Mobile payment seems to be the next big thing that everyone is talking about. It is much more than just payments made simpler; it is pure genius in terms of what one can do with their telecom services. The change from cash to credit/ debit cards is too far in the past, and the concept of traditional wallets has become almost obsolete.
Even though many people can still be seen paying cash or using their credit and/or debit cards, it is imperative to know that mobile payments are going to be the next big thing; it all depends on when that’s going to happen. The latest trends that we must watch out for in the mobile payment sector, are as follows:
1. The use of cellular devices to get much cheaper: Apps are being developed by various companies to facilitate mobile payment. With the competition increasing, such companies now tend to provide you with such services at a cheaper rate, in order to attract more users. Hence, as a consumer, this trend can lead to a much better experience while using mobile phones for payments.
2. Transactions made easier: The developers of such apps are aiming to solve the basic problems of their customers. For example, if you are out with your friends and you need to split the bill at the end of your meal, one person can pay through their card and the rest can use their mobiles to transfer their respective amounts, into the account of the person who paid the bill.
3. Mobile Wallets: The one thing that can be given huge credit for developing the culture of mobile payments, is the technology of Mobile Wallets. With such wallets, you can easily store some money on your phone and use that to make payments, as and when necessary. This eliminates the need of entering your credit card information online, and hence, avoid any card storage and security worries.
4. Security threats to be eliminated: Most consumers today, especially in India, are reluctant to use mobile payment services, due to various potential security threats to their credit card and bank accounts once their details are saved online. All the developers of such apps which enable mobile payments, have already realized this problem and are coming up with new technology to try and eliminate them.
BillBachao.com is a website and an app that allows consumers to make payments through their mobile phones, safely.This post has been brought to you by BillBachao.com. The BillBachao website and application are leading online portals to assist you in finding the best recharge plans for your mobile. We also offer an all new Network Signal Strength Checker and various other services through our Google App.