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What Your Business Needs to Know About Mobile Payments

Posted on November 22, 2014

Using a Smartphone to send out emails, play games, browse through social networks or watch movies has become the order of the day. It is no wonder that owners of Smartphones also wish to make payments through their mobile. If your business has not yet moved to towards the mobile platform, then it’s time you made the shift with an m-commerce application or mobile payment solution.

Types of mobile payments

There are primarily three ways your customers can make mobile payments through their Smartphones. You can choose from:

  • An over-the-network system which would utilize the mobile network of a user to commence process and complete a payment. For example, users can buying an airline ticket, pay a utility bill or even buy apparel from the portal of the service provider.
  • Contactless payment systems use NFC or RFID embedded into the mobile device to commence and process mobile payments. There will also be an additional tie-up with Master Card, Visa or any other payment franchisee. Using this type of mobile payment, a user can simply scan their Smartphone and use it to make payments.
  • m-commerce applications are yet another way for users to make payments towards a range of industries that include Banking, Airlines, Hospitality and Retail to name a few. Most of these payment apps will be integrated with Master Card, PayPal or Visa networks and come with customized features for Android, Windows and BlackBerry. Today, there are a host of m-commerce apps, such as Ticket Sales, Mobile Concierge apps, Retail Store apps, Banking apps and Restaurant apps for customers to choose from.

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