A Guide to Mobile Payment Solutions

Technology has changed so much over time. Although we don’t have flying cars yet, we now have computers that can be operated with a simple tap of the screen, video games that simulate real life activities and digital video recorders that record hours of your favorite TV shows.

Now, companies have introduced mobile payment, a payment system where consumers send their money using a mobile device. The money is usually sent and received in real time.

With so many companies adopting mobile payment, you can now pay your bills, buy music and even pay your bus fare straight from your phone.

Here are some of the services and tangible goods you can pay for using a mobile payment service:

  • Ringtones, videos, music, wallpapers, online games and other digital products
  • Parking meters, transportation fare for buses, the subway or the train
  • Books, tickets and magazines

Making a smartphone payment used to be a rather difficult process. During the mobile payment method’s earliest stages, you had to go through a needle’s eye since customers were required to pay their carrier a certain amount in order to use the service.

Not only that, you had to enter a painstakingly long numerical code to complete the mobile payment transaction.

This tedious process was a big turn off for many consumers, although at the time, the ability to make a mobile payment no matter where you where was nifty enough to gain a lot of attention.

Thankfully, as technology advances, doing the most mundane of tasks (like paying for a new book) becomes even easier and more convenient. Over time, the mobile payment technology improved and enhancements further streamlined the mobile connection process.

One reason why mobile payment capability further developed is that Internet connectivity is now a standard feature for most cell phones. Of course, you may have to pay extra charges to your carrier to be able to access the Internet. The bottom line is, the proliferation of mobile Internet access has made it easy for sellers and buyers to make smartphone payment transactions.

We also have Apple to thank for these wonderful handheld devices and mobile platforms that allow easy Internet surfing and mobile payment. Smartphone payment started to rise in popularity the same time as all these smart phones sprouted like mushrooms. Moreover, the iPhone was one of the pioneers of the smartphone.

If your phone has full Internet functionality, making an iPhone payment in real time is a cinch.

In addition, if you’d rather access the Internet elsewhere and not through your phone, there’s no need to worry because making a mobile payment can be done via SMS (short message service) as well. This also means you don’t have to own a smartphone to pay for music, downloads and other similar offers.

Choosing the Best Mobile Payment Solution

Making mobile payments may be the most innovative thing you’ve heard of since the post-it notes, but you still should be cautious when using smartphone payment services. These are monetary payments we’re talking about. Any mobile payment involves money. Where there’s money, there are sure to be scams and fraudulent people.

Perhaps the best advice you need when choosing a mobile payment service is to stick to a payment system that offers security.

When using SMS for mobile payment transactions, the exchange between the buyer and seller is going to be done virtually. With that said, it’s imperative that the transactions are done over an encrypted network.

It also helps if you’re able to contact the company at all times so that you can easily request funds, ask for mobile payment solutions and check your existing balance.

Customer service representatives are there to answer the concerns of their customers. So make sure that the mobile payment system allows you to speak to a live customer service agent whenever you need to.

One other determining factor to remember when looking for a mobile payment service is how long it takes for the money to be sent and received. While many of these services tout instant transactions, it may take time for your mobile payment to reflect on your bank account.

Investigate on the service’s mobile payment time frame to make your final decision.

I’ve listed some of the more popular mobile payment providers below:

The same advice applies when doing the mobile payment transaction over the Internet. Make security the biggest consideration. In addition, make sure to remember passwords, which should be complicated enough so that it will not be easily guessed by anyone. Many use the same password for their mobile payment accounts, apps, email, Facebook and several other websites. This is actually a mistake because once an unauthorized person accesses one of your accounts, all your other accounts will be compromised.

When companies and financial institutions adopt a new system, such as mobile payment solutions, potential security compromise is inevitable.

Remember these tips to have a worthwhile mobile payment experience.

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