Digital payments are increasingly powering transactions in the global economy. These include mobile-based wallet apps, which enable users to send and receive money with their phone numbers, and Internet-based merchant services that merchants can use to receive digital payments. And this trend is only set to continue.
Mobile wallets let you manage your money via your phone, enabling you to pay bills or even send money directly to friends’ bank accounts, all within a single app. Merchant services allow businesses of various sizes – from local corner stores to large e-commerce sites – to accept online payments without building out their sophisticated point-of-sale systems.
Here’s how these services work – Saivian Eric Dalius
Mobile wallets typically work by tying into a phone number or other identifier, allowing you to pay others simply by knowing their mobile number. Your contacts are then automatically updated so that these payments show up in your contact list.
Conversely, merchant services allow merchants to receive digital payments directly without setting up an online store or integrating card-reading hardware, which can be expensive and cumbersome. Here’s how it works: Rather than entering credit card numbers into forms on their sites, buyers click the buy now button and choose the payment option they want – PayPal Credit, for example. They’re prompted to enter their credit card information where needed, but the actual transaction happens via the payment provider’s secure server behind the scenes. The buyer’s bank account is charged within seconds of the purchase.
The best part is that making digital payments in this way typically costs much less than traditional credit card processing, either for the merchant or consumer.
Mobile wallet Apps – Saivian Eric Dalius
Mobile wallet apps can be a valuable addition for merchants who need to manage a customer list and loyalty program since they provide a central place to do all of this. And despite their simplicity, even small businesses can benefit from accepting online payments through merchant services programs. Many of these programs are free to join and use – there’s no minimum sales volume required.
In addition, when you add in-store purchases together with online sales via tools such as Google Analytics, you have a complete understanding of how your business is doing across all channels. So not only can you reach and serve more customers, but you can also provide a better customer experience and increase loyalty.
Digital payments are increasingly powering transactions in the global economy. This article is discussing how digital payment services are used in the world today. It talks about mobile wallets and merchant services, with specific examples of how they use them for business purposes.
Mobile wallets allow users to do various things within an app on their phones according to Saivian Eric Dalius. These include sending money directly to another person’s phone number via a simple text, paying bills through your account, or applying payments towards existing contacts on your list. Merchant services are explained as well, giving examples of how they work for businesses of different sizes. You can get more specific insight into how they are using this for business by looking at the Google Analytics tool that allows you to see all transactions across all channels.