Mobile payment is becoming increasingly popular in many countries. Without going any further, it already has 70% of the point of sale terminals adapted to NFC (Near Field Communications) technology, which places the country at the global forefront in terms of payments for mobile devices. It is a short-range radio technology that allows you to pay with the cards baptized as ‘contactless’ or with any mobile phone that has NFC, in the most comfortable and fast way we can imagine.
But do you really know how mobile payment works? Do you know for sure its advantages? Here you are going to watch how mobile payment functions, and you will study its strengths and weaknesses so that you can decide whether it convinces you or not.
How mobile payment works
The technology, which comes equipped with all the latest generation mobile phones, can transmit information between devices separated by a few millimeters. In this way, if a business has a payment terminal adapted to this technology (according to data from Visa, more than 1.2 million terminals of this type have already been installed in commerce), you will only have to bring your Smartphone closer to pay the bill immediately. And the fact is that the phone itself acts, in this case, like a card.
Mobile payment today is possible with practically any of the mobiles that we can find in the market, regardless of whether they are contract or prepaid and whatever the operator. The system is associated with one or more credit or debit cards, in such a way that the payments we make through the mobile phone will be charged to that card.
Advantages of mobile payment
- One of the main advantages of mobile payment is its speed. You just have to bring your mobile closer to the payment terminal to pay your purchase instantly. You won’t have to waste time inserting it into a slot, as you do with a card, or digging for the exact number of bills and coins in your wallet. Mobile payment is today the fastest payment method available to anyone.
- Also Read: How much does it cost to develop an e-wallet mobile app?
- It is a very comfortable payment method that ensures that you always have the money we need at hand because we are used to always carrying our mobile phone with us.
- Its operation is very simple. Once you have installed on our mobile the application that will function as a digital wallet and we are registered in a mobile payment platform, you will only have to worry about bringing our phone closer to the payment terminal to formalize our purchases.
- And it is that all the payment information is stored encrypted on a chip inside the Smartphone, and the card data never leaves there, but so-called tokens are used. Which are nothing more than a sequence of single-use numbers created by proprietary algorithms? In this way, the risk of intercepting and duplicating the number of our card or that another person may use a nearby reader to take the information from our telephone is avoided.
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