Five Reasons to Use Mobile Payments
August 18, 2020, 11:33 am
Can you imagine life without your phone? Smartphones today pack in everything you need and yes, we do end up needing them for everything – from emails, texts and entertainment, to ordering lunch and Instagramming it too.
Just when you thought smartphones couldn’t get any more indispensable, enters mobile payment. This digital mode of payments is growing in popularity for a number of reasons.
It’s safe, secure and convenient, plus there’s an undeniable cool factor too. Imagine whipping out your phone instead of a wallet to pay for lunch or to instantly transfer money to a colleague when it’s time to split the bill.
Here are the top five reasons why you should consider getting a mobile payment app, an all-in-one solution for all your needs:
#1 Mobile payments are safe and hygienic
Safety and security are a big reason for the swift adoption of mobile payments. They help combat fraud and theft – as cards are linked to the m-wallet, there is no need to enter your credentials. It’s safer as credentials are unlocked using the mobile password and payment needs confirmation with password or fingerprint, unlike a signature for credit card transactions. Since credentials are not stored by a third party in a mobile payment, they can’t be stolen.
With COVID-19 posing fears of handling potentially contaminated currency, people and businesses are switching to mobile payments. It’s easy to make cashless, contactless payments at merchants, send and receive money, and pay on delivery – even if you don’t have a credit card or bank account. Mobile payments are much more hygienic than handling cash.
#2 They are super convenient
Using mobile payments cuts down on time spent in the checkout aisle – whether that’s online or in brick-and-mortar stores. Some mobile payment solutions use QR code technology to enable faster payments, since there are no card details or OTPs to be entered and QR code is supported by all types of smart phone and mobile operating systems. Simply show the cashier a QR code in the payment app, enter the pin, fingerprint or facial recognition on your phone, and the transaction is done.
#3 Transferring money is quick and hassle-free
Mobile payment solutions have revolutionized peer-to-peer (P2P) money transfers. Sending and receiving money is instant, convenient and safe through mobile payments. – whether it’s settling a bill after a meal, chipping in for a colleague’s birthday gift, or sending a gift of money such as Eidiya. On mobile payment app PayBy, for instance, you can transfer funds to a friend or a new contact in your phone, as easily as you can text them. It’s a handy feature for all those times when you don’t have exact change available. It can be used to pay children’s tutors, tradespeople such as gardeners and plumbers, or tip a delivery person. Card details can be saved to the mobile wallet, or it can be topped up. Withdrawals from an m-wallet to bank account are instant and convenient.
When handling cash carries the risk of spreading germs and an online bank transfer is a much longer process, mobile payment is by far the easiest method to transfer money. What’s more there are no transaction charges on peer-to-peer transfers either. Unlike conventional banking – there is no waiting or talking to a chatbot to process the transfer.
#4 They are handy for e-government services
The UAE is quickly progressing towards become a cashless economy and smart services. Government services in Sharjah have already mandated digital payment for services and fines. With the advent of UAE Pay and Abu Dhabi Pay, mobile payments make it easier for everyone – including the underbanked – to avail of smart government services and pay for utilities. What’s more, using a mobile payment makes it easier to track expenses, save money and achieve financial goals – even if you don’t have a bank account.
#5 They are simplifying financial services
Financial services are not always the easiest to avail. Think of a mobile wallet as a mini ATM in the palm of your hand that simplifies financial services, making them accessible, safe and convenient. Some mobile payment companies are also incorporating digital lending as a part of their offerings to empower consumers’ financial capabilities. Financial services being offered through mobile payment solutions include microfinance, the facility to buy now and pay later in installments for goods purchased and microcredit to support people’s financial goals.