The mobile payments industry has exploded in recent years, and there are many ways it has benefitted our lives. For example, it has made commerce easier for businesses because they no longer need to maintain a physical location to take payment. It’s also made payment processes much more seamless for both customers and companies, which is especially important when the line between online and offline shopping continues to blur. Check out this article to learn more about how the mobile payments industry has benefitted our lives!
What is mobile payment?
Mobile payment is a digital payment made with a smartphone. They are convenient because the user doesn’t have to carry cash or cards while shopping. Some people prefer to use their phones for all their banking needs. Mobile payments are also safer than carrying cash or credit cards since they cannot be stolen from a person’s purse or pocket. Virtual Bank Account Numbers As convenient as mobile payments are, you should never allow yourself to become completely reliant on them. Many banks now offer virtual bank account numbers, which are safer than mobile payments. They allow you to access your bank account from anywhere and pay for items with a PIN. You can also set them up to automatically transfer funds when your account runs low.
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The rise of mobile payments
With the rise of mobile payments, it is possible to make purchases with just a few taps on our phones. This saves time at checkout and gives us more options for payment. If we don’t have cash or credit, we can still use our phones to purchase items online or in stores. And thanks to Apple Pay and Android Pay, wireless purchases are now easier than ever. The popularity of gift cards. Gift cards are another form of mobile payment that has become quite popular. In 2016 alone, $ 245 billion was spent on gift cards, a 6.6% increase from 2015. The rise of mobile payments has also led to the growing popularity of gift cards. In 2014, over 80% of US retail companies offered a gift card program, and it’s now estimated that more than half of Americans have at least one active gift card.
The rise of mobile payments has also led to the growing popularity of gift cards. In 2014, over 80% of US retail companies offered a gift card program, and it’s now estimated that more than half of Americans have at least one active gift card.
- Check the fine print on expiration dates and fees. Many people don’t realize that some gift cards have an expiration date. In some cases, you may not even be alerted that the expiration date is approaching, so it’s a good idea to check before you buy.
- Keep your receipt or the gift card packaging. Some retailers allow you to return a gift card for cash if you have the original packaging, receipt, or card number.
- Know where to look for your gift card balance. If you don’t have the physical card, you might be out of luck. Check the retailer’s website, or call the company to get your balance over the phone.
- Buy gift cards to save on future purchases. If you’re planning to spend money at a particular store, consider buying a gift card for that business. That way, you’ll get a discount on future purchases.
- Keep track of your gift cards. You may end up with them stuffed in a drawer, but some people have stolen gift cards and then tried to use them or sell them on eBay.
- Be sure you’re buying from a reputable store. A free- shipping promotion from a company that sells thousands of gift cards for store brands at just $1 each would be suspect.
Who benefits from this trend?
Mobile payment systems and platforms have been around for a few years now, and they’re just getting better. Pundits see this as no surprise; mobile payments are convenient, fast, and easy for all parties involved. Consumers like them because there’s no need to carry cash or cards. Businesses like them because they encourage loyalty and customer retention. Who doesn’t like them?
Future Outlook
The mobile payments industry is currently booming. There are many reasons why so many people turn to mobile payments, but convenience is the leading factor. With just a few clicks on your phone, you can buy groceries, fill up at the gas station, or purchase that much-desired new dress.
