Is mobile phone becoming part of everyday life?

  • 3. November 2021
  • Payment

The future of payment

The electronic form of payment mobile payment, also called m-payment, refers to contactless and cashless payment methods using at least one mobile device. Although cash continues to be the frontrunner in payment options, it's obvious how much the investment in digital payment systems has paid off. Contactless payments by debit or credit card, smartphone or smart watch are just as popular as paying with cash. Decisive is here better hygiene and comfort: no germs can be passed on by cash and the costumer does not have to carry around cash. Retailers benefit in particular from an increase in sales through impulse purchases. Especially in the supermarket, but also at the parking ticket machine, or in taxis, the payment method M-Payment is increasingly used.

The NFC method is widely used. “Near Field Communication” transmits data between two devices over a very short distance using an integrated NFC chip.

The alternative to this is the QR code, which is the abbreviation for "Quick Response Code". This is a two-dimensional code that can be read via the camera of most smartphones and tablets.

It is no secret that the future belongs to mobile payment. The faster retailers understand this, utilize and perfect this method of payment, the more purchases will be made. The most important aspect in the payment industry is to optimize the costumer’s shopping experience – therefore a retailer needs to understand the wishes of the costumer which is to pay more easily and comfortably. Online retailers have already understood the demands for this and have included various payment options. This is key for the e-commerce sector as sales figures are hugely influenced by the payment options offered.

The world is becoming more and more digital. In order to survive, companies are forced to react quickly to keep up and focus on digital solutions.

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