Importance of Mobile Payments

Introduction

Mobile systems refer to systems that enable mobile customers to pay via mobile devices (Lopez et al., 2017). These systems are divided into many types, including SMS and NFC payment. Nowadays, an increasingly larger number of online retailers have added Google Wallet as a primary mode of mobile payment. This is a win-win situation since customers do not have to fill out annoying forms and can buy any item with just one click (Kumar & Lu, 2014). They have many benefits to both customers and mobile firms, which include:

Convenience

The systems ease the payment process, thus customers can successfully make payments anytime, anywhere with the devices connected to the internet (Lopez et al., 2017). Additionally, they enable customers to make payments for products and services without having to make a physical cash payment or swipe cards.

Security

Mobile payments help prevent the many risks that come with cash payments, including theft. Furthermore, mobile money is always secure since credit card information is not always stored in phones directly. Thus, no thief can get your credit card details after stealing your phone. Storage interfaces like iTunes contain massive credit card databases (Siau & Shen, 2013).

Engagement

The service of offering mobile payment services to customers maely the buying and selling process easier. This leads to an increase in conversion rates and customers returning after being satisfied (Lopez et al., 2017). Moreover, businesses are now able to reduce the time for checkout and capture impulse buyers’ business who may not have been able to buy something if required to pay the traditional way. This has led to an increase in conversion rates and revenue. Hence, adapting to this trend of online payment via mobile is the most potential and ideal choice for retailers.

References

Kumar, K., & Lu, Y. H. (2014). Cloud computing for mobile users: Can offloading computation save energy?. Computer, 43(4), 51-56.

López, C., Molina, F. J., & Bouwman, H. (2017). An assessment of advanced mobile services acceptance: Contributions from TAM and diffusion theory models. Information & Management, 45(6), 359-364.

Siau, K., & Shen, Z. (2013). Mobile communications and mobile services. International Journal of Mobile Communications, 1(1-2), 3-14.