-->
Digital payments defined as an electronic payment system used to satisfied consumers convenience by making payments over an electronic network such as the Internet
This video shows how digital payments could be beneficial in our daily life
The success of mobile payments would not have been possible without the massive growth in the number of smartphones and the falling cost of computing power, both of which are lowering the barriers to new entrants in parts of finance. Smartphones are vital to this, because by providing consumers with powerful computing devices and internet connections that are always on, they open the way to all sorts of other innovations.
The evolution of payment technology has moved fast. Consumers today are less likely to use cheques as a means of payment. While there is a segment of consumers that prefer to use cash, there also appears to be a growing preference to use direct card payments, even for micro payments, if this is delivered in a way that is simple and convenient for the consumer.
Mobile technology is creating a major disruption in the way we shop. mCOMMERCE, mPAYMENTS and mWALLETS are happening contactlesslly through mobile apps
mCOMMERCE: M-Commerce is the use of devices to communicate, inform transact and entertain using text and data via a connection to public and private networks. It is basically the usage of the internet to pay for your purchases using your bank account.
mPAYMENTS: M-payment is a real-time payment that is made with the use of a mobile device. Formally known as a mobile payment, the m-payment involves submitting an electronic remittance for an outstanding bill. Which means that you can use your phone and swipe it as a credit cad. It differ from mCOMMERCE by providing the consumer to physically swipe their phones.
mWALLETS: m-Wallets (Mobile Wallets) are much like Prepaid Cards. They need to be loaded with money prior to use. However, funds held by the m-Wallet are securely accessed directly from the mobile phone. Although m-Wallets are still relatively new and hence not yet widely spread, MFSL believes this will change in the near term with subscriber education and competitive pricing. m-Wallet usage is growing very quickly and it is only a matter of time before they become a standard payment instrument
My sorority uses BillHighway for people to pay their dues. I think that having the option to pay on an online site is so much more convenient than having to write a check, take it to the desired receiver, and all that it entails. Our time is valuable and this allows us to not have to spend as much time paying bills! I look forward to see how it continues to grow in the future.
ReplyDeleteI love the accessibility of using digital payments. Not only are they a time saver, but it helps cut down on paper waste. The only problem with digital payments I have is I easily loose track of how much I am spending, so I try to use cash when possible because it helps me realize how much I am actually spending on a normal basis. Also, I don't use my phone much for digital payments only because I feel that it is less secure than using a computer on a secure network, but maybe i'm wrong.
ReplyDeleteJust thought I'd share an experience here. A couple weeks ago I was in a local Verizon store to purchase an accessory for my new phone. I found it interesting that purchases were no longer conducted at a formal "check out" counter, especially if you pay via credit or debit card. In fact, all customer service agents carried around hand-held devices (not sure what brand the tablets were) and business was conducted on the tablet. After I made my decision on what I was going to buy, the customer service rep conducted the sale via the tablet on Verizon's website and the receipt was sent to my email inbox. Although I'm not sure how the sales transaction was carried out in regards to inventory control measures, I do know that my experience was stream-lined and convenient which made for a fast sale/purchase and I was in and out fairly quickly. There's also a restaurant in my hometown that conducts all their business through the website via tablets and a desktop check out computer. Pretty unique and interesting stuff, and it's quite fascinating to see the direction business transactions and digital payments are headed.
ReplyDelete