With this technology, buying, selling and transferring financial information can be done using the mobile. Mobile commerce has a great advantage over conventional means of commerce as people are glued to mobile devices. Mobile provides the single platform to users for data storage, connectivity, stock exchange monitoring, etc. via various applications available to them.
From communication tool to fund exchange tool, mobile has really evolved in recent years. Some technology trends involved in mobile commerce are:
SMS-based: text messages are exchanged between the client and the exchange authority for the transfer of funds. Once the user has completed their purchases, they send a payment request message. Usually, this type of payment method is used in digital goods. The user receives a PIN code from the merchant after a successful payment has been booked. The user later uses this pin to access the content.
Direct mobile billing: This type of payment is used as in paid mobile gaming sites where the user chooses the option of paying with a mobile bill. It is a fast, easy and secure method of payment.
Mobile Wallet: This is a service that allows users to store virtually anything a user would store in a physical wallet. A mobile wallet contains credit cards, debit cards, coupons, loyalty cards, etc. in the form of information, necessary to carry out transactions. Google’s mobile wallet works on an NFC chip, which is a secure element that differentiates this
Mobile Banking: With evolving technology, banking was transformed into an online activity. Users got the advantage of performing financial transaction while sitting at home, using digital media. But as mobile technology advanced, this trend was introduced on mobile devices. Users could now transact not only while sitting at home or office, but could also while traveling, driving or sitting at coffee shop.
Mobile shopping: Smart-phones are acting as the helping hand in generating revenue for companies by allowing the users to shop from mobile devices using mobile app of online shopping stores. Many retail stores are coming up with their own apps for smart-phones so users could directly connect to their store and shop. It provides a convenient mode of shopping to users, with the home delivery add-on provided by the online stores. mobile app development company
Mobile Coupons: Mobile coupons are the coupon codes provided by the seller through text messages to users, in order to attract the traffic for shopping. Users get the coupon codes which they could redeem by shopping with merchant, either with e-commerce web-site or app or in-person shopping.