Mobile payments are one of the most popular e-payment solutions of these times. It includes mobile wallets and mobile money transfers. Mobile shopping has become the order of the day and payment as easy as holding up a mobile. Businesses have been quick enough to adopt this technology. Here are some facts on mobile payment solutions.
What Are Mobile Payments?
Mobile payment technology lets you pay digitally, maybe in a peer to peer context or in your brick and motor stores. In a peer-to-peer mobile payment, the transaction is an e-payment via the customer’s bank account to the business owner’s bank. Mobile payments at a store do the transaction using an app in the mobile device, instead of cash or card, for goods or services at the time of checkout. In this case, a business would need a point of sale device to process the transaction. Mobile payments have made its way into eCommerce payment solutions too.
Mobile Payment Solutions in eCommerce
Mobile sales are on the rise every year and so mobile shopping. Retailers need to offer a variety of payment methods if they want to cater to the broadest possible customers. Further, mobile payments are particularly popular among youngsters. A payment gateway is a service of online payment solutions that authorizes (or denies) any payment transaction and transfer the data between the device and acquiring bank. It is a crucial element of a mobile application designed for eCommerce websites. It provides customers with an exciting buying experience.
Mobile App Payment Gateways: How Does It Work?
Hong Kong Online Payment Gateways take very little time to complete the transaction process in mobile devices. Users can add their selected products while browsing the website to a shopping cart and cart links to a payment gateway. The request goes to the gateway and then to the payment processor of the issuing bank, as the client adds card data into specified fields. As the issuing bank validates the transaction, the retailer gets an authorization code. The sum of purchase debits the customer’s card account, and the seller receives the money transferred to their bank accounts in a couple of days.
It may seem difficult for you to navigate the fast-changing world of mobile payments.The addition of new options to your checkout process is a straightforward task. Mobile sales will continue to grow and overtake desktop sales;it has become mandatory for retailers to adopt a mobile-centric approach to eCommerce websites. Focus on optimization of the customer journey including the checkout process. Partner with a reputed mobile payment solutions provider and cater to the broadest set of customer preferences.