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Contactless Payments Advancing into Market

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Posted July 8, 2015

Just recently Snap chat has enabled online money transfers with a tap. Contactless payments are becoming a clearer possibility day by day. With mobile payments, becoming a convenient future option for most merchants, small businesses are open to adopting this varied way of money processing.

Photo credit: Visa.com

Photo credit: Visa.com

Exploring Mobile Payment Options

Mobile payment has seen a rise in popularity only recently. That is the reason that no one peaking service is dominant in the market that allows any customers to make their payment conveniently. More possibly, even the customers have not yet acquainted themselves with the option of mobile payments, and thus they need to understand more.

Google Wallet Since 2011

As of now, the most prevailing mobile payment system is the Google Wallet. Where the developers themselves agree that many issues still exist in the system design of Google Wallet, they have high hopes for its future. Google wallet is coming down to its fourth year almost since its emergence in the industry. The greatness of this mobile payment lies mainly in the security it offers. Rather than carrying a bunch load of plastics and paper money throughout the day and through all sorts of streets and roads you pass through, a mobile application that is synced with all your bank accounts sounds very approachable.

With this security, it ends the limits on payment speeds. A click here and a tap there, a smart phone just paid all your bills – that is how easy Google wants the payment system to be for you. And no doubt, Google Wallet is perhaps an amazingly speedy mobile payment method for those who have come to terms with it.

Apple into the Competition

Expect Apple to jump into a technological development stream and not win. With just months into the distribution of their Apple Pay, Apple has its customers rolling with excitement and anticipation. Although it has the limitation to be available for users of iPhone 6 and iPhone 6 Plus only, Apple guarantees secure user authentication with their ‘tokenization’ method. Pack this with a speedy ‘Apply-classy’ user experience and we have a star in the world of mobile payment.

As seen, wireless payment has its foundations in security and speed. The emerging developments in the contactless payments have their focus points in both these elements and thus the digitization of cash stands out as a remarkable phenomenon as compared to the paper cash and plastic payments.

Mobile payments are not only aimed at decreasing the use of paper money, but it is predicted to have a revolutionizing effect on the customer behavior as well. Once given the security and speed, it is going to change the consumer behavior. A spending and saving trend is bound to occur with the prevalence of a sweeping mobile payment system throughout the society. Patterns of spending will determine how the digitization has been affecting the public and thus adjustments in the systems can be made accordingly. The mobile payment system, eventually is aimed at benefitting the providers as well as consumers, thus grounding its foundation roots well below.

Written by Syed Irfan Ajmal

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