Common Mobile Payment Types You Should Know About

CIO Review APAC | Tuesday, September 14, 2021

Whether managing an eCommerce store or a brick-and-mortar, mobile payments offer customers convenient choices that help deliver a seamless purchasing experience. 

FREMONT, CA :Mobile phones are no longer just for correspondence purposes. People have started to depend on smartphones for everything from alarm clocks to GPS tools to fitness apps. At retail stores, on eCommerce websites, and inside applications, people use mobile devices to make daily transactions. Today, most mobile transactions need a mobile payment solution, but several retailers are unwilling to implement mobile sales because they are unfamiliar with the payment process.

A mobile device, such as a smartphone, tablet, or smartwatch, is used to process mobile payments. Digital payments are more useful for consumers since they can use their smartphones rather than carrying cash or credit cards. A mobile card reader or the correct mobile app is necessary for businesses to accept mobile payments. Mobile payments come in various forms.

Some of the most popular ways people use their smartphones to send and receive mobile payments are mentioned below.

Mobile browser-based payments

Mobile browser-based payments, like desktop-based eCommerce, enable users to make card-not-present (CNP) transactions utilizing a credit, debit, or gift card, or even banking information (ACH) using a smartphone or tablet. Customers may use their phones or tablets to access a website, add goods or services to a shopping cart, and complete a transaction by entering payment information into the website's checkout form.

In-app mobile payments

This form of payment is identical to mobile browser-based payment, but rather than going to a website, and users can use the store's or business's app. Users have access to various in-app mobile stores and businesses, which enable them to purchase specific goods and services within closed environments. Users can register the credit, debit, or ACH details once, and they will be able to purchase things, download books or music, buy coffee, or pay a bill with a few clicks.

Contactless mobile payments or mobile wallets

Shoppers and businesses can now authorize purchases without needing to swipe or dip any credit or debit cards at all due to Bluetooth and related technologies. To complete a transaction, users can wave the mobile device over a contactless reader, wirelessly (and securely) collecting the necessary payment data.

One of the technologies behind contactless payments is near-field communication (NFC). It's identical to Bluetooth, but data transfers are more secure and need closer proximity. 

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