First it was the internet and now it is the mobile app payment that is taking the world by storm. Smart phones are everywhere and with everyone and it is evolving and changing the way business is conducted.
The Convenience Factor
Mobile app payment is now the preferred method of payment and is overtaking the traditional payment methods. It is used not only for ecommerce transactions but also for in-store and all digital payments. The main reason for its popularity is the simplicity of use. Transactions are done with a few clicks of the phone. It will also benefit you financially in that you get to use coupons, there are loyalty programs, and other incentives not only for consumers but also for retailers and financial institutions.
The Mobile Phone for Everything
So, what exactly is this mobile app payment? A mobile app on your mobile phone is used to make payments instead of using the usual traditional and nontraditional methods such as cash and cards. Mobile payments also cover mobile money, mobile wallet, and mobile money transfer. Mobile payment apps have been developed not only by financial institutions but also IT companies. These mobile applications make it possible for you to carry less money for your personal safety. You can, however, still continue to make all the purchases you want and keep track of your spending online.
Opting for Cashless Transactions
The electronic revolution in the Malaysian finance sector has led to more and more people embracing cashless transactions. Companies that provide seamless payment solutions in Malaysia also ensure that the transactions are safe and secure. You can just log in to mobile banking apps on your mobile phone and start the transactions. Ensuring no chargeback and accepting local currencies is a big advantage if you want to be part of the growing Malaysian economy.
A Share of the Pie
Payment solutions in Malaysia are provided by different companies all wanting a share of the pie from the rapidly growing ecommerce market. Rapid expansion of the internet into the interior regions of Malaysia has contributed to a lot more people opting for smart phones and the advantages thereof. In fact, the prediction is that the ecommerce market will grow at a rate of as much as 24% per annum. There is massive spending during the annual national shopping events such as the Malaysia Super Sale, the Malaysia Mega Sale Carnival, and the Malaysia Year-End Sale. The payment through the mobile app happens in a few seconds especially if the internet connection is fast.
Mobile app payments can be done anywhere anytime. You do not have to reach for your wallet; it is there on the phone. The payment information is encrypted, so transactions happen securely. The e-wallet can be preloaded with a small amount ensuring safety of your main account.< Next post - How a Payment Service Provider Can Expand Your Business Prev post - E-Banking Solutions: What You Should Know >