Why Consumers Enjoy Mobile Payments

Mobile payments also know as a mobile wallet, mobile money, or mobile transfer is a way to conduct financial transactions through a mobile device such as a phone or computer. Mobile payments are on the rise and continue to improve, making consumers aware of this new advancement and are already enjoying the benefits of mobile payments. Listed below are simple perks and reasoning as to why consumers prefer using this new payment style.

Rewards: Companies that use applications for mobile payment transactions provide great rewards as incentive, and consumers love these free perks that they receive as a result of common usage apps. For example, both Starbucks and Dunkin Donuts have applications that administer a variety of rewards which result in discounts, accruable points, or free drinks and snacks.
Speed: Mobile payments generally speed up the checking out process. With easy-to-use barcodes and setups, consumers can be done with transactions within seconds.
Security: This type of payment is very secure. Many apps that utilize mobile payments that include any individual's financial transactions or credit card information allow passwords, therefore adding an additional layer of security and enforcing that no one can hack the account.
Sending Money: It’s never been easier to send money through mobile payments. Tired of figuring out who owes who money and never getting paid back? Mobile payments eliminate this problem, offering simple apps such as Venmo that transfer money to anyone by the click of a button, securely.
Receipts: Save paper and time using mobile processing. No one wants hundreds of receipts in their pocket or wallet, and in our fast paced lives we often don’t want to wait the extra minute to have the receipt printed out. Simply get it sent straight to your email, keeping all receipts organized in one place.
Split Payments: As we mentioned above, consumers can send money within a second. This feature also lets people split payments. For example, the popular app on the market, Uber, is one of the primary leading examples of this feature. Uber allows all passengers in the car to evenly split the transaction with no hassle due to mobile processing.
Convenience: Consumers nowadays have their phones glued to their hip, so why not make money transactions that accessible as well. Consumers love these mobile payments, because their wallet is with them at all times with no extra difficulty.
Accessibility: Mobile payments are accessible anywhere. No more struggling to find an ATM anymore, now consumers can easily have money on hand at all times. Mobile payments also eliminates the extra fees that ATMs charge.
Theft Protection: In the chance occasion that theft were to occur from mobile transactions, it’s very easy and quick to lock down your account or credit card information, as opposed to if your cash were stolen, it would be gone forever.