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Mobile Payment- An Innovation in Financial Services

Cash is the king indeed, but the only difference is in the way it is transferred, paid, carried or distributed. Yes, there was a time when people used to carry cash along with them- needless to say, there were wallets full of banknotes. Then entered the new trend of ‘credit cards’- another method of payment. These little plastic cards were powerful enough to make their way straight into the small slits in front of cash section in the wallet. But cash was still around.

With the advent of technology that enabled money to be stored in cards, retail stores accepted the idea and applied it to a new extent. Adding to the new entries, every retail store started with their own loyalty cards. This, in turn, increased the number of cards that required to be managed, organized, used and kept.

The last couple of years has seen growth in a field of mobile technology that may hold the solution to the problem of increasing cards. Past two years have brought an amazing impact on the way payments/finances are managed. With the advent of digitization and mobile based solutions, consumers have become more alert and are opting for mobile payment methods rather than cash.

With smartphones, technology is taking a speedy leap and with it, there is a change in the way consumers buy goods and services. The coming years will witness the patrons gearing up for technology and being ready to pay extra for convenience and comfort from anywhere at anytime.

As new mobile payment capabilities come to the forefront, people are looking for tools enable them to manage money and take control of their finances. The new pioneering technology is now renovating how finances are initiated and processed.

These new technology changes are not only the case of new currencies or faster payment methods but a full reconsideration of transfers of value too. This is both a challenge and an opportunity for financial institutions.

With the potential of Fintech (Financial Technology) to alter the payments world, there is a wind of change as to how, where and when the payments are made and who facilitates them.

Moving Forward

With the increasing dependence of consumers on their phones, they are inclined to think about the mobile wallet. Mobile payment opportunities, including digital wallet, are progressively accepted by businesses, merchants, dealers, and traders.

Utilizing a mobile wallet for purchase through an app or browser offers a seamless experience. It eliminates the need to enter personal details such as name, address, email and card information etc. Even for in-store purchases, a mobile wallet transaction is faster than a card transaction. With customers carrying out monetary dealings on their phones, it is essential for financial establishments to invest in a strong mobile based technology solution for improved efficiency and secured operations.

Though the customers are demanding comfort and convenience, they are still looking for security over convenience – according to the Fiserv research. There goes a myth – Mobile payment is not a secured form”. But in real circumstances, mobile payment is one of the most secure ways of a transaction.

Using a smartphone to make a transaction has ample benefits. It is an extremely secure transaction because the card number is tied to the actual phone. The traditional payment card is substituted with a unique numeric digital token that is linked with the device from which the transaction is being carried out. In case somebody steals the token, it cannot be used without the connected mobile phone.

Security united with comfort and suitability is making the use of a mobile wallet, a better overall consumer experience.

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June 30th, 2017|Fintech|