Mobile payment is a type of electronic payment which lets you make payments using your mobile phone or tablet. It works by using NFC (Near Field Communication) technology that enables you to make payments by just waving your device at the POS (Point-of-Sale) terminal. The concept of mobile payment has been around for some time now but only recently it has gained mainstream acceptance due to the increase in popularity of contactless cards and the introduction of Android Pay.
The benefits of using a mobile app for payments are plenty:
It’s convenient – You don’t have to carry around cash all the time with you anymore, so there are no more hassles like forgetting your wallet at home or running out of change while shopping
It’s safe – Mobile payments can only be authorized when your phone is close enough to the POS terminal, so they provide an extra layer of security compared to traditional methods like credit cards or debit cards
You can use it anywhere – Unlike traditional methods where you have to find a bank or ATM machine near you, mobile apps allow you to make payments anywhere
Explaining mobile payments in simple terms
NFC (Near Field Communication) is an electronic technology which allows two devices to communicate with each other by touching them together through radio frequency signal exchange. NFC enabled smartphones can be used to make payments by simply tapping them on contactless point-of-sale terminals. So, you no longer need to carry your credit cards, debit cards or cash along with you while shopping at a store that accepts NFC payment apps India.
Mobile payment is the secured way to transfer money online via a mobile wallet or a mobile payment app as a result of mobile application development. Mobile wallets facilitate the transactions by storing the balance so as to pay for purchased goods or services on the Internet as and when required.
The following article will discuss about the latest trends in NFC payment apps in India:
How do mobile payments process?
Near Field Communication (NFC) is a major driver for mobile app development services leading to mobile payments wherein the technology brings together a mobile device and payment reader at a distance of 2 inches or less. NFC is nothing but Radio Frequency Identification (RFID) that enables the whole payment transaction to take place via radio waves wherein the Point of Sale (POS) terminal such as payment reader reads payment information from mobile devices through an exchange of encrypted information in seconds.
NFC is a technology used by many banks and financial institutions to allow you to make easy and secure payments with your smartphone or tablet. You can make payments with your bank card or debit card, simply by tapping your phone against a contactless terminal at checkout.
This technology allows you to make payments without having to enter personal details such as PINs or passwords each time you use your banking app or card. Instead, you can just tap your phone against an NFC-enabled payment terminal and complete the transaction swiftly and easily.
Why implement mobile payments?
We already saw the defying role played by mobile payments in eliminating costs and increasing profits. But, just to take the discussion a little further, consumers like mobile payments as an ideal payment option for almost all of their payments due to the portability and convenience offered.
Many businesses are still reluctant to accept mobile payments as a form of payment in their stores or outlets. This is mainly because they believe that it is not safe enough to make transactions through smartphone apps. However, the situation has changed now and more and more people are using mobile payment apps in India like QR code payment.