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Smartphones the New Wallet: Essential Factors on Mobile Payment Gateway

June 2, 2020

Smartphones have indeed turned into wallets these days. The number of people who possess a smartphone is on the rise, and useful applications make it a necessity more than a luxury. For a customer, it is an easy process to pay using their mobile phones as they tend to carry it all the time. Businesses, who eye on the global market, should rise to the trend and update their payment processes to survive and expand. Please read on to know more about mobile payment gateways.

What is a Payment Gateway?

Online payment is an essential feature of every eCommerce platform, and you can provide this service by the integration of a payment gateway. It is a technology used to integrate payment transactions to mobile applications or websites. It collects the customer information at the user-end of the application in a secure way and then sends it to the acquiring bank or payment process to perform the transaction. 

Mobile Payment Application

Mobile payment is a payment done through a mobile application. Many customers nowadays depend on their mobile devices to do shopping rather than computer systems. When a user chooses to buy a product, it is added to their shopping cart on your website. The cart is linked to a mobile payment gateway service and allows the user to enter their debit or credit card information. As the user checks out and pays by card, the payment gateway communicates the request to the issuing bank. The issuer bank either approves or declines the payment at this stage. On approval, the information is sent to the merchant account for further processing. 

QR Code Payments

A QR code can be scanned using a smartphone with an in-built camera from both paper and screen. The QR code has an overall square-like structure with its prominent three squares at the corners. It is composed of several small squares in varying sizes. You can set up acceptance of a QR code through a payment service provider that offers the service of a mobile wallet or application. It is an excellent way for the merchants to receive payments as it works without a card machine and the user does not need to carry the card to make the transaction. It can store a large amount of data and can be read even if part of the code is damaged. The transaction is safer as the information is encrypted. 

Consider the preferences of your markets when you choose a payment service provider. Pay attention to the user interface and do not compromise on safety and security features. The reputation of the company can be checked by its longevity, reviews, and existing clients.