What are the latest trends around mobile payment solutions?
Access to mobile money or having a mobile wallet such as Apple Pay, Android Pay or Samsung Pay has been popular since Apple installed a mobile wallet in their smartphones in 2014. Mobile money is a digital wallet stored on your phone or other electronic devices that can be used to purchase products or services. Mobile payment solutions allow consumers and businesses to make seamless transactions in real time.
The advantage here is that online banking offers solutions for transfers, deposits, withdrawals, and payments that more formal banking systems do not. Unlike electronic commerce that can happen on desktop computers and laptops, mobile commerce happens on smartphones. Besides, the ease with which mobile payments are conducted in developed parts of the world, they also offer societal and economic advantages for those who are financially excluded in unbanked areas. In this piece, we’ll dive into what’s trending in the world of mobile payment solutions and give you an idea where the market is heading.
What is mobile payment?
Digital footprints are offering financial service providers with data that can help them better understand the needs of those who don’t use formal financial services. Because of the convenience and reachability of mobile devices, mobile phone payment solutions have grown in the past few years. In 2017, about 50 percent of U.S. cell phone owners used some form of mobile payment, according to Zion Market Research. By 2020, that number is expected to reach 90 percent. And because businesses see the market demand for mobile payments, they are creating more solutions and incentives to reach new customers while maintaining a loyal customer base. This increasingly popular form of payment is secure. Smartphones use encryption and tokenization to mask card numbers, according to Nasdaq. The likelihood of theft lowers when physical forms of payments such as cards and cash are not used.
Mobile phone payment solutions are finding an opportunity to reach consumers who might first conduct their shopping online. Because of the frictionless nature of digital payments, brick-and-mortar businesses have found a way to keep customers coming in. Offering incentives increases brand loyalty. As an add-on module for its mobile money, Telepin promotes to its subscribers through luck-of-the-draw contests that have instant random winners. Loyalty promotions also allow subscribers to accrue points through a cumulative counter. When threshold values are met, the platform triggers a pre-configured reward. Points and loyalty rewards can also be stored in account wallets and can be converted into various benefits such as converting points to airtime or offering a discount on a new handset.
What’s trending in mobile payments?
Loyalty programs are on the upsweep in terms of mobile payment trends. When retailers attach a rewards program to their mobile pay services, consumers are more likely to use that method to conduct transactions. This saves money for the customers and builds brand loyalty for retailers. In terms of services offered for individuals and businesses, Telepin offers a differentiated service experience that tailors retail needs to the customer base. Our platform provides add-on modules to keep companies best suited for how they conduct business. And because of the security of mobile payments, consumers, particularly in younger generations, have been more willing to use mobile card payment solutions. Millennials are three times more likely than other generations to use a smartphone to manage their bank accounts, according to the American Bankers Association.
Plus, not only is mobile commerce becoming more common and easy to use for those in developed countries, it is also strengthening community interconnectedness and helping those in poorer areas to rise above the poverty line. It provides access to health care and education and empowers women to search for employment opportunities, according to the 2017 GSMA State of the Industry Report on Mobile Money. There are 690 million registered mobile money accounts worldwide, the report states, and an average of $1 billion worth of mobile money is processed daily. Telepin has 256 million subscribers and has securely processed more than 10 billion transactions. We help individuals find financial freedom, and we work with businesses to raise revenue efficiently and effectively.
Person-to-person payments such as Venmo and PayPal allow individuals to transfer funds from their bank accounts or credit cards to another person’s account via mobile applications. Telepin’s person-to-person payment solution module add-ons offer a more cost-effective outlet for unbanked individuals. They don’t have to worry about visiting a more formal banking system to make the money they need to live. Because people in poorer areas tend toward micro-finances, and because of the impracticalities of cash transactions, they are more likely to remain in the poverty cycle. Mobile phone payment solutions are changing the way impoverished communities do their banking – positively affecting the 1.7 billion adults who do not have a bank account. Financial inclusion supports a more stable economic society by lowering the poverty rate. Preventing financial exclusion makes for a more robust economic ecosystem because it pulls people out of poverty and keeps them on an upward climb through savings accounts, building credit and providing access to things such as better health care.
Across France, Italy, and Spain, 16 percent of people who applied for a credit card were turned down. The high cost and contractual terms of gaining access to unsecured credit is not ideal for people with low incomes. They want to know they can repay a loan and will, in turn, borrow small amounts. Telepin’s mobile wallet lets users make deposits and withdrawals and complete bill or online payments quickly and with relative ease. Remittances are also popular among those in poorer areas that have a loved once sending them money. Almost all of the 1.7 billion unbanked adults live in a developing country. It is more difficult to access formal financial institutions. Another reason cited from those who are unbanked was that they have too little money to use an account, according to the Global Findex. Digicel Pacific, one of the largest mobile service providers in the Pacific, invested in networks to provide almost 100 percent population coverage. Telepin’s solutions, quality service, and delivery date are three things Stephen Breen, the director of mobile money at Digicel, noted when asked why the company decided to partner with Telepin. On the first day of service, Digicel Pacific registered 15 percent of its users for mobile payments. Economic stability for Digicel’s customers continues to grow through the use of mobile wallets. Security, inclusion, and ease of access for unbanked people are the main advantages of digital wallets.
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Telepin’s customer base includes the Middle East, Africa, Asia, and the Americas. The professional services we provide are innovative and reliable. They are also built to ensure that you are offering your customers the best services and opportunity for economic stability possible. And because market demands change, trends come and go and user financial needs vary, Telepin keeps pace with your business, so that you can keep pace with your customers.
The mobile wallet in our platform works in real time to keep transactions current and helps alleviate the stress of financial risk — for those in impoverished areas – with a family member living in a developed country processing person-to-person payments immediately instead of waiting for cash to be sent overseas. Mobile money solutions are both cost and time efficient.
In addition to those, we offer Airtime Top-Up and managed services. If you are interested in partnering with us to adopt best-in-class solutions for your company, our general inquiry email is email@example.com. If you’d prefer a phone call, our number is (613)-366-1910.