The process of doing commerce with one another has changed quite a lot over time. At first, one had to go through his/her wallet to find cash. Eventually, credit and debit cards came that simply changed the way people used to do shopping. However, an even more sophisticated means of commerce took birth with the evolution of internet and that was net banking. With internet banking, one could pay for a quick and easy recharge online without hurrying towards a merchant.
With the tremendous growth in smartphone industry, this base of internet banking developed a new niche for itself and that was mobile banking. Mobile banking enables a person to make payments through his/her mobile phone. Mobile commerce or M-commerce as it is popularly known changed the way people used to pay and get an Idea recharge.
Some Advantages of M-Commerce
M-commerce allows a person to make payments through his/her mobile. It offers a wide range of benefits and given below are some of them:
- M-commerce was made possible because of recent developments in mobile phones. Operating systems in phones nowadays are much smarter and sophisticated. Thus the biggest advantage of M-commerce is gift of portability that it has given to people. One can now simply pay for any product or service they like with just a tap on their phone.
- M-commerce can help small businesses to reap benefits from mobile payments. People who are owners of food trucks and small retail outlets or those who provide Idea recharge can now get paid by their customers through mobiles. Doing a transaction through a mobile is easy for the customers and for the merchants too.
- Credit and debit cards are protected by PIN and passwords, however, mobile payments make use of the little NFC or Near Field Communication chip inside every smartphone in order to make a payment. Since the transactions happen at a chip-to-chip level, therefore there is less chance of any fraudulent occurrence.
Trends That Dictate the Future of M-Commerce
The future of M-commerce looks shiny and bright and some trends in mobile payments can be reason for that. They are:
- Mobile Wallet – Just like digital wallets, mobile wallets also pay through the internet with the only difference that now you can take it anywhere you want. All one has to do is download their service provider’s application and then one can easy pay to merchants through them.
- Mobile Card Reader – Mobile card reader is another innovative approach to expand the base of M-commerce. Mobile card readers can be used at locations where you least expect a card swiping machine. This can benefit small business owners in s huge way.
Though credit and debit cards were a phenomenal invention, however, for a quick yet safe easy recharge, nothing can beat the mobile payment technology. These electronic cards can be easily cloned, lost and robbed which makes one venerable to theft. M-commerce has addressed these issues with cards in a highly efficient manner and this is the reason why it’s popularity is surging beyond expectations.