Mobile Payments

Are we moving towards a cashless future?  Thought-provoking isn’t it?

It is a very common fact that we grew up on many things, let’s say a wall calendar, route map, telephone diary, alarm clock . . .the endless list goes on and on. Without a second thought, we can say that much of the changes happened due to the advent of smart phones.

Similarly, payment methods have taken a huge turn from cash to cheques, credit cards, debit cards, online banking and mobile commerce. All this paved the way to the beginning of a cashless era.

Already majority of the subscribers are making payments for all types of shopping through their smart phones, be it to buy flight tickets,food,book a cab etc.This cashless concept is now largely discussed and is known by different names such as digital wallet,e-wallet,virtual wallet etc. All you have to do is download the App in to your phone and link it to your Bank account or payment card.

Carrying along with payment details, digital wallet also helps you with managing your loyalty cards, if you prefer to go 100% digital. Many Apps are currently available which enables the customers to scan the information on the barcodes of their loyalty cards and then store it in the phone. Later the cashier can scan the barcode displayed on the customer’s mobile at the checkout counter.

This facility becomes very handy as it helps us get rid of the bundle of loyalty cards which comes in use only once in a while. But the biggest risk is that suppose you lose your Smartphone, then all your information will be lost. To avoid such circumstances, you get an option to attach all the online purchase to your phone bill and then clear it at the end of every month.

There are still many people around who are really not comfortable in managing their needs with credit cards. For accomplishing the needs of such people, developers have come up with Apps like Venmo and Dwolla that lets you transfer the cash from your account. It is found most useful for transferring small amounts.

How secure are we with such technology?

It’s a question that has to be taken up seriously. Again, the thought will move around in your mind . . . what if the improbable happens . . . losing your Smartphone!!

Well, there is always a solution in this high tech era. In such a situation, they give you an option to deactivate your account. But, you should always remember that it’s your primary responsibility to give an additional care by using a passcode or similar to prevent such unanticipated situations.

 

To sum it up. . .

Few applications are developed that lets a business to receive mobile payments from their customers such as card.io, Jumio, BancBox, Stripe, ZooZ etc. This industry has way to go as day by day the users are increasing. Summing up, let this technology reach its pinnacle without giving an opportunity for deceptions to grow. Also you shouldn’t jump in to anything without properly analyzing user reviews. Good day!!

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