Revolutionizing Transaction Activities through Mobile Payments

By CIOReview | Thursday, January 7, 2016

FREMONT, CA: The technological advancement has made the transactional activities easier with the introduction of mobile payment solutions. Mobile payment has now metamorphosed from its traditional avatar to find a place as an app in the Smart-phones.

The basic fundamental Mobile wallet app collects consumer’s payment information and credit card numbers by allowing them to make transaction online and offline. The app uses information transfer technology like near field communication (NFC) to interact with payment terminals.

The impact of mobile wallet payments have been widespread, for instance15 percent of the purchases in Starbucks U.S stores are paid through mobile app as a matter of which the company has introduced mobile order program where customers gets the preorder facility avoiding long queues which in turn saves time.

Apple’s iphone features an e-wallet called Apple Pay that stores payment information and allows customers for transaction through a ‘reader-based’ technology. General Motors’ Onstar also finds itself active in the race by recently announcing partnership with mobile software Activation Company Synchronoss Technologies. Onstar offers customers with pre-ordering and payment facility in advance of reaching a destination and automatic activations for ‘pay- and-go’ service at gas stations.

The merits of the mobile wallets, makes customers life easier by allowing payment in just a finger tap unlike net banking which is time consuming. It enables customers to make precise payments instead of giving the balance amount. The platform holds a great advantage when it comes to available the discounts and cash backs.

“Businesses today are going digital, and American Express is at the forefront of digital innovation, helping companies to streamline their payments systems and simplify their processes. We continue to invest and expand digital offerings for our corporate customers in ways that maximize security and enhance the user experience.”Says Greg Keeley, Vice President Global Corporate Payments, American Express.