Diversified Mobile Payment Options Are Transforming the Financial Industry

Must Read

Trump Administration Has Landed Its Final Blow On Chinese Companies: Xiaomi Blacklisted!

In its recent move to safeguard national security, the United States’ Trump Administration has decided to go...

Huawei Is Gunning For Acquiring A Fifth Of Android’s Userbase With Its Own HarmonyOS!

After Google’s ban on Huawei in 2019, the Chinese-origin tech company is all set to roll out...

WhatsApp Might Lose 60 Million Indian Users Post Updated Policy Changes, New Survey Reveals!

The Facebook-owned instant messaging platform’s decision to update their privacy and terms of service brought about a...

Small businesses are using state of the art technology to make paying for purchase much faster and more convenient than ever before. While cash may be the preferred method of payment, many are choosing to accept credit cards in an attempt to gain more business. The use of bank and debit cards has made paper checks almost obsolete. Mobile apps and devices are available that make payments as easy as sliding a card or pressing a button.

Mobile Payment Apps

Credit card companies, banks, utilities and department stores allow you to make payments online or on your smart phone. Payment apps can be downloaded to your phone or tablet for added convenience. A recent study by GFT estimated that more than $1 trillion has been invested in mobile payment apps and options. Software programmers are banking on the fact that users will rely on the convenience and added security certain programs have to offer.

mobile payment credit card reader

Mobile Card Readers

Many popular online payment processing companies, including Intuit.comPaypal Here and Shopify, offer mobile card readers and each offer has its own unique version. Advertising research firm BIA/Kelsey claimed that 40 percent or more of small or medium-sized businesses had started using point of sale card readers. The small, mobile card readers connect directly to most IOS or Android-supported device and are capable of taking credit cards or other forms of online payment. The added convenience of the mobile card readers allows people to transact business from almost anywhere.

Advertisements

Ideal for Small Entrepreneurs

Convenience is not the only benefit for small business owners and entrepreneurs. The fee for using mobile card readers is often less than 2 percent on most purchases. This is dramatically cheaper than the card readers provided by many credit card companies and banks. As the market continues to grow, it is believed that more than 900 million people will be using mobile card readers and payment apps by 2015. Entrepreneurs, like babysitters, house cleaners, or landscapers can be paid on the spot through either method and the money is sent directly to their online account. There are no bills or invoices to create and receipts are immediately sent to the customer’s email address or cell phone.

Companies that only operate online are virtual banking institutions. They have minimal fees because they do not behave like a conventional financial institution. As on September 31, 2013, PayPal counted 137 million users with a nourishing growth in active users. What started out as a way to pay and receive payments for eBay transactions has expanded to more than 190 markets and revenues of almost $6 billion per year. With markets all over the globe joining in, banks have to join forces with their competitors to meet the needs of their customers.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

The Sudden Reappearance of Missing Jack Ma Leaves People Guessing About Many Things!

Jack Ma was preparing to publicly float Ant Group - what was billed to be the largest...

Apple Foldable iPhone May Surprise You, But It Won’t Launch This Year!

Rumours of a foldable iPhone have long been circulating on the internet. However, until now there was little to no indication Apple...

Snapchat Spotlight: A New Way for Creators to Earn Money

Short-form video applications have increased overwhelmingly in popularity in recent times. The surge in this format of online content, according to most,...

COVID-19 Unemployment Leading To Ageing Indian Workforce, CMIE Reports

The latest data shared by the CMIE aka Centre for Monitoring Indian Economy has highlighted a huge red flag.

The Slip-Ups Keep On Coming: WhatsApp Web Users’ Mobile Data Leaked On Google

As the developments have unfolded over the past week, the clock for WhatsApp seems to be ticking with every passing minute and...

Trump Administration Has Landed Its Final Blow On Chinese Companies: Xiaomi Blacklisted!

In its recent move to safeguard national security, the United States’ Trump Administration has decided to go after China’s second-biggest smartphone marker...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter,...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

More Articles Like This