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Mobile Payments: Future of POS Transactions

August 8th, 2012 · 1 Comment

Mobile Payments Future of POS transactions. Mobile payment systems have become a common method for point of sale transactions and are used extensively by small businesses.

With vast improvement in technology over recent years, Mobile payment systems have become a common method for point of sale transactions and are used extensively by small businesses. Mobile payment systems along with ease of payment offer efficient tracking facilities using our smart phones and also enhanced security features. The customers can make their payment just by swiping their credit cards on mobile payment device of the merchant and the transaction gets completed within seconds.

With plenty of Mobile Payment solutions like PayPal here, Square Mobile Payment Solutions, Intuit’s Go Payment solution etc. things are becoming pretty easier now for small business owners as they can accept payments anywhere, anytime using the Mobile payment solutions which are secure, robust and faster.

Mobile payment solutions will redefine the way businesses are done throughout the world and make POS transactions simple and easier. Mobile payment systems can include payment solutions which make use of mobile network for authorizing transactions and devices like modern smart phones which can be used to process credit card transactions by swiping across a small device attached to them.

Mobile payment solutions like Square charge customers with 2.75% for each transaction which happens through their network. Square makes use of a small square-shared card reader which can be attached to any smart phone through 3.5 mm headphone jack.

You can swipe your credit card through the reader or hand-key the digits. Similarly PayPal introduced another system known as PayPal Here that uses a triangular shaped device which can be attached to any smart phone. Similar Mobile Payment solutions are VeriFone’s Payware Mobile and Intuit GoPayment solution. Apple will also introduce a new payment solution called iWallet which will allow you carry out transactions using your iPhone.

Other Mobile Payment Solutions make use of new technology called NFC or Near Field Communication which is a method to communicate wirelessly to paired devices and exchange information in a secure way. Instead of swiping your credit card at the counter, you can just wave your smartphone across the payment terminal and complete the transaction.

There are already pilot implementations of this payment solution by major banks including MasterCard, American Express, Bank of America, Visa etc. All the latest smartphones have NFC chipsets in-built in them which makes it easier to carryout mobile transactions using NFC technology.

Apart from the advantage of being able to complete business transactions anywhere, anytime, mobile payment system is also secure and beneficial for environment. Mobile payment solutions are especially useful for small business owners and people who travel a lot. You need not carry your credit card or cash in your hand for purchasing something when you are travelling.

Your mobile phone will become your wallet and you purchase anywhere using the Mobile payment system.  The payment details will be stored only on your phone in encrypted format and will be more secure. Since smartphones have become more common and affordable to everyone, mobile payment solutions will be widely used for all POS transactions in future.

Tags: News

1 response so far ↓

  • 1 RB // Aug 11, 2012 at 8:12 am

    A lot of retailers are looking to SubtleData for help with mobile payments. The SD system can mobilize existing Point of Sale systems without having the retailer replace the equipment.