With an ever-increasing number of people using mobile phones and with banks often looking for ways to make transactions easier for their customers, the way to marry these two led to the evolution of mobile payment solutions. Instead of paying using traditional methods such as cash, cheque, or credit cards, consumers these days have the convenience of making and receiving payments using their mobile phones. No wonder, they are fast gaining popularity all over the world.
Banking At Your Fingertips
Mobile phones are extensively used for business, social and personal purposes. Gone are the days when people had to go to a bank and stand in line to get their work done. E-bank payments in SEA have taken banking to new heights. Digital is the new normal and the humble mobile phone is the one device that brings your bank to you for all practical purposes.
Benefits for Business Owners
There is an increasing number of consumers who are using E-bank payments in SEA. For business owners, this means that the opportunity to receive payments faster than traditional banking systems. Business owners receive instant notification of transactions. The number of consumers making purchases online has also exponentially risen, favoring the use of online payment methods. There is no requirement for extra devices to receive mobile payments. The generation of reports has also been simplified as all of these are available online, on the e-banking apps. This helps ease the workflow during auditing.
Benefits for Customers
Mobile payments eliminate the need for customers to carry cash or credit cards. Payments can be made securely on the spot. Mobile payments offer the possibility of secure payments through multiple authentication methods such as fingerprint scanning, OTP, and PIN. Many online payment channels run a variety of offers that benefit customers. The use of mobile payments gives the customer insight into his spending trends. The acceptance of mobile payments across various sectors has consistently increased enabling customers to reduce their trips to their bank branches.
Making Life So Much Easier
Mobile payment solutions have made life easier by integrating digital wallets, credit cards, and bank accounts of customers and business owners within smartphone apps. Many of these service providers cater to a variety of services. They accept payments from all major banks and all major credit cards. Some can also record cash transactions. These apps can also handle taxes, tips, and also record transactions offline.
Several solutions are available and can be billed monthly or annually. Some service providers charge a setup fee and also charge a transaction fee per transaction, while others do not charge for setup, but offer a higher transaction fee to offset the initial setup fee. There are certain reputed and frequently used online payment platforms in SEA. The internet economy of Southeast Asia’s is poised to cross $300 billion by 2025. The region has a growing population, high smartphone penetration, and quickly improving internet connectivity making it a lucrative market for digital payments.
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