Our phone and keys are probably the two things we never leave our place without. If you’re questioning the truth behind this claim, just remember the last time you went outside without your phone. We’ll assume that you can’t even remember On that note, it’s rather logical that developers have recognised the increasing use of mobile apps in our everyday lives and that there’s a market for mobile payment apps.
If you haven’t recognised the benefits of using cashless mobile payment apps yet, we’ll outline them for you and bring this topic a bit closer.
It’s convenient
Convenience is a quality everyone seeks, from customers to businesses. People want to easiest way to conduct repetitive everyday tasks. When people use an app like Google pay or Apple pat, they connect their credit card to their preferred app and wirelessly pay their expenses or make purchases. This means that you don’t have to carry your credit cards with you at all times because you can use your mobile phone to make a payment. However, you’re advised to level up your phone security, enable 2-factor authentication and keep it on you at all times.
It’s a secure option
When it comes to security, it’s always better to carry your phone with you than lots of cash especially if you have to pay a sum that is counted in thousands. Especially since any type of mobile or digital payment relies on several layers of security. However, you’re advised to only use secure mobile payment apps that utilise two-factor authentication to avoid fraud or any other damage to your account.
It’s faster than your wallet
The time you spend on fishing out your wallet from a purse or tapping all your pockets to figure out which one carries your wallet is reduced to a minimum. All you have to do is take out your phone, open the right app, hold it close to a terminal and your receipt will be settled with utmost speed. You won’t have to worry if you have your wallet with you or which card to use to make a payment. The ease of use and the time required for the transaction to be made, make cashless mobile payment apps a preferred choice for many people who prefer convenience and speed over anything else.
The checkout process is faster
When you pay with cash, there’s a certain number of actions involved. For example, a cashier has to name the price or the total amount you have to pay. Then, you need to take out the money and wait for the receipt and the change. At the same time, the cashier has to be trained to handle a cash register and troubleshoot fast because these things tend to misbehave. This, in turn, requires a lot of time, patience and the checkout process takes some time. But, a business that uses a fast and reliable new payment platform has taken the customer experience up a level. This type of payment works 24/7 and transactions can even be completed in 15 seconds. Even if this transaction took up to a minute, it will be a faster checkout process than the one with physical cash. So, if a business wants to improve customer satisfaction, moving towards a cashless mobile payment app is a reasonable choice.
There are different payment methods
One of the most common reasons people fear any technological advancement is the lack of knowledge. The same can be said for mobile payment apps which can replace cash and become another way of making a payment. People can use an e-wallet or a digital wallet. People who use an e-wallet have connected their credit card information with an app and use it to make a payment. There are also mobile banking apps developed by your bank. All you have to do is install the app, access your account and you can pay your bills, transfer money and all other financial activities from your phone.
There is less risk involved
Those who keep a large sum of cash on them, both people or businesses, fear the theft scenario. In other words, if you keep a lot of money in physical form nearby, you fear that someone is going to rob you. When it comes to businesses, those handling money in physical form are at the risk of employees skimming the cash and making small theft. So, if you utilise mobile payment apps, you lower the risk of theft by eliminating the possibility of theft. You will rely on a third party to handle and process your transactions and lover the risk of someone stealing from the cash register or taking out your wallet.
We have outlined just some of the benefits of using cashless mobile payment apps. This trend will continue to grow as it’s convenient, fast, safe and easy to use. We’re meant to change and adopt new ways of doing everyday things, so why not embrace the convenience of making cashless mobile payments.
Mike is an Australian business consulting specialist. He’s working with companies that outsource their IT maintenance. He often writes about technology, business and marketing and is a regular contributor on several websites.
