There have been many changes in the way money has been used over the years. Demonetization seems to have been a major factor in the transition from physical wallets into digital wallets. If you want to put it simply, it’s a mobile wallet. The mobile payment industry is gaining momentum slowly.
Many individuals now see owning a Smartphone as a “basic requirement”. It’s redefining the way individuals interact, commute, dine, or pay. As a result, businesses must use mobile payment services.
Mobile Payment: What Is It?
When a payment is made through mobile, it’s called a “mobile payment” or “mobile money transfer”.
Mobile payments are becoming increasingly popular in India and may be viewed as a driving force behind India’s digitalization. RBI projected a 50% rise in mobile-based transactions in its 2021 vision statement due to the wide variety of software available that includes UPI and BHIM.
Why Use Mobile Money?
The following are the top 5 factors why small firms should use mobile payment technology:
· Convenient Payment Method
Paying using a mobile device is easy for customers, retailers, and employees. Paying by smartphone means less waiting, faster processing, and no need to carry around a wallet. As a result, consumer satisfaction and overall experience are improved. They are faster and consumers have their phones in their hands, making it one of the most efficient options to pay.
· Safe And Secure Payment Mode
A sophisticated encryption layer is included in digital payments to ensure their safety. Various sophisticated technologies are being combined to make these payments safe and protect important payment information secure. When it comes to security, digital payments or mobile payment methods are regarded as more reliable than other types of transactions. Initiatives like Inwi Money ensure complete safety while initiating transactions.
· Enhance The Client Experience
Customers find it more convenient to pay using their mobile phones. It offers them the option to pay at any moment, and it quickens the shopping experience, which has a positive influence on the customer as a whole. It provides the chance to interact with consumers, which is a vital step in building a loyal customer base.
· Helps In Sales And Business Expansion
When your business uses mobile payments, you can take payments practically everywhere and also anywhere. Instead of struggling with cash and making many journeys to the bank, these technologies save you time. You may then focus on delivering outstanding customer service and increasing sales.
· Merchants’ Expenditures Can Be Reduced
Sending and receiving money through mobile is now possible. There is no need for physical instruments to receive payments nowadays. An application installed on the merchant’s smartphone can turn it into a POS or card-reading device. To eliminate the need for printing, retailers can send invoices and receipts via email or messaging apps. As a result of allowing mobile payments online, companies may save on bank service charges and administrative costs.
The Bottom Line
In a nutshell, mobile money is a very useful technological invention. Inwi money is one of the leading mobile money services which launched in September 2019. With this, users may send and receive money as well as pay bills, top up their smartphones, and purchase products and services.