Mobile Retail Payment System Enables Younger Customers To Buy Products At Credit Union Stations
With more people turning to mobiles for their daily needs, there is a real need for a mobile retail payment system that can process payments in real time. Current mobile payment systems are far from ideal, with slow transactions and delays that can put you out of business, and many service providers not offering advanced features to keep up with customers’ demands. A new mobile retail payment system proposed by a few big banks in India would enable the use of text messaging to process transactions in addition to regular mobile phone transfers from physical and virtual storefronts – features which are expected to bring about a sea change in mobile retail.
The latest mobile retail payment system proposed by banks would allow customers to shop online using their mobiles, and pay using credit or debit cards. Customers would have to download an app, which could be used to conduct all kinds of transactions, from reservations and deliveries to paying for products. The transaction is done solely through the mobile wallet, without the need of any third party or bank. The system is expected to provide solutions for over 50% of the total transactions carried out on mobiles in the future. An ideal mobile wallet would be able to process sales tax, gift cards and mobile balance transfers to make things easy for the customer 정보이용료 현금화.
In India, most of the big financial services companies have already started to explore the opportunities provided by a mobile retail payment system. While it is not a surprise to see financial institutions like SBI, HDFC, ICICI Lombard and other big players join the bandwagon, it is surprising to see smaller players like K Raheja and Pepper & Noble Limited, as well as smaller players in the remittance sector like Usha Group, Emaar and Kora Bazaar, leap into the band wagon. While these announcements come as a breather for the already battered financial services players, the bigger picture is that small players are now getting a stronger platform to survive in the highly competitive market.
The payments systems are especially useful for the smaller retail companies. Small retail stores have traditionally had to deal with a huge number of merchants for purchasing goods and services. Merchants, of course, offer a variety of products and services. To process these deals, they had to manually enter all the details manually. Today, this task can be easily done using a single point of data entry using the mobile retail payment system. No more time-consuming manual inputting of data and just a few clicks will complete the formal financial inclusion procedure.
The role of banks in such a system is also important. Banks in India are still lagging behind other parts of the world in terms of technology and integration. They have begun using the mobile banking systems to process credit card payments for their customers. But this is just the beginning. Now all the major credit unions will be forced to upgrade to this new mobile retail payment system.
What’s even more interesting is that this new mobile retail payment system is designed in such a way that it helps the banks to save a lot of money. Banks are able to save because they no longer have to pay a separate department to manage the debit and credit card debits and credits. This system allows banks to transfer fund transfers directly into your bank account from the mobile phone banking transactions. As long as you have an active credit account with your bank, you can easily fund the debits and credits from your mobile phone using your regular credit card.
With this system, the banks are not only providing a platform for buying and selling, but they are also helping the potential customers to interact with the product and service. This is especially helpful to the young customers. The young customers typically do not have a credit history yet and as a result, they may not be able to process the debits or credits that the banks offer them. However, through this mobile retail system, these young customers can easily make their purchases at the credit union stores with debit cards.
One of the reasons why this mobile phone banking system has become so popular in the United States is because of the younger consumers in this country. This demographic has the largest percentage of mobile phone users. Because of this, the community banks are making this system available through their mobile stations in order to increase the interaction rate of potential customers. In the end, the banks will still be able to sell products to the general public. They just might have to limit the amount of products that they can sell to new customers.