Many businesses are transforming the shopping experience by
replacing cash and credit cards with smartphones. Now people are addicted to
smartphone for all the things including payments for any products and services.
That’s why most of the business people are encouraged to adopt mobile payments
so that their customer can pay as easily as possible without any risk. Mobile
payment app includes mobile wallets and mobile money transfer through Android/iPhone
any mobile devices. With help of mobile payments, there is no need to stand in
queue of ATM and wait in bank counters.
According to business experts, mobile payments will continue
to increase, by 2025, 75% of all transactions are cashless. The Mobile Payment
World report suggests that by 2020 the number of mobile payment users could
increase up to 150 million.
Here I have mentioned
top reasons for why small business should adopt mobile payment system:
This system is more
convenient for the users
It is obvious that digital payments are the most convenient
transaction system and payment process will be completed quickly. This system
consumes less time to complete the process, improve the customer experience.
Customers can also do many numbers of transactions without carrying any physical
wallet with different cards. And all the necessary data require for payment is
stored in mobile device only.
Digital payment has drastically slow down credit card
transactions. Hackers may hack data stored in mobile device, thus mobile
payment service providers recognise this problem and strengthening the security
of digital payment systems. Users can download mobile payment apps and add
their credit card details without any fear of hacking because now mobile
app development companies are considering all these security issues while
developing an app. These payment apps are protected with passwords/PIN and
biometric fingerprints. Biometric method improves the level of security and
reduce the possibility of fraud. If anyone lost their device, they can easily
inactivate their card details.
Helps to stay top in
People are updating themselves with the new trends coming in
the market. According to the trends and technology, business also should be
upgraded, for getting success in this competitive world. The partnership
between banks and retailers helps to provide loyalty to the customers. For an
example partnership between MasterCard, Samsung, and online grocery retailers
to make digital payment efficiently, introduces an app that allows customers to
order groceries directly from grocery retailers and pay easily via MasterCard.
Improves the customer
People are more willing to accept a mobile payment system
that helps them to save their time of waiting for paying bills. Provide freedom
to customer from paying bills at any time will improve payment experience and
convenient them to pay at their free time.
Anyways future payments are made through mobile. This mobile
payment become an essential part of your business. Security will be always
remain the first priority. Provide assurance about the security of their payments,
then the users will feel eager to use it.
Mobile payments provide a better customer experience and
build a better and stronger relationship with them. Main benefit from this
payment is a financial convenience, which allows managing financial transaction
anywhere and at any time. If mobile payments become more secure and
customer-oriented, it will play an important role in the future of finance and
If you are doing a business that is small or large size
business is not a matter, develop your own app to reach more success in your
business. Contact FuGenX Technologies, to
reach your goal of app development. We are top
mobile app development company in UAE, have created some innovative apps
for every business. Reach FuGenX Technologies at firstname.lastname@example.org
for availing services for your next project.