10 Myths about Mobile Payments

Mobile payments are trending at a swift pace as 85% of the world are mobile users [1] and mobile payments offer the convenience of making payments as easily as tapping of your phone. However, a lot of people look at this new method of payment with pinch of suspicion. Following are the most notable myth about mobile payments- busted.

  1. Doesn’t Sound Real

It’s been long since we have been hearing rumors about NFC devices has been buzzing around but nothing big have seen the day of the light. As the trend goes one may conclude to the above assumption but, technology have its way of blending in.

10 Myths about Mobile Payments

Google released first NFC enabled smartphone in 2010 [2] and now almost every smartphone have NFC feature. Now, next step in establishment of a conducive ecosystem for NFC market is installation of NFC readers at merchandises, bus stops and POS. This has already started and it wouldn’t be as long as it seems before NFC revolution materializes.

  1. They Are Too Complicated

Innate hesitation of mankind to every new idea is responsible for many cultural and religious myths, it is also one of the cause. This is part of our survival instincts to inspect new things with suspicion and proves successful in evolution but it is also one of the hindrances in growth process.

If one step out of his comfort zone and try it for once than he will also ascribe to the fact that it really works as simple as tap of the phone.

  1. They Aren’t Secure

Whenever we let someone handle our finance, there are always questions of security like whether our money is transferred in a secure way, our financial data is safe and protected against theft or in the case of NFC devices whether an NFC reader will transfer funds from our NFC device without our knowledge.

To answer this question, doctrine of ‘Caveat Emptor’ or ‘Buyer beware’ applies for the buyers need to be aware of fraudulent ventures but, there are reliable NFC based payment solutions providers like Intuit’s Go Payments, PayPal Here are backed by credible institutions with years of experience on their back.

Similarly, Boloro offers integration with your telco account which messages you details of every transaction as they occur.

  1. Extra Charges

Based on the sour experiences from credit card companies, many people are right in their suspicions towards mobile payments if there are any hidden or extra charges but, majority of mobile payment service providers are free to customers or a nominal charge is levied only at the time of top ups.

  1. What If My Phone Is Lost

Unlike the credit card thefts which could result in unauthorized purchases more easily, Mobile payments are secured with PIN Codes which needs to be punched in every time a transaction is made.

  1. You Will Not Receive A Receipt

Mobile payments are made through a virtual tap of phone over the NFC reader therefore, one may assume that receipts are also virtual, as SMS and emails. However POS machines provided by the Mobile payment services providers also comes with support for air printers.

  1. What Good is It to My Business

Before accepting mobile payments, one may rightly ask the question for what addition will this endeavor bring to my business. Since business works on more pragmatic lines, therefore tangible additions must be accounted for introducing this addition.

Mobile payment option brings in a whole lot of mobile payment customers which stands at 41%, a rapid increase from 17%. [3] Moreover, NFC based payment solution also tracks purchasing trends of customers thus helping the merchandise in adjusting itself accordingly

  1. It Works Only With NFC Enabled Phones

Although mobile payment through tap of phone requires NFC feature in your cell phone. But, users of non-NFC cellphones need not to worry as mobile payments can also be made manually at checkouts which accept mobile payment by affirming to the confirmation SMS.

Moreover, some Mobile payment services like Boloro also issue NFC stickers which can be affixed on back of the phone.

  1. I Can’t Review My Spendings/Income

Traditional banks and financial services providers charge hefty charges on consumer but they distinguish themselves in glossy bank statements, online transfers and other account management tools which may not be available in non-conventional payment methods.

Interestingly, Mobile payment services like Square and Go Payment offer complete control over your mobile account through state of the art apps

  1. Can’t Buy Online Through It

Mobile payment is an easier way of purchasing for it takes only a tap of phone but how good will it be if we tap that phone in front of our computer screens when we buy items online. Well, what if I tell you it will be equally effective if the website you are buying from also accepts mobile payments. Such purchase will be completed through SMS confirmation.

A gift for the Readers: 80 Surprising Stock Photography Trends 2015

Author’s Bio: This article was written by Syed Irfan. He is a serial entrepreneur, a columnist and a certified inbound marketer. He curates content for Boloro




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