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- 19.09.2024
Mobile payments have massively gained in popularity and usage over the past few years. For consumers, this is great. Having the ability to make an instant payment using your phone means that no matter where you are or what you’re doing, you can always very quickly purchase goods, if you’re in a store that accepts mobile payments.
Of course, it’s great having additional payment options for
consumers, but what are the benefits of mobile payments for businesses?
In this post, we’ll be discussing the pros and cons of mobile payments for businesses, helping you to decide whether mobile payments are right for your business.
The technology that allows mobile payments to work, NFC,
isn’t a new idea. In fact, RFID (Radio Frequency Identification) technology,
which NFC is a subset of, was first patented in 1973.
NFC stands for Near Field Communication, and there are different
forms of NFC that can be used depending on its intended function.
An active NFC device is one that has a power source, and as
such can both read and transmit NFC data.
A passive NFC device has no power source, so it can store
data that can be read by an active NFC device, and that’s it.
NFC is built into most modern smartphones, so if all that is needed to start making online payments is a mobile payment app, such as Android Pay or Apple Pay.
You would be forgiven for thinking that you may need a special device to accept mobile contactless payments. The truth is, as long as you have a reasonably up-to-date card terminal, you can already accept mobile payments.
Just make sure that your payment terminal has NFC built in and is mobile payment enabled.
There are many business benefits to accepting mobile payments.
When it is considered that the aim of a business is to keep profit margins high whilst still providing customers with the best products or services, mobile payments can fit hand in hand with a business.
Below are the main benefits that we’ve selected for
businesses accepting mobile payments:
If you’re in need of mobile application development services, Appoly are here to help. We also offer consultation for when you need to get your idea(s) off the ground.
Our team are always happy to discuss potential projects and provide help and support where necessary. No project is too big nor too small to discuss with our experts.
You can contact us via email, phone or our contact page.
We look forward to hearing from you.