Guest post by SEO Toronto
Mobile payments refer to payment methods, which take advantage of mobile or online access for facilitating financial transactions, thus making actual or physical exchange of funds or use of credit cards completely unnecessary.
Types of Mobile Payment
Before you delve deeper into the benefits of mobile payments, it would be ideal if you are able to familiarize yourself with the various methods for mobile payment that currently exist.
â—‹ PayPal. This is arguably the best-known method for transacting online, and it allows individuals to pay either by their credit card or their PayPal balance. Money sent to PayPal may be withdrawn through their bank account or used to increase the balance of the user’s credit card. Many consider PayPal safe to use because you only have to input your credit card details once. After that, you just have to key in your password to access PayPal. Lately, however, its payment features and services had greatly expanded with their PayPal X Platform.
â—‹ Facebook credits. In an effort to further ensure that only a few websites are able to bask in the success of Facebook, Mark Zuckerberg and company created Facebook credits. This refers to a type of currency that you may only use for specific Facebook applications. Otherwise, it is completely useless.
â—‹ Google Wallet. This works almost exactly like PayPal’s basic online payment system. You only have to input your credit card details once, and it can then be used to pay for any purchases made in any kind of store – virtual or in the real world – that displays the icon of Google Wallet.
â—‹ Square. While the other options discussed above are all about sending payments, Square is all about receiving payments. Square enables merchants to have an extremely easy way of accepting credit card payments. They only fail when dealing with transactions that do not accept credit card payment.
Benefits of Mobile Payment
Mobile payments benefit both the buyer and the seller in various ways.
For buyers, they are likely to find mobile payment advantageous because of the following reasons:
Increased security
With mobile payments, you don’t have to risk your inputting your credit card information over and over again. They will just require you to sign up once and provide your credit card information. After that, you only have to log in to your preferred mobile payment account, and your purchases will be immediately credited.
Sellers also benefit from increased security. With so many mobile payment systems to choose from, sellers can ensure that the system they do equip their website with is the type that can prevent hackers and unscrupulous individuals from availing of virtual purchases without making any actual payment.
Increased convenience
Mobile payments allow people to simply log-in to their accounts in order to complete their purchases. Other times, they only have to submit their mobile phone for scanning and the amount of their purchases will be credited immediately to the user’s card.
The same goes for sellers. They no longer have to undergo a tediously long process just to verify a buyer’s identity and preferred method for payment.
Higher sales
If you focus your effort on ensuring that the above two benefits come true with your choice of payment method, then you are likely able to enjoy higher and better sales as well.
