According to the latest payment news dominating headlines all over the world, the trend of the moment in the financial world is the mobile payment platform. It seems like the mobile payment bug has bitten everyone in the financial world and beyond. Shoppers love this platform because of the convenience, it offers them. While merchants are into it because they want to maximize the shopping experience of their customers. The carriers and financial institutions are keying into it, because of the new market opportunities, it opens up for them.
Mobile payment offers a platform where goods and services are paid for, through a cell phone. It is a very convenient payment method for retailers. This is why many people are catching the mobile payment trends bug. When this payment platform is fully established, the days of cash, checks and credit cards as a means of payment for goods and services bought, will no longer dominate the mode of payment news headlines.
The source of funding for transactions involving mobile payments include credit cards, debit cards as well as ACH e-checks. Other mode of funding transactions in this platform are still being explored by industry experts and regulators.
This platform offers several variations to customers. Therefore, customers can choose the most convenient platform which best suit their needs. These variations include SMS-based transaction payments and near-field communications.
Another option also available on this platform is the direct mobile billing payment method. In this method, the amount charged for goods and services bought is deducted directly from the customer's credit. While the web payment where money is sent to the merchant account from the buyer's online bank account is also available on this platform.
This industry opens up a lot of potentials for financial institutions, mobile carriers and mobile software application developers. These key institutions are seeking new ways to improve the services offered in the industry. Thus new innovations which will make the mobile payment industry more convenient and reliable should be expected. This will improve customers' confidence in the industry, thus attracting more people who are skeptical about this payment platform. The resultant effect is rapid growth in the industry customer base, which will be beneficial to all the stakeholders in the industry.
The future of payment for retail transactions lies in the mobile platform. With improved and reliable services, many people will be ready to dump the traditional mode of payments for goods and services and embrace the new mobile payment trends.
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