Offline merchants switching to mobile payments
With the rapid change in the industry, many offline merchants are now focusing on online transactions. Generally, online payments are regarded as mobile money transfer or mobile wallet which is operated under financial regulation or even via handheld device namely cell phones. Instead of thinking about paying via cash, cheque or credit cards, consumers can now easily use their mobile phones to pay utility, mobile recharge (such as Airtel online recharge) and shopping bills online via convenient apps.
With the advancement of technology, there are many models that can be used for mobile payments, namely Premium SMS based on transactional payments, contactless NFC, Direct mobile billing and Mobile web payments. Typically, for electronic payments, you must need the internet and digital stored value systems. These are generally designed to decrease the chance of theft during billing process.
Realizing the benefits, retailers are transforming to online payment systems. Some of its advantages over offline payment methods are:
· In today’s competitive world, everyone is looking for speed along with convenience. When the websites sync with online payments, they help facilitate the fastest means of buying goods and services.
· Another great advantage of making online payments is that these are available 24*7, thus you can make a purchase during day time as well as at night.
· While making use of online payment systems, you need not rely upon any other individual such as for the assistance of sales associate. Apart from this, as everything is automated, consumers can make a purchase on their own terms and conditions.
· During online transactions, you need not buy or produce paper statements. It not only saves your time, but also saves your money as well as efforts.
· The method is much easier than the traditional online payment system since you need not pile up papers or manage debts by using online payment systems.
· An electronic payment system is now more secure than paper based payments
Apart from this, online payments have no limit until you have cash in your account. Believe it or not, online banking is often considered risky; therefore being cautious, you can protect yourself from being trapped in illegal forms. For this, you regularly need to review your account to ensure any auspicious account activity is not occurring. Make sure to keep on changing your password after a fixed interval of time so that it becomes difficult for anyone to track you. Apart from this, you need to maintain antivirus or anti-spam program in your computer. This way you can easily block out unwanted spam from your emails.
In addition, with increasing demand, many online payment service providers have developed features like two factor authentication to upgrade the e-commerce security systems. Over a period of time, since e-commerce has become very popular, thus security features will continue to evolve. Moreover, as you can get additional discounts or vouchers while making online payments, this adds to the benefits. Bearing in mind all the advantages of online payments, there is no wonder why offline merchants are switching to online payment methods.