In the era of technology and digitization, digital money is a trend that has developed rapidly. Mobile wallets come with many perks and benefits. You can purchase and keep a track of your spending on a go with Mobile Payment Apps.
There are many benefits of the mobile paymentsfor day-to-day transactions, e-commerce purchasing, bank transfers, so on and so forth can be performed conveniently with the help of Mobile Payment Apps. The advantages of using the cashless payment applications are:
Convenient
Without any hassle, you can complete the transaction, transfer money, make payment, receive money, etc. It can be done conveniently and easily anywhere, anytime. Moreover, going cashless is a revolutionary process in the near future.
Saves time
Just a few taps and payment is done. These apps are so useful that you need not to go to the bank and stand in the long queue for the payments and transactions. E-wallets are taking over the long and hectic process of bank payments. Thus, saves time.
Secure
Strong security encryption, UPI based applications, security lock, pin-protectede-wallets, OTP secure transaction, etc. are enabling users to have seamless secure mobile payment service. These protection methods make your transaction safe and secure.
Integrated services
However, there are many payment applications provided by the banks to facilitate its customers with integrated services. You can benefit and earn loyalty points and get rewards or cash back using these applications.
On the other hand, there are some cons of the mobile payments, if dealt carefully then, can be an advantageous outcome and will give you hassle-free banking and transaction service on the go via mobile payment application. The risks of using mobile payment apps include the following:
Theft risk
Although, there might be risks of fraudulent and hacking but, if you are smart enough to deal with these vulnerabilities, you might get the best results. Moreover, these applications may turn out handy and useful.
Risk protection
Dealing with insecure connection is easy with the help of protection technique. These can be done through:
- Data protection
- User authentication
- Device detection
- Application run-time protection
Customer awareness
The mobile payment apps must be wary of hacking and the hackers’ threats by using any of the protection techniques to provide the customers seamless secure services. Therefore, before using the application, users must check the protection technique and theft risks and carefully opt for the most secure mobile payment application.
Some of the well-known mobile payment apps around the world, which are known for secure and strong digital payment services to its customers, are:
- Google wallet: It is known for impeccable services with timeout duration, which enables you to make fast payments.
- PayPal: Merchants throughout the world rely on PayPal for authentic payments.
- Other secure apps include Square cash, Apple’s passbook, Venmo, etc.