Mobile payment systems allow people to pay for goods and services by using their mobile devices.
Have you ever gone out in a hurry and forgot to come along with your purse or wallet? Then, I bet you’d know the benefits of mobile payment systems. This is a more convenient transaction system as you don’t have to carry around cards or cash.
Are you trying to identify the best mobile payment systems? Read this article to learn about the best mobile payment systems that are safe, secure, and trustworthy.
Benefits of Mobile Payment Systems
Before looking at what you stand to gain both as a consumer and retailer when using a mobile payment system, let’s answer a fundamental question: What is a mobile payment system?
It is simply the system that lets you, as a shopper, pay for your purchase through your mobile device. To use these systems properly, you’ll have to use the appropriate mobile apps and technology.
Mobile payment systems can be in the form of near-field communication (NFC) payments, short-messaging service (SMS) payments, or payments via mobile app. The benefits of mobile payment systems include:
No. 1. Convenience
Buying and selling online can’t get any easier than what it already is, thanks to mobile payment systems. The fact that you get to purchase and pay instantly for any product makes the whole process of trading effortless.
From anywhere you are, with the use of mobile devices like your cell phones or tablets, you can pay for any purchased item.
No. 2. Greater Security
The best mobile payment systems eliminate the need for people to carry huge sums of money in their wallets or purses. This prevents it from getting physically stolen or lost.
There are also some security measures incorporated into digital wallets. Some of these include facial recognition and fingerprint scans, making it easier for businesses to detect fraudulent transactions.
It’ll also interest you to know that credit card information is not stored in smartphones but rather on the cloud. This enables your essential details to be secure even when you lose your mobile devices.
No. 3. Mobile Payment Systems are Faster
When it comes to waiting for minutes for a chip transaction or counting huge wads of cash, mobile payment systems save you time.
Time is money. This system of payment creates a more user-friendly situation for businesses and consumers alike.
What to Look for in the Best Mobile Payment System
As much as making and receiving payments through the best mobile payment systems are convenient, there are some factors to consider. When choosing the best mobile payment systems, here are some things to look for:
No. 1. Between-Wallets Payments
We cannot overemphasize the benefit of instant payment, as this feature makes it possible for you to execute transactions anywhere and anytime. The best mobile payment systems allow for a speedy and instant transfer of funds between wallets.
Gone are the days when you’d have to wait in bank lines or wait for hours to complete a transfer transaction. The possibility of between-wallets payments makes for easier control and flow of money.
No. 2. Bank Integration
The best mobile payment systems should be integrated with a good number of banks. This makes easy transfer and control of funds more achievable.
When you use mobile payment systems, you’re able to transfer money to your bank accounts and any other bank account. You can also pay and receive payments anywhere you are.
No. 3. Security
The best mobile payment systems should be secure and reliable. Several technology tools aid the security of funds online. Some of them include passwords, tokenization, security questions, biometrics, and 1-time passwords.
You, as a customer or retailer, should use mobile wallet apps fully loaded with high-grade security capabilities. Security in money flow is a huge factor when using various mobile payment methods.
No. 4. Bill Payments
As more and more transactions hit the online pathways, an increasing number of people prefer to make bill payments online. Well, who wouldn’t?
The faster, the better, right? The best mobile payment systems should help you pay bills ranging from mortgages, utilities, and rent to loans and tuitions effortlessly. They should also ensure credibility and transparency. Using the best mobile payment systems will ensure less fraud and improve accuracy.
No. 5. Easy and Convenient to use
The best mobile payment systems should be easy and convenient to use. Also, you should be able to make online money transactions anywhere and at any time.
Mobile payment instructions are straightforward and user-friendly. In all, it should do an excellent job of saving your time and energy.
The Best Mobile Payment System
When it comes to choosing the best mobile payment systems to facilitate easy and speedy transactions, it can be quite tricky. This is because of the large number of payment systems out there online.
Here is a comprehensive review of the best mobile payment systems you could make use of for your transactions:
Apple Pay is a secure and easy way for people to pay for purchases of goods and services, make donations and make subscriptions. To keep your information safe, you can use safety credentials such as Face IDs, Touch IDs, and double-clicking Apple watches.
Big e-commerce platforms like WooCommerce, Salesforce, Shopify, and BigCommerce also use this mobile payment system. It supports MasterCard, Visa, and American Express.
- Its NFC payment system is quick and easy to use.
- It uses a single-use, anonymous token system to secure credit card data.
- It manages movie tickets, gift cards, boarding passes, etc.
- It supplies international support.
- It’s only compatible with iOS products.
Apple and iOS users
- The Apple Pay app is free for users.
Adyen provides an extensive range of payment options for brands and businesses, and mobile tools allow them to receive payments anywhere. This payment platform supports primary payment methods worldwide.
It offers full service including, reconciliation, settlement, and reporting services. It is compatible with Visa and Mastercard.
- It has all-around phone call and email support.
- It provides international support.
- It provides loyalty and gift card storage.
- It requires a minimum invoice of $120.
Master and Visa Card users
- It doesn’t require monthly fees but includes a minimum invoice of $120 per month.
- It also has a $0.12 processing, transaction and payment method fee.
PayPal is an easy-to-use and convenient payment platform. It supports both online shopping and the transfer of funds to friends. Businesses and individuals can make transactions through this platform in a speedy and less complicated manner. It also tracks sales and creates invoices.
- It offers fraud protection.
- It provides loyalty and gift card storage.
- It combines Peer-to-Peer (P2P) activity and online purchase. It works internationally.
- Payment splitting is not so straightforward.
- It has few in-store payment options.
Instant payments accepted include debit and credit cards, split payments, ACH payments, and e-checking processing.
- Its on-website custom price is $30 per month.
- Basic and in-store/phone options are free.
Zelle is one of the best mobile payment systems that are part of your bank’s website or app. It eliminates the middleman holding area by making payments go straight to the recipient’s bank account.
It’s a good system for payment as it makes the transfer of funds to and from loved ones easy and hassle-free.
- Simple setup
- Money is transferred directly into the recipient’s account
- Works inside existing bank apps and has a high limit for payment
- The recipient is not required to have the app.
- No fees required
- Shares some information with marketers
- No web, international and store payments
- iOS and Android apps
Google combined its online, person-to-person, and in-store payment apps into a single unit known as Google Pay. This is one of the best mobile payment devices as it handles all transactions rather than splitting them into Google Pay Send and Android Pay.
It works for both Android, iOS, and web devices.
- All its functions work on iOS, web, and Android.
- Allows you to pay NFC stores, people, and sites easily
- Substitutes physical card numbers with virtual ones for safety purposes.
- Loyalty-program and gift card management.
- Doesn’t function with Siri voice assistants or Google Assistant.
- Doesn’t have adequate buyer protection.
- Both web, Android, and iOS devices.
- There are no transfer or transaction fees, but a 2.9% credit card fee is required.
Where to Go from Here
The world is going digital, and the finance sector is not left out. The ease and convenience that come with instant and secure transactions are reasons you should use the best mobile payment systems.
However, before using any of these mobile phone payment systems, you should thoroughly check out the accompanying factors. Once you’ve got a compatible system, you are free to enjoy the effortless life of buying and selling.