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The future of mobile Payment technology

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Mobile phones were only used to make calls and reply to texts. No one could have imagined using a phone to switch on the lights or unlock the door. Better yet, very few consumers could envision using a phone to take pictures, record a video and watch their favorite movie. It clear that phones are used for literally everything keys, TVs and camera. If so why should we hesitate to replace traditional wallets, debit and credit card for mobile wallets? It is clear that mobile wallets are slowly making a mark as a form of payment method, but cash still remains to be an imperative necessity for consumers live. Experts from different sectors including network operations, banks, express that, mobile payments will quickly replace traditional wallets over time. Recent studies show that consumers’ awareness has increased mobile payment usage. Successful mobile payment services include Alipay, Wechat pay, Apple pay, Amazon pay and Android pay. Some of the factors that have made them successful inc...
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List of online payment method

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  The list of online payment methods primarily include: Online payment This is the most common method of payment in which a user makes the payment through debit, credit card, and net banking. This method involves digital payments to the merchant with the help of a payment gateway. Point of sale (PoS) payments POS system or a point of sale system is used to describe a system which includes various components such as hardware, software, analytics, inventory management, employee management and reporting. It consists of a computer that operates on a POS software, barcode scanner, credit card reader, receipt printer, and an on-site sever. NFC tags NFC tags are passive devices which means that it doesn’t need any power supply to function. Moreover, it’s only activated when it comes in contact with an active device. The best part about these tags are that they can’t do any processing of their own, rather they are just used to transfer data to an active device. Let’s have a look ...
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Developing a mobile wallet

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  Developing a mobile wallet that would be loved by millions Mobile transactions always give you the next level of competition for perfection. Consumers are getting more and more relied on the smart devices. Leading the race of smart devices, smart phones have made an impeccable space in the lives of people. Not only the entertainment segment, but people are vigorously using the technology to buy and sell everything ranging from grocery to booking tickets for their weekend getaway. What is a mobile wallet A mobile wallet is a financial instrument that allows businesses and individuals to receive and send money via mobile devices. It is a type of e-commerce model that is developed with mobile devices owing to their convenience and easy access. A mobile wallet is also called mobile money or a mobile money transfer. Key factors to keep in mind while developing mobile wallet app solutions Here are some key factors that you need to keep in mind during mobile payment integ...
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Mobile payment at present

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  Getting in contact with contact-less card I recently read the 2020 Debt Issuer Study that was commissioned by Discover Financial Services PULSE debit network and conducted by management consulting company, Oliver Wyman. The study reviewed 55 financial institutions that covered 42% of the nation's debit market and issue approximately 157 million cards. The study indicated that cardless transactions are pretty much part of the norm now when it comes to payment activities. No big surprise there. The study also indicated that card-not-present payments spiked 21% in 2019, compared to 2018, and account-to-account transfers with debit cards doubled between 2018 and 2019, enjoying 40% of all debit growth. Also, not a surprise, at least not in my life. Having a millennial as a son who sometimes lets his account balance hover around $0.58 until he gets paid, I can see how account-to-account transfers could be increasing (and I was probably was responsible for much of that number). In regar...
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Re-thinking payments in the wake of the pandemic

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Human lives everywhere have surely experienced a jolt with the recent pandemic outbreak. Lives as well as livelihoods are at stake. But amidst all negative growth in businesses everywhere, there is some exhilarating news hovering. As firms worldwide get together in their endeavor to business continuity, payments companies must show urgency in lending their skills and capabilities to their partners so that they can reinforce their place in the economy. Data reveals that although the credit cards market leads the show, the growing demand for mobile wallets is likely to enter the fray. Surprisingly, the user base aren’t only the millennials or the Gen Y. With the pandemic spreading its wings, contactless payments have become the new normal. As first-time users for contactless payments keep on piling, banks and institutions cannot lag. Now when we think of gearing up to take on the storm, we need to know the top things that are going to impact the growth of the payments’ indu...
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Types of mobile wallets

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  Types of mobile wallets The Reserve Bank of India has increased the limit for semi-closed pre-paid wallet limit to Rs 20,000 from Rs 10,000. After the ban of high-value currency, the government is taking several measures to encourage people to use electronic mode for making payments. Now most of the individuals have shifted to mobile for making payments. There are different types of m-wallets  available and they differ when it comes to payments and KYC norms. Prepaid payment: Pre-paid payment instruments are type of payment solutions which can be used to purchase goods and services, including funds transfer, against an amount which is stored in such instruments. The amount in pre-paid instrument can be transferred by cash, by debit, or by credit card. ClosedWallet:  Companies such as Bookmyshow, Ola and Amazon have frequent online purchases. As such, it is convenient and more intuitive for the users to pay if the  payment wallet  is present on the application ...
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Advantages of using mobile payments.

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  Why use Mobile Payments? Mobile payments via digital wallets were already becoming more prevalent as consumers became increasingly comfortable with the technology, and as more merchants offered terminals that accept mobile payments from devices at the point of sale. With COVID-19, of course, contactless payments are even more appreciated. Now, 67% of shoppers  want self-checkout options from mobile devices  Mobile payments can be used in a peer-to-peer transfer or for paying at a brick-and-mortar business. Mobile transfers are quick and allow you to forgo the hassle of dealing in cash and checks. The other reasons can be cited such as: Saves Time:  Contactless Mobile payments are by far the fastest way to pay, consuming only a few seconds. To compare, they’re slightly faster than swipe payments and much more so than the sluggish EMV chip payments. For businesses such as retailers that have checkout lines, such contactless payments enable the queue to move faster re...
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