Once again, physical cash is taking a back seat to innovative payment technologies. The world experienced the first waves of the radical departure from relying on physical cash with the advent of the credit card. Today, even the credit card, a staple electronic payment alternative consumers have relied on for decades, is now rapidly being replaced by new electronic payment options. With the flexibility of even more secure electronic payment methods saturating the M-commerce market, it is becoming more difficult for businesses to rely on the cash in hand policies of yesterday.
The ease at which a person can electronically transfer funds has rewritten the very concept of money exchange across the board. In many cases, the money itself is now digital, not physical. Even if the businesses wanted to stick with the old methods of hand-to-hand payment procedures, the consumer demand for engaging in electronic transactions would not make such a consideration a viable way of doing business within the ever advancing modern marketplace.
As this trend extends into the future, it may reach a point where the use of physical cash and plastic cards are themselves no longer seen as acceptable forms of value exchange.
Touch and Go Technology
One of the major reasons the nature of commerce is changing is because the technology exists to alter how consumers interface with business transactions. In the past, it required a human to be present to take money or to monitor a transaction. This left consumers waiting around to be attended to by a limited number of people manning registers. Today, the idea of a large staff of people on the company payroll being necessary to handle money and monitor transactions is being significantly reduced by touch screen hardware and software solutions.
With the ability to select items and pay tabs off at the consumers convenience, this interfacing process to modern transactions is very accessible to consumers and helps various industries (examples here) keep track of their in-house product stock reserves more efficiently.
Exploring the New Payment Options
As an increasing number of people acquire and use mobile devices, it is only natural for retail businesses to evolve to accept more M-commerce payment methods. Failure to evolve and meet consumer demand in this area is simply not a smart survival strategy in today’s growing M-commerce landscape. To maintain a competitive edge with other businesses already striving to meet consumer demand, business owners must become aware of the mobile banking and payment options that consumers are currently using. The following is an overview of some of the more popular options available to consumers.
- Mobile Banking: For the financially savvy walking among us today, mobile banking is how technophiles are monitoring their account activity. Money moving in and out of accounts can be easily tracked from any smart phone or mobile device. Mobile banking apps not only provide people with account information and the ability to make rapid electronic payments, but e-check options also exist where a person can pay by sending a digital copy of their check to an establishment to complete a transaction on the go.
- The Uber Service Payment App: When it comes to electronic transactions, the Uber service app provides consumers with a safe and easy way to execute electronic payments by storing credit card information on the app for access through their smart device at the register. This makes it possible for remote payment transactions to occur in a timely fashion. It also helps to ensure against a consumer being short changed at the register, which is common when a clerk miscounts change.
- One Coin: One coin technology is the credit card of the future. For those who prefer to transact using cryptocurrencies, the one coin payment method allows for Bluetooth-based transactions, providing the user with the flexibility of storing their credit and debit card information as well. With the emergence of cryptocurrencies being used across the global economy, the One Coin payment method is rapidly replacing the need for traveler’s checks and money exchanging in places where cryptocurrencies are now being accepted as a viable payment option.
- Google’s E-wallet Solution: Near Field Communication (NFC) technology is at the heart of the ever popular Google e-wallet payment method. Simply load your credit card information into your NFC capable mobile device and you are set for making rapid payments at the register. By tapping the NFC capable mobile device at the designated area on the pay pass terminal, the payment for items being purchased from the Google e-wallet is automatically completed.
- PayPal’s Mobile Commerce Solution: PayPal has long stood as the industries trusted secure payment platform for online transactions. However, PayPal is a technology pioneer, and hence they are working hard to bring their technology and security to the mobile payment landscape as well. By simply providing one’s email or PayPal ID, consumers can easily send electronic payments from their smart phone or mobile device. A complete invoice of purchases is also available to the consumer, to help with efficient record keeping of funds being spent on the go.
Meeting with Security Concerns
One of the major hesitations some consumers have faced in adopting M-commerce payment technology resides in questions over how secure such payment methods happen to be. With companies like Apple, Visa and MasterCard throwing their hat in the M-commerce ring, it is expected that these industry giants will significantly push for continued progress in improving already existing electronic-based monetary transaction security measures. These efforts will in turn involve raising consumer awareness as to how these companies are making it safer for consumers and business owners to engage in M-commerce payment transactions with confidence. As confidence increases, this will encourage more business owners and consumers to join the M-commerce movement.
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About the Guest Blogger: Philip Piletic is an aspiring writer and blogger with a love for business, finance and technology. His goal is to give useful advice and help people adapt to ever evolving world of today.
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Feature image: Yuri Samoilov
