What Are The Benefits Of Mobile Payments For Consumers?
Mobile phones have become an integral part of our lives. We cannot imagine our lives without mobile phones. We don’t go anywhere without having a mobile phone in our hands or pocket. Some people might forget their ID, wallet, or driving license, but they won’t forget their mobile in any way. Mobile phones have made our lives so much simpler and more convenient. Tasks that used to be quite hard and took a lot of time are within the reach of our fingertips.
Mobile phones are becoming an extension of our daily tasks. Tasks that used to be so time-consuming can now be done in just a few minutes thanks to mobile apps. Various mobile apps like WhatsApp, YouTube, BeautyPlus, etc have played a major role in making everyday tasks like communicating with people, watching videos, and taking quality pictures simpler and more convenient.
One particular task that we will be talking about today is payments. Mobile payments have made sending & receiving money, online shopping, paying bills, etc so much simpler, easier, and faster. People can order groceries, and food, buy clothes, and shoes, and pay their bills just from their mobile phones without having to carry cash in their wallets all the time. Mobile payments have even taken the charge from cards, as there is no need to carry cards and remember card details all the time.
People usually talk about how mobile payments benefit businesses but what about consumers? How do consumers benefit from mobile apps? Let’s find out by having a look at some of the benefits of mobile payments for consumers:
Convenience
This one is pretty obvious and we have mentioned it above too. Mobile payments are convenient. They have completely revamped the concept of payment. Wherever you go, you don’t need to carry huge amounts of cash or credit/debit cards in your wallet. As long as you have a balance in your mobile wallet, you will be able to make payments at a lot of places and the best thing about mobile phones is that they are always within reach. Everyone carries a mobile phone and most online stores and even physical stores accept mobile payments, making it easier for consumers to make payments.
Security
Mobile payments are more secure as compared to traditional methods of payment. Mobile payments have provided a secure payment option for consumers. Consumers can set up biometric verification or PIN code verification for mobile payments which makes these secure. Unlike, cash or credit/debit cards which are considered to be less secure since they are more likely to be stolen. In addition, consumers also don’t have to carry huge amounts of cash with them all the time.
New payment techniques are being implemented into the mobile payment system to make these transactions even more secure.
Various Payment Options
Different platforms and stores support different payment options such as for the same mobile app like MPL, Google, and Apple both offer various payment options. However, this is not something that consumers have to worry about now. With mobile payments, consumers can pay with any option that they want, like mobile wallets, UPI, debit cards, internet banking, etc. Users needn’t do much, they just have to log into the corresponding mobile app and carry out the transaction.
Less Time Consuming
Mobile payments are less time-consuming as transactions can be carried out in just a few moments. Mobile payments eliminate the need to look for cash, look here & there for exact change, or wait in long lines to make payments. Customers can simply place an order and pay via various mobile payment options available without wasting much of their time. Mobile payments are so simpler that consumers can even pay for their purchases just with a QR Code scan.
Easy Management Of Expenses
With mobile payments, the management of expenses becomes much more manageable. It is easy to lose track of money, especially when you have it available in the form of cash. Unless you are noting everything down, you cannot keep up with all the payments in the form of cash but with mobile payments, you can find all of the transactions that you have made in a single app. Whichever method of mobile payment you are using, whether it is a mobile wallet, banking app, or any other app, you can find all of your transactions on a single page.
Moreover, these mobile payment applications can be easily integrated with other applications such as expense management applications, allowing you to keep a track record of everything and manage expenses more effectively.
Special Deals And Discounts
Through mobile payment apps and platforms, consumers get access to special deals and discounts. Mobile payment providers often try to target customers through special deals and offers. These offers and deals are redeemable only when you pay using that particular app. Mobile payment users get easy access to great deals and discounts that other users cannot.
