Considering the large number of people with mobile phones in their hands, a quick and secure payment method via mobiles seems to have a very bright future. A step by step removal of a man’s accessories with the advancement of technology and the revolution in financial trade methods have lead from cash to plastic cards, and now to nothing more than just a mobile.
A provision such as mobile payment to a man is letting him carry less but worth more. “But why stop at a phone?” is the question that the technology experts ask when they analyze the significance of the applications of portable payment methods. Chips like NFC, if can be placed inside a cell phone, there is also a possibility of placing it in other gadgets that the people carry with them to provide even quicker and easier access to their money. NFC chips, placed on watches, jewelry, glasses and so on can even surpass the mobile payment method in excellence.
Although mobile payments is currently the easiest method of payments and have many benefits over the plastic cards, yet there is not much difference between tapping the screens and swiping the cards. This is further idealized to be compensated by introducing the concept of a digital fence. In this way, customer entering the digital fence of a shop will have themselves logged in to the electronic store of the market and by leaving the fence with what they have bought, they will be charged from their accounts. In this way, there will not be any cumbersome activity required for making the payment accept for the confirmation by the cashier for security purposes.
While the technology revolutionizes the ways of financial transactions, what is required is the advancement of the people and their choices accordingly. When getting rid of the cash, we will require thinking a little bit towards the modern ways of customer interaction; the security issue related such interactions, the possible crimes and their consequences.
Mobile payments can make the shopping easy; there will be a significant reduction in transaction costs, checkout lines will speed up, cashiers will be able to serve the customers well with less focus on the cash handling, human error will be reduced with lesser involvement of manual work. Moreover, the customer habits can be analyzed in quite an improved manner using this technology, and can, therefore, be attracted by offering to them incentives of their choice.
Adding flexibility to the monetary policies, mobile payments will diminish the need of printing money, saving government the cost designated to printing. There will be no loopholes for robberies due to no manual cash registers. Same goes for the banks, as well as wallets, where no cash present will make the robbers and thieves lose interest.
No printing also implies less use of paper, which as a result makes it environment friendly. A lot of paper is involved in cash printing as well as in registering the data. Mobile payments will prevent the wastage of paper in excess by maintaining electronic records. Less wastage of paper also guarantees less litter, as there will be no physical waste out of the process of mobile payments and thus the cleaner environment. Moreover, the cost wasted on stationery will also be saved.
Very visibly, mobile payment methods not only guarantee an easier way of exchanging money, but they also assure a significant improvement in the lifestyle of its users and making it less tiresome and more secure.