Today, mobile payments have grown past just money transfers to utility billing, mobile pay parking, NFC payments and international remittances. In this scenario, how is mobile retail poised to grow? And how do ordinary businesses use them to their advantage? These are some of the questions we ‘will be looking at in this article.
Readers will know that many retail companies have already rolled out their mPayment platform, and some versions are under test. Added to that, developers too are building retail industry mPayment platforms making it a tough competition in this field.
Mobile payment platforms have always been a talking point at industry gatherings as many see these platforms as the next big thing in payments. On the other hand, consumers have expressed their concerns (many of them on the security front), and many analysts suggest that the only way for application developers to overcome these problems is to exhibit the safety of such a system over time.
The financial industry and leaders of mobile payment industry are also developing a set of guidelines, norms and standards used in business and industry that all participants in the mobile payments market place can work within to ensure simplicity, scalability, security, cost effectiveness and return on investment for merchants and consumers while allowing for competition and innovation among market participants.
Though, there are already a large number of mobile users who are able to pay at point-of-sale with their mobile devices, but the announcement of various mobile payment applications every next day is bringing mobile payment platform closer to making it a next big thing.
Next generation mWallet envisions the latent potential of the mobile payment platform. So it has developed integrated business solutions for the retail industry that provide customized and value-added services enabling them profitably grow their businesses.
Next generation mobile payment solution is a unique, smart mobile payment platform that intelligently implies current wallet functions so that consumers are no longer required to carry a physical wallet – just their Smartphone with the next generation mobile payment application installed and configured. Next generation mWallet lets consumers use their mobile phones to pay for goods and services anytime and anywhere.