Mobile payments are becoming quite popular across the globe. Most users state that they’re more secure, convenient, and fast. The user’s mobile virtually generates a random code in every transaction and depending on the level of technology; the code may be auto transmitted or entered manually by the consumer. Gone are the days where you needed to carry huge lump sums of money to go shopping, making you vulnerable to robbers. Today, you just need your mobile device, and you’re free to shop, dine, pay bills, and make other payments without having to carry petty cash.
What is Mobile Payment?
Mobile payment is money paid for service or product through a portable electronic device such as a cell-phone or tablet. It is a regulated transaction that takes place digitally via a mobile device. Mobile payments can also be used to receive and send money to family and friends through a mobile payment app.
Many banks across the Middle East have adopted the technology and introduced various payment apps linked to the user’s account. The app allows the customer to check their account balance, withdraw funds, send money instantly to family and friends or receive money for a relatively small fee. In simple terms, mobile payments also called; mobile transfer, m-payment, mobile cash, or mobile wallet is money accessed through a mobile device.
How Do Mobile Payments Work?
The technology that pins mobile payments is something known as NFC—Near-Field Communication which allows two devices like your mobile device and the payment reader to interact wirelessly when they are at close proximity to each other. The NFC is a sub setting of Radio Frequency Identification (RFID) an old technology that enables us to identify stuff through radio waves like scanning luggage, grocery items at the grocery stores and more.
Using mobile payments is not just about stashing money to your mobile wallet app or bank and using it. One can use mobile payments in various ways. One of the most popular methods is using them as an alternative to credit cards, as they’re more secure. That means that when you carry your credit card, your details are stored on the merchant’s Point-of-sale (POS) terminals.
Another way is linking your bank details to your mobile payment app through the help of the banks. This is to help you access the money in your bank account easily, pay for online goods and send it to anyone through your mobile device. Mobile payments are also made on site at stores through scanning a barcode on a particular app on your phone.
The value of the purchase is deducted from the pre-loaded value on the associated account. The payment information is encrypted during the transmission making it a safer mode of payment than paying through cards. Popular payment apps like Apple Pay and PayPal have taken over the mobile payment platform.
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