Technological advancements in the field of
finance have resulted in a deluge of digital apps that seek to make financial
transactions easier and seamless. With customers looking for easier modes to
make financial transactions, digital payment solutions have become the
preferred mode of payment for many. Mobile payments are the latest form of
digital payments. Companies like Payment Asia are
joining in on the action and launching mobile payment apps that enable such
transactions.
Mobile payment solutions have caught on in a big way over the last few years. This payment method is extremely popular as it brings together mobile devices, which almost everyone has, and the need for easy, quick, and secure financial transactions. Simply put, mobile payments are fund transfers or payments made using digital applications on mobile devices like smartphones or tablets. This payment can be used to transfer funds to friends and family, as well as to make payments for purchases online and offline. Payment Asia enables this through its dedicated mobile payment solutions app - PA Pay App.
How Does It Work?
To enable mobile payments, users must download the mobile payment digital app on their smartphone and link their bank accounts to the app. By linking the bank account to the app, the user is effectively authorizing the bank to allow payments made through the mobile payment app. Payments can be made by scanning a QR Code on the app or by entering the phone number of the merchant. The QR Code may be scanned digitally or physically in-store. Many mobile payment service providers use NFC technology to allow the user to simply tap their phone against a payment terminal and complete the transaction.
Most mobile payment service providers like Payment Asia provide digital wallet services to the user. The user may preload an amount of money into the wallet and make payments from the wallet. Alternatively, the transaction can be made from the credit or debit card linked to the app.
Contactless Transactions
Mobile devices are no longer used only for communication but have turned into personal digital assistants designed to assist humans with a whole lot of functions. Mobile devices have become so universal that almost everyone carries one. Mobile payment solutions eliminate the need to carry either a physical wallet or debit or credit cards by using a mobile device to make the transaction. They are completely contactless in nature.
Safer& Secure Payment Solution
As mentioned by Payment Asia’s Kenneth, mobile payment apps offer an additional layer of security and privacy to users as compared to credit or debit card payments. Since payment information is encrypted during the transaction, so mobile payments are considered a safer alternative to payments made with debit or credit cards. These apps use Touch ID in the form of fingerprints or PIN to verify the identity of the user and counter any chances of fraud. Merchants need not verify the identity of the person making the transaction as the mobile payment solution service provider does it for them. Further, individual security codes are generated for each transaction.
Additional Benefits
Mobile payment solution service providers such as Payment Asia offer additional benefits like support for multiple mobile payment apps. Mobile payment solutions offer a lot of privacy as the user does not need to open a wallet which can accidentally display the contents to people standing nearby. Thus, mobile payments offer an additional level of personal privacy.
For more details on how you can integrate mobile solutions into your e-commerce business, contact Payment Asia.
