5 Types of Mobile Payment Methods For Your Business & Consumers

5 Types of Mobile Payment Methods For Your Business & Consumers

Over the past 2 years or so mobile payment has inflated to a new magnitude. Paradoxically, on the one hand mobile payment is commonplace nowadays, but on the other hand many businesses as well as customers do not know how to use it to their advantage. So whether you are a small scale, mid sized, large scale business or an individual wondering what this 'mobile payment fuss' is about, this post will give you deep insights into this aggrandized form of payment technology, various mobile payment options and everything customers and merchants need to know about.

What are the Various Types of Mobile Payment Methods?

Mobile Wallet- Used as 'Mobile at the point of sale', this is a perfect ally for those like me who tend to forget their wallets at home more frequently. One can make payments via his mobile wallet. This method uses NFC (near field communication) technology or 'Tap on the Go' in other words. One can make payments using this wireless technology as he would with his credit card.

Mobile as a Credit Card Terminal- Read 'Mobile as the point of sale'. This mobile payment method should not be confused with mobile wallets just because it processes credit card payments as well. This is quite appropriate for merchants and businesses particularly sales people or merchants in street fairs who need to take payments on the go.

iKhokha a mobile payment app is a nice example of this type of payment method. Payment can be made by attaching an external credit card reader device to the mobile phone.

Other Types of Mobile Payment Methods (Paypal or P2P)- Apart from mobile wallet epayment method and mobile payment through credit card terminal, you can also transfer money by bumping your phone into recipient's phone or via paypal. You can call these 'the everything else of mobile payment'.

Direct Carrier Billing- This is mostly used by people who want their 'Angry birds' instantly. Mainly people who download ringtones and games and the charges are added to their bill. Also known as 'In App Billing', this mobile payment option is quite popular among customers as well.

Closed Loop Mobile Payments- This mobile payment method is for those companies who do not want to rely on someone else to make a Google wallet for them. But this can be quite expensive, yet worth a shot.

Does Your Business Give Mobile Payment Option to your Customers?

If the answer is NO,you can only imagine the mighty dollars and the customer trust you are losing every day. Giving your customers mobile payment method options will not only cement their trust in your business, but they are also more likely to recommend your business to others as well. Needless to mention how much difference does word of mouth make.

Mobile Payment App Development Solutions for your Business

Keep up with the competition by hiring a mobile app development company for customized mobile payment app development solutions according to your business requirements. iPhone Developer is a commemorated iPhone app development company providing all round solutions to businesses of all size across the globe. Our mobile app developers have hands on experience of working on contemporary technologies including NFC, Google wallet etc.

If you are in certitude about what your business requires, it's barely a reason to worry about. Give us a shout and we will be more than happy to provide mobile payment app development consultation to help you make up your mind.

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