3 trends that will have an effect on mobile payments

Mobile payment options have taken the world by a storm with their extremely easy to use services. People can now shop for goods, services or for a mobile recharge simply with their phone. In fact consumers have now recognised the fact that paying with the help of a mobile platform is a lot safe and convenient.

A lot of businesses have flourished because of the increasing popularity of mobile payments among consumers. Till this date, three trends have emerged in mobile payment platform. They are as follows:

1. Digital Wallets – Digital wallets aren’t portable like mobile wallets and they were in fact the first when it comes to trends in mobile payments. Digital wallets gained popularity after ecommerce giant PayPal heavily advertised the many benefits of it. Users can link their bank account along with their credit/debit cards to one digital account which is then used for receiving or sending money. Digital wallets thus act as a mediator between the buyer and the vendor. Therefore, with digital wallets, one can get a Videocon d2h recharge, without sharing their sensitive payment info. Digital wallets thus help to keep all this privy financial information at one place.
2. Mobile Wallets – Mobile wallets are just like digital wallets with the only difference being of portability. Users of mobile wallets first create their account with their provider so that they can save their payment information at one place. Then their provider’s corresponding app is to be downloaded which will then helps consumers to pay merchants or will allow them to pay for an online mobile recharge. Since, these payments are made possible with the help of a small NFC chip, therefore it rules out any need of a password or PIN which ultimately makes things more secure and swift unlike credit cards where a leaked PIN can lead you to a financial crisis.
3. Mobile Credit Card Payments – Businesses nowadays have gone mobile and therefore paying for them requires cash or an ATM where one can get cash. However, gone are those days with the latest trend in mobile payments – mobile credit card readers. A mobile credit card reader is just like an in-store card reader which can attach to the smartphone. After swiping the card with this card reader, all one needs to do is go to the app of the provider of this card reader to make a payment. In case you need to get a Videocon d2h recharge on the go, then nothing beats the convenience of paying the service provider with a mobile credit card.

Trends in mobile payment methods have gradually evolved all thanks to the ever changing world of smartphones. It’s because of them that this amazing thing of mobile payments has come into use. Till now, these three trends rule the niche of mobile payments, but by judging from the increase in their popularity, we can definitely indicate that new trends will develop soon.

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