Mobile payments processes have been defining the upcoming generation of commerce. Nowadays, a tech-savvy shopper is capable of choosing the method for paying for goods with the help of the applications which propose payment via mobile wallets, credit or debit cards, or gift cards. These developing technologies are hoped to get augmented in value and volume with some 35% yearly growth between the year 2012 and 2017 and it has been stated by the 2013 Gartner report. However, retailers do face many challenges in accepting these novice technologies, and for decades, retail payment dealings do get initiated by the in-store point-of-sale mechanism which reaches out to the payment processors meant for authorization.
For this retailers face many challenges in accepting novice technologies. For many decades, trade payments transactions have got initiated by the in-store point-of-sale system which reaches out to a payment processor meant for authorization. Hence, with the appearance of mobile payments, a customer can initiate payments via cloud-based mobile apps which don’t need any kind of POS transaction. In this context, a store location is faced with ideal obstacles in managing the arrival of a cloud-initiated transaction. For some obvious reasons, security considerations do top the list, but some practical impediments, like legacy POS system enablement have been suppressing the acceptance of these kinds of payment technologies. For more information on mobile payment processes, visit https://www.ipsidy.com/solutions/transact.
Characteristics of mobile payment
Mobile payment services that are turning acceptable in the form of a payment mode must satisfy some conditions and they are as follows:
- Usability and simplicity – The mobile payment application ought to be user friendly with very little or absolutely no learning curvature to the customers.
- Universality – The mobile payment services should propose for transactions between C2C (a customer to another customer). Again, it can be B2C (business to one customer). The coverage ought to comprise regional, domestic, and global environments.
- Interoperability – Development ought to be grounded on open technologies and standards which permit an implemented system for having an interaction with various other systems.
- Privacy, security, and trust – Customers should trust a m-payment application provider that his/her credit card or debit card information might not be misused.
Mobile payments need to be anonymous in the form of cash transactions. The system must be full proof and resilient to attacks from terrorists and hackers. It might be supplied utilizing biometrics, public key infrastructure security, and passwords united into the architectures of mobile payment solution.
The working of the mobile payment application
The mobile payment applications are gaining huge popularity. These applications simply transfer money between people by permitting them to pay to other people within their networks with some taps on the mobile device. Additionally, these apps charge people and do receive payments. These payments can either be put towards the balance for future use or get transferred to the bank account. You will require a linked debit card, credit card, or checking account for using these services. A payment app does more than receiving or making payments to people. Businesses too begin to permit payments through these payment apps and to the mobile payment applications. When you wish to get more information on payment options through mobile, log on to ipsidy.com/solutions/transact.