Mobile Payments: Improving the way of Traditional Payments

Forget your wallet while going restaurant or to a retail store. Really? Is it affordable to do so? Well, it’s quite possible considering the advanced technology. The mobile payment solutions have created a buzz that you don’t have to carry your plump wallet in your pocket wherever you go. Is it seeming to be in a favor of customers carrying smart phone? Just to bring in your knowledge, the merchants are making the most of it.

Mobile payments can be defined as any purchases, bill payments, prepaid top-ups, DTH recharge, utility bill payments etc. The mobile payment can be done either through a text message, a web browser, or a downloadable app on a mobile device.

Why Mobile Payments?

Using online payment solutions is fast, efficient and easy. You can make payments and pay bills at the click of a button, all within the comfort of your home or even on the move.

The power to pay is in palm of your hand

 

It offers a string of  benefits:

• Hassle-free operation saves time.

• Increases customer-base.

• Customer loyalty and satisfaction.

• The revenue stream becomes easy to track and becomes predictable.

• Considerable savings in terms of expenditure and investment cost.

• No possibility of revenue leakages due to an extremely secure and reliable system.

Which type of Mobile Payments?

This business segment is sure to see a new wave of innovation in the upcoming years. You can make payments for:

• Mobile Recharge

• Data Card Recharge

• DTH Recharge

• Electricity Bill Payment

• Gas Bill Payment

• Landline Bill Payment

• Toll Tax Bill Payment

• Postpaid Bill Payment

• Insurance Premiums

• Money Transfer

How Mobile Payments Are Attracting More Business?

Mobile payment aims to help those who use smart phones for their day-to-day activities. Though, the businesses are looking at the other way around that how they can attract more business through this online payment concept?

Increased Loyalty From Customers

This payment method allows the businesses to gain loyalty from the customers towards their product and services for which they have made a mobile payment. As it provides major contribution to customer database, it helps them to build a better connectivity with customers.

Customer Loyalty Programs

The customer loyalty programs in the mobile payment app also help the businesses as they update the customer regarding their discounts, benefits and offers instantly. The enterpriser can easily converse with customers as the data is handy through the online transaction.

How Big Will Mobile Payments Become?

Increased smart phone penetration in major countries will help fuelling a ton of growth. As per the forecasts, by 2017, the total value of global offline transactions facilitated by mobile devices will reach about $1.5 trillion, up from $120 billion in 2012 globally.

Nowadays there are plethora of companies which provide easy, reliable and secure solutions to make daily routine payments via internet and provide an end-to-end integrated solution so that customers can leave the hard cash and make payments through their cellphone. Some of them are looking for distribution channel partners. Get connected with them and start your new venture into this industry.