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The Use Of Mobile Payment System In Businesses

By Expert Author: Kelly Burby

Smart phones have made our life easy. They have freed us from lots of burdens. They are turning out to be inclusive devices and removing the need of other gadgets, such as cameras, calculators and compasses. And they have not stopped changing our lives. They have yet to offer some features which can remove the needs of other things, such as cash and credit cards. So smart phones’ new role is to replace your wallet and make the money transactions easier than ever before for businesses.

Using card swipe machines and maintaining cash registers are still expensive for many businesses. They do not also provide the ideal means of running a business. Smart phone technologies are advancing. Both mobile manufacturers and mobile application development companies are working on such solutions which can provide great help to businesses, especially retail businesses. They want to build such phones and apps that can replace card swipe devices and cash registers. Money transactions would become easy if a mobile based payment system is deployed.

And the use of a mobile based payment technology just not stops at businesses. There are other practical uses too. Mobile application development companies are discovering other ways to use this technology. A good example has been recently set by T.G.I Fridays. This casual food restaurant chain incorporated a mobile payment option called Tabbedout that lets diners pay their bills using their smart phones or tablets. For now, the system only accepts credit cards, but soon other options will also be added to it. It establishes that people really want to use a smart phone based payment technology or system.

But such technology is still complicated as users have to input all the information manually. Mobile companies are looking for an easier way of mobile payment system. Maybe, NFC (New Field Communication) is the right answer. NFC is a different technology. It lets you tap your phone to pay. It can make the checkout an easy process. Retailers are showing their interests in this technology. They are discovering that how NFC based payment system can accelerate the entire checkout process. Quick checkout means more contented customers
But it is still a new technology, and there is a need of mutual agreement of all parties to implement it. Apart from retailers, shoppers, banks, consumers and credit card companies, mobile manufacturers also need to agree on a NFC payment system.

Some parties are expressing concerns on the security of a mobile based payment system, like NFC. It may be risky to pay by phone as the information is transmitted on an insecure system. Both mobile manufacturers and mobile application development firms need to resolve security issues before opening a technology, like NFC for public use. But we can still hope a progress in this direction.

Shubhangi Verma- working as professional technical content writer- For more information kindly visit our official website www.rapidsofttechnologies.com. For any queries call +1 516 515 9871 or email us at info@rapidsofttechnologies.com

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