or bulk in their wallets, they have their phones ready for payment and always available in their pockets, this combination provides portable and convenience for the customer, by just tapping on the phone in order to pay, with no hassles like going into an ATM.
With the rise of mobile payment, it is now the fastest way to pay a transaction and takes just about seconds, compared to EMV cards, which sometimes might fail. With this, mobile payments will be adopted thoroughly by companies and businesses for a better experience, and faster transactions mean more allowance of time for more customers in line.
Mobile payments feature dynamic encryption making them extremely secure, while at the same time easily accessible whenever you need it, requiring just your thumbprint or any other forms of security methods to process transactions.