Mobile payment is designed with NFC technology, and not all phones support the technology making it not accessible to all. When the phone is stolen, faulty, damaged, or when the battery is down, you cannot pay for goods purchased or services rendered. Although the descriptions are not displayed publicly, they are scared of hackers.Īll transactions are done with the aid of a mobile phone or a digital device like a smartwatch. There is a digital record for every transaction done, making it easier for hackers to know your financial Worth. There are still some shortcomings, and they include: And you will benefit from the reward program.ĭespite the security, comfort, and ease that comes with mobile payment. When you purchase items using mobile phones, it would automatically connect the reward program with your purchase. Many of the mobile wallets allow you to store reward cards or loyalty. As a matter of fact, both local and international businesses prefer mobile payment because of the comfort it offers. Most retail traders accept mobile payments, especially in the urban areas, even in some rural areas. Aside from that, mobile payments are fast. However, the only delay with a mobile transaction may be because of network issues. Usually, mobile transactions take less than 10 minutes to conclude. In addition, if your phone is missing or stolen by a thief, you are sure that your financial information won't be compromised as it would require your biometric authentication or password to get it.Īll you need to make your payment is your mobile device. Every transaction is made using that token, which makes it difficult for hackers to get your card information from mobile apps. The app verifies the information you provided with your financial institution.Ī token is used to represent your information. The mobile payment app does not send nor store your card information when you fill in your card details. Now, let's see other benefits of Mobile payment. When mobile payment functions the way it is designed, it is comfortable and reliable. But it appears that firms like ipaytotal are working hard to remove most cons linked to mobile payments. It is indeed good, but despite its positivity, every technological innovation has its fair share of negativity. Mobile payment allows you to pay for goods and services without carrying physical cash in your bag or wallet. Lately, the number of people using mobile payments has increased significantly. Meanwhile, mobile payments are payments done using digital devices. Payments evolved from the use of tokens, and today, we celebrate mobile payment. The financial system has changed rapidly due to technological advancement.
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