With the emergence of mobile commerce, the latest mobile phone technology, anything involving commercial activities of consumers done through mobile handsets has become much simpler and secured. Today, the mobile industry is leveraging this emerging technology to a great extent. This is because a mobile phone is a very important part of consumers’ day-to-day life.
A mobile phone as a wallet provides a single platform to users for buying, selling and transferring financial information through applications available on the mobile phone. Today, almost all the businesses such as Telcom operators, financial institutions, retail stores, government agencies, utility companies and media want to empower their product and services sales with this emerging mobile technology. This mobile technology has become the strength of many companies and is growing continuously to become the unsurpassed marketing tool in the coming years.
The application developers who develop these products put the best programming, planning and effort to ensure the safe, secured, and timely financial activities. In fact, mobile commerce has truly transformed a mobile phone that used to be just a communication device, to a fund carrying wallet.
Here are some trends of this emerging technology…
– SMS based: The most popular and cheapest service feature of mCommerce is SMS based service. The text messages are exchanged between the customer and the exchange authority for making any financial transactions. Therefore, SMS based service is considered more convenient and relatively inexpensive.
– Utility bill Payments: Mobile commerce is also ideal for utility bill payments for electricity, water and EMI of loans; and also for online investments for buying and selling at online auctions.
– Mobile Banking: The most comprehensive solution that mCommerce has brought is mobile banking. The users can make major secure transactions without even visiting their banks. At the same time, the data encryption and user authentication are at the priority concern for the data security necessary for financial transactions.
– Mobile Shopping: Availability of various Smartphones in the market is playing a major role in the mobile communication industry, and also enabling the companies generate better revenues. All these are possible through mCommerce technology because it provides the consumers a convenient mode of online shopping using the mobile app of online shopping stores. Today, a number of retail stores are setting up their own apps for Smartphones to enable their customers to directly connect to their store and shop.
– Mobile Coupons: The most advantageous feature of mCommerce is mobile coupons. The users receive the coupons from the seller through the text messages in the form of coupon codes which they can redeem by shopping at the seller’s retail store.
– Mobile Ticketing: mCommerce enables travelers a hassle free purchase of tickets by using mobile devices from anywhere and anytime. Aviation companies find it much beneficial as the mobile tickets reduce their production and distribution costs involved in traditional paper-based ticketing systems. mCommerce also increases customer’s convenience by providing them dynamic and simple tools to purchase tickets.
– Mobile Wallet: Mobile wallet allows the users to store almost everything virtually that a leather wallet can. A mobile wallet with built-in expertise provides speed, scalability, security, and a unique user experience. The mobile wallet also holds all the plastic money such as credit cards, debit cards, and loyalty cards in the form of information that is required to perform the financial transactions.
These features of mobile payment solutions not only provide convenience but also are very secure for making financial transactions. This emerging technology will be one of several ways to process payment no matter where you are and for what business you are in the next few years.
Next generation mWallet suite products run independently and they can be fitted on top of any mobile money system to provide a secure building block. This is what it makes next generation mWallet become a unique app.