Is Mobile Payment Really Faster?

You may be looking at the future, what seemed like a possibility that will never be achieved, is now a reality, one swipe of your phone and you have settled your bills! The mobile-payment options, which are currently available basically all work exactly the same way, so no matter what name they go under, they all work just the same and will serve the same purpose that you seek, absolutely no difference, apart from a few features and the fact that a few apps tend to charge you lesser. You enter your credit card or debit card data into an app ahead of time, and then swipe it to make the payment and in turn save the bank charges that are otherwise deducted on card swipes, so instead of paying through your card you do pay through your bank account but you pay via smart phones.

Today, Apple Pay and Google Wallet are classified as the most widely accepted at the moment. Theoretically you can utilize either of these with any retailer as you choose to pay via smart phones; many have reviewed these services and were able to make payments over most stores all over New York for the matter. There is however a need for a pre-loaded POS with the latest contactless credit card terminal. And it is predicted that by the end of October, most of the stores will have already updated their machines and will be then compatible with the new chip-enabled credit cards. 

As we researched for finding out if paying via smart phones was smart enough or not we stumbled across many platforms and Boloro, proved to be highly informative. For any further research or queries you may visit their website. When you pay via smart phones, you choose to pay a small transaction fee to the company instead of the comparatively larger fee to the bank. Payments are made faster to businesses through mobile payments and this method of payment is therefore gaining excessive popularity. 

So many stores with the growing trend of paying via smart phones are likely to upgrade to terminals with this contactless NFC technology. With plans to launch their own payment system, a few BIG stores such as Wal-Mart and Target are on the quest of blocking Apple Pay and Google Wallet on their terminals.

Verdict: Hang on a bit, before you get much too inspired with mobile payments!

Within three years we’re expecting several major players to be able to take over large parts of the market, for now, however, there’s too much fragmentation for any mobile payment app or system to be practically able to replace the physical currency and both credit, and debit cards. Along with other than earning you cool credit for being able to pay via smart phones, there’s no advantage to rushing in this direction. Paying with your phone, for now is no quicker or easier than using a card—though eventually mobile-pay providers may use rewards to motivate an individual. The speed is more or less the same, but at the retailer’s end the transaction is made faster and they get paid faster for the sales they have made. With diversity in payment options they also do not miss on sales.

AUTHOR_NAMEAbout the Author:
This article was written by Syed Irfan Ajmal. He curates content at boloro.
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