The world is becoming more digital than ever! With the pandemic having accelerated the shift to online processes and contactless interactions, it has become imperative for businesses to provide a cashless option when paying for goods and services.
Paying through digital channels was already an option before the global health crisis. Still, the growing need to prevent contamination emphasized the importance and urgency of cashless payments, turning them into a necessary feature rather than a capability that’s nice to have.
Moving Toward a Cashless Future
People have started to pay attention to how they touch and exchange cash, and it doesn’t seem like that’s about to change anytime soon. Some states and cities in the country may have passed laws banning cashless stores, but would they be able to prevent a significant change from happening long enough?
Even after the pandemic, mobile payments will most probably continue to be widely used because of the convenience and safety it provides. With the rate at how things are changing, it wouldn’t be unlikely for most Americans to have thinner wallets eventually or even have no wallets at all!
The Types of Mobile Payments
As smartphones become smarter and mobile users increase, it is only a matter of time for mobile payment systems to be everywhere. Thanks to smartphone uptake, mobile data networks, and e-commerce, the global payment market may grow to $8.94 trillion by 2027, as projected by Future Business Insights.
Also referred to as Mobile Money transfer, m payments, or mobile money, mobile payment involves using a portable electronic device to transfer money. Although all mobile payments are concerned with exchanging money, they work differently depending on the underlying technology they use.
Some of the different types of mobile payments include:
point of sales System
Point of sale systems are located at the merchant’s place of business. Instead of using stationary credit card terminals, establishments can rely on smartphones or tablets as their point of sale systems for cashless payments.
A mobile POS terminal allows establishments to dip, swipe, or tap into credit cards just like countertop terminals and accept payments from customers.
Here are three of the most popular examples of point of sales systems:
- Near-field Communication (NFC) Payments
- Sound Waves-Based Payments
- Magnetic Secure Transmission (MST) Payments
As its name suggests, in-store payments are made by customers only when they are physically present in a place of business. Although not wholly contactless, in-store payment systems still provide a convenient way of paying in exchange for goods or services when you don’t have cash on hand or prefer a contactless interaction.
Businesses may invest in any of the following kinds of in-store payments:
- Quick Response (QR) Codes Payments
- Portable Payment Terminals and MST Payments
Unlike in-store payments, remote payment systems allow customers to send funds to a merchant or individual in a different geographic area. A remote payment system doesn’t require you to be located at a specific location, making this one of the most convenient contactless payment options.
Below are a few examples of a remote payment system:
- Internet Payments
- Mobile Banking
- Direct operator Billing
- Payment Links
Every economy needs a certain amount of available cash for it to function. However, although the availability of mobile payments can’t completely wipe out the need for cash, we will most likely see a significant rise in businesses providing various mobile payment systems when interacting with customers. With the right mobile payment system, your business may generate more profit and drive sales!
Are you looking into investing in a quality point of sale system? Then, we at Nimble may have just what you need! With the Nimble point of sale solution, you can enjoy flexibility, ease, security, and value. Connect with us today to learn more!