Mobile technology is altering the way consumers pay for products and services, and businesses that aren’t mobile optimized will lose out to providers who are. Instead of paying with cash or cards, mobile platforms let customers pay with a smartphone at near-field communication (NFC) terminals.
For customers, mobile payment solutions are a very handy way to pay. Instead of fumbling for cash, writing a check or pulling out debit or credit cards they just have to hold their phone over a merchant terminal.
Mobile payment technology is also good for businesses. There’s no need to purchase expensive point of sale equipment, loyalty programs can be integrated into mobile applications and payments can be in your account in less than three business days, improving your cash flow.