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May 14, 2016

Growing Usefulness of Mobile Payment in the world of E-Commerce

Mobile payment or MCommerce has already been popular among online shoppers and why not, as it gives them a flexibility to pay for the online transactions via their very own mobile. An ease in connectivity is allowing more people to go for online shopping from any place while in a go. Apart from shopping online, mobile payment has also aided in an easy bill payment like never before. There are speculations that with more than 4 billion mobile user worldwide, mobile payment will play a more prominent role in the world of e-commerce.

Currently, people are using a number of options available under mobile payment like SMS payment, mobile app payment, NFC (Near Field Communication) payment and much more. But as every coin has two sides, mobile payment too has its own share of challenges. Naturally, many online merchants are not hesitating to seek services of reputed IT consulting firms to integrate mobile payment system successfully to offer more convenience to their customers in their online transactions.

Challenges in mobile payment systems

There are multiple challenges of the mobile payment system. The foremost is interoperability as it is quite difficult to achieve. Moreover, there are too many stakeholders involved in a mobile payment system like the internet, telecommunication companies, credit card companies, online merchants, technology, online payment players and many more. At present, the third major challenge in the way of mobile payment system to experience more adoption is the reluctance of online shoppers because of security concerns.

According to Statista, a whopping 25.1 percent of mobile users in the U.S fear to go for mobile payment because of their apprehensions regarding a possible unauthorized data interception or hacking of their mobile device. Another major concern is what will happen if their phone is lost or stolen.

Mobile Payment System: Future Ahead

In spite of a multitude of challenges in the mobile payment system, it has a bright future ahead, especially in the world of e-commerce. With Apple offering Apple Pay, Google offering Google Wallet and Alibaba offering Alipay services, the future seems impressive. The increase in mobile phones, which offers an easy internet access in both developing and developed countries, has made it easy for the mobile payment system to flourish in the coming years. In spite of a multitude of challenges in mobile payment system, it has a bright future ahead, especially in the e-commerce market. Sensing the same and the trend of mobile users spending more time on their devices, many online merchants now have only mobile-friendly websites and they are doing so only after availing the services of the best business consultants to get a competitive edge on their competitors. This further expands the future opportunities for mobile payment system.

Clearly, mobile payment is witnessing an increasing usefulness in the world of e-commerce and it seems this will remain unstoppable. If as an online retailer, you also want to leverage the power of mobile payment system, consult one of the top IT consulting firm by dropping a line on presales@rigelnetworks.com

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