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5 Things You Need to Understand About Mobile PaymentsMoney

5 Things You Need to Understand About Mobile Payments

Mobile payment terminals have become more popular, especially among business owners and retail store owners post demonetization . The value of mobile banking transactions grew 10% in November as per an analysis of the data on digital payment systems.

That means the mobile payments will be the next big thing in India for some time now. Moreover experts have predicted that soon, cash and credit cards would give way to a new technology embedded into your mobile phones. (Also read: Paytm To Power IRCTC’s Payment Gateway)

However, people mostly in rural areas continue to pay for things in cash. But the mobile payment revolution is coming for sure and you should be aware of recent trends related to such payments. Here are five things you need to understand about mobile payments.

1. Mobile payment processing needs regular updates and security measures: You will have to keep in mind that the security factor is important before you choose a mobile payment terminal . Make sure to look for one that has an app with regular updates. Try to keep an eye on who actually will be accepting payments using the terminal itself so that it does not fall into the wrong hands.

2. Using mobile payment is safer than shopping online: You know Samsung Pay, Apple Pay and Android Pay do not use your card information for transactions. In fact, they generate tokens that work like credit card numbers, but are useless if stolen. Token service providers can further strengthen transaction security by configuring tokens to work only with a specific retailer before a designated expiration date.

3. You can save money using this payment gateway : Are you aware mobile wallets perform some tricks to save your money? They remind you before a coupon expires or offer reward points just like credit cards. Think of the app as a smart binder, where you can keep your loyalty cards, coupons, gift cards, tickets, and boarding passes, all of which update in real time.

4. Not all mobile terminals work with every phone model: If you choose to go mobile , you will need one that works with your phone. You need to make sure that the terminal you choose will work with your company’s phone model.

5. Mobile terminals are useful if you know how to use them: These terminals are not for everyone, but they are very useful if people know how they will be using them. Certain retail businesses work very well with mobile payment terminals. In certain cases, you might also want to just look into portable or swivel terminals as well.

(Image: Indiatimes)

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