Mobile payments also known as M-payments usually refer to payment systems operated under financial regulation and performed via a mobile device. Many companies worldwide such as Google, eBay, Amazon and many others have something in common; they have implemented mobile payment systems into their businesses.
Mobile payment is an alternative way to make payments. No credit card, bank account or cash is required to perform them. End users can make payments at any time of the day and from anywhere. Mobile payments are often associated with digital goods, online games, ringtones etc and the purchased amount is usually added to a monthly telephone bill by a telephone service operator-provider.
There are a lot of different mobile payment options, offering different mobile payment services. Consumers can choose mobile payment from a variety of options that will best meet their needs. Now you can easily buy your dream dress, pay your taxes or pay for your car parking using a mobile device without leaving your home.
Some mobile payment services accept payments by SMS. SMS payment solutions have created a convenient billing system for people without access to a bank account. The key feature, making SMS payments so popular and attractive worldwide, is flexibility and security. No registration and personal or bank account information is required to start purchasing online.
Modern society is so flexible, fast-moving and always on the go, that merchants must give consumers the option to buy online goods or pay for services from wherever they are at that moment. If they do so, increased sales and more satisfied and loyal clients are guaranteed. Both merchants and consumers benefit from implementing mobile payment system.
Mobile payments are used widely in emerging and developing countries. People in emerging countries often have cell phones but may not have bank accounts.
We already use mobile phones for many activities such as texting, calling, playing, browsing the Internet and paying for online goods or services. Mobile payments are changing consumer credit behavior. As it is getting more and more popular among merchants and consumers, many technology developers strongly compete with each other for creating better mobile payment systems that will cover all consumer and merchant needs. Even new and unknown companies are forcing their way into the market.
Read more on accepting Mobile Payments and more with JunglePay.