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Updated: January 10, 2017
Ever since humans discovered the art of trading, they have been reinventing the system of payment for the Products or Services they receive. Beginning with Farm Animals, Cattles, Food Grains, Metals, Coins, Gold, Paper Cash, Credit / Debit Cards we have now arrived at Mobile Payments. Back in those decades, money used to be physical with value and anybody who owned it, meant they were Wealthy. In this era, Money in our bank accounts has become just a bunch of numbers and this has brought us to a point where people have started to avoid using hard cash. Adding to this, with recent disruption of Currencies with Bitcoins and Blockchains, tokenization is expected to disrupt the entire Financial Industry. Mobile Payments bridge the gap between the growing number of people relying on Mobile for transactions and people trying to avoid using hard cash for transactions. Here are 5 reasons why Mobile Payment methods are trending right now.
Sure Apple Pay can only be used from iPhones 6 and above versions (Including Apple Watch) and Samsung Pay works with the company’s Galaxy S6 and Note 5 linesz. But Google’s Android Pay is resourceful when it comes to payment for oneself – as in Online Shopping or Paying for other people – as in both nationally and internationally or Paying Merchants in a shop or even paying your own phone bills. Apps are becoming our everything these days, starting from tracking your Physical health to governing your meals and keeping tabs on your Medical history to watching your favorite series, etc. You name it. It’s about time that Payments are also done online. Google’s Android Pay launched earlier this year works with credit cards and store gift cards, and allows users to make purchases in-store or in an app. Most importantly, it’s not locked into certain brands, so just about every major vendor operating with Android can support this service.
You visit a few websites to pay your bills or purchases and it does get exhausting to key in your card information in every single website for every single transaction. While you can use In-App Purchase methods like Apple Pay or Android Pay so as to avoid typing your card information repeatedly. And in-app purchases are credible too, as you can turn them off anytime you’re not using them. This feature significantly prevents infants or kids from mistakenly purchasing via the App. But unfortunately, Android Phones do not have that option.
Apple Pay encrypts information about Mobile Payment using tokenization by generating unique tokens for each transaction. So even if a hacker were to grab hold of the token, those tokens mean nothing to the hacker. In many of the mobile wallets on the market, biometrics plays a critical role in their security. Apple Pay, for instance, uses the user’s Touch ID to complete a purchase. The same holds true for other popular payment platforms. Biometrics adds an extra layer of security that technically does a better job of protecting user credit card information. One of the interesting things about mobile wallets is that they don’t necessarily send over a person’s credit card information. Instead, they send unique identifiers that verify a purchase. That unique identifier confirms that the person’s account has available credit, and it completes the purchase. A person’s actual credit card number is never exposed. That is arguably the most important security feature built into mobile wallets.
Yes, you read that right. Even if you are physically in a shop when you pay you to need no card to swipe or tap or anything. Just use your mobile phone to tap on the Service Terminal for it to detect Payment while this reduces the chances of your card ever being stolen or misused. The principle behind this is Near Field Communication, commonly referred to as NFC which allows any Android app to emulate a smart card, letting users initiate transactions with their device.
The Wearable technology like Samsung Gear, Microsoft Watch and Apple Watch take this one step forward as they do not even require Mobile to make Payment. In the case of Apple watch, it is electronically tethered to the iPhone which communicates via Bluetooth. Currently these devices are restricted to very few countries and more importantly they are distributed among very less people and Consumers’ comfort level with wearing these devices will increase steadily as apps evolve, prices drop and highly secure biometric authentication becomes the norm.
Smartphones and smartwatches may be the mobile wallets of choice today, but that will likely change soon. Mobile payments technology represents the future of online commerce because it meets a fundamental consumer need to transact simply, safely and quickly. And not only are today’s digital consumers seeking easier, more secure payment options on their mobile devices, they have proven that they are willing to seek out and favor brands that provide seamless payment experiences. But don’t throw your wallet yet, whatever wearables may come it is still a long way!
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