Mobile payment

Today, not only is cash not required for payment, but also the physical presence of our bank card is not essential. It is enough to have our smartphone with us.

Key related topics

Contactless card / Paypass / Paywave QR code / Mobile pay code / Two-dimensional code NFC / Near-field communication

We can get along just fine if we forgot our watch or our sunglasses at home, we can also survive if we don't have our documents with us, but the person of the 21st century practically doesn't take a step without his mobile phone. If our mobile phone is with us almost all the time, it seems logical that we can also pay with it with our smartphone, among so many other functions, let's expand the options offered by the asset.

When we talk about mobile payment, it is basically an online bank card payment, only instead of our card, our mobile stores the necessary data. For this, we really don't need anything other than one NFC enabled to a smartphone and the bank or financial service provider offering the service fintech company mobile application to download. We can upload our bank cards to this application in digital form (we practically take a photo of the card).

But mobile payment offers more options than that. Just think of mobile parking, where the amount is debited to our mobile account, or rather the QR-coded obsession tokenized for the possibility of payments.

And what advantages can this mean for us? The contactless payment its benefits probably don't need to be explained after the virus outbreak. It is also easy to see that it is faster to pay with one click with our mobile phone than to look for cash or take the card out of our wallet, stick it to the card skimmer, and then wait for the receipt. 

In addition, the truth is that mobile payments are safer in many ways than the bank card you carry with you (or especially cash). Most applications protect our card data with multi-step identification, so losing your mobile phone is less dangerous than leaving the card itself. 

Mobile payment can also make our life easier as an entrepreneur. Even one web shop, even in the case of a real store, the traditional one when accepting a bank card cheaper and faster Scan and Go kind of payment solution with it.

Last edited: January 10, 2023

Related topics

Fintech
Fintech Card company / Acceptance of cards NFC / Near-field communication QR code / Mobile pay code / Two-dimensional code

Recently viewed definitions

Mobile paymentFinancingGrossFundraisingDiscountingSecuritisationIssuer of a bill of exchangeIntangible assetsReceivables turnover / Receivables turnover ratioConfirming bankTangible assets / Fixed assets

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